b”Complex Property Division
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Complex property division is an important part of any divorce proceeding. It’s important to have an experienced attorney to make sure you get your fair share when dealing with this issue. A skilled attorney can find undisclosed property, like bonds, stock options business valuations, even closely held ones, retirement plans, 401ks, pensions, create QDROs, and have those assets appraised.
There are two ways that courts usually initiates a complex property division: equitable distribution or community property. In Texas, all the property of a married person is either community property, which means it is equally owned by both spouses, or the separate property of one of the spouses.
During a divorce, the community property is divided between both spouses, and each spouse is allowed to keep the separate property they possess individually. Community property includes all earnings that were made or debts that were incurred during the marriage. It is on the burden of the spouse claiming property is separate property to prove that it is not a community asset.
If one spouse can show evidence that property was purchased using both community and separate funds, that property will be considered community property mixed with separate property. The court decides what percentage of value each spouse is entitled to receive and awards that person assets, personal property, and debt that adds up to that percentage’s total value. It is completely improper for someone to hide assets from the court during these proceedings.
Our attorneys provide marital and family law representation to men, women, parents, and even couples without children. Our family law practice includes legal advice and representation in a range of family law matters, including
We can help you put your life back together. If you are considering a divorce or are facing family law issue in Austin, Round Rock, Williamson County or Travis County, Texas.”
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