Get Answers To Your Property Division Questions
When couples divorce, there are always a lot of questions regarding the division of assets and property. Who will get the house? Who gets the cars? What happens to retirement accounts? At Sandoval Law Firm, we will guide you through this uncertain time and help answer your questions.
We have the knowledge, experience and resources to thoroughly investigate marital assets and debts (including assets your spouse may be trying to hide). In the end, we strive for a fair and equitable division of property.
Simple Explanations On How To Divide Your Property
We provide straightforward explanations and recommend a practical approach to dividing marital assets. Too often, we have seen separating couples spend more time and money fighting over assets than the assets are worth. We strive to keep the negotiations productive and peaceful. That being said, we will also advocate aggressively to ensure that you receive the assets that are most important to you.
Listed below are some of the key assets and property that are divided in a typical divorce:
- The marital residence
- Vacation property, real estate and land investments
- Motor vehicles
- Retirement accounts
- Property with sentimental or heirloom value
Marital Property Versus Separate Property
Texas is a community property state. This means that almost anything you acquire during your marriage – income, real estate, vehicles – is considered marital property to be split equally in a divorce. The court generally assumes that all property in a marriage is marital property unless there is strong evidence proving otherwise. Things proven to belong to an individual spouse outside of marital property fall into the category of separate property.
In general, assets and property that you owned before you got married are considered separate property. There are also a limited number of things acquired during a marriage that can be considered separate property. These include inheritances, family heirlooms and birthday gifts.
In some situations, separate property may convert to marital property. One of the most common examples of this is when marital funds are used to improve a house that was owned as separate property before the marriage. In that case, the property would become marital property.
What To Do With The House, Retirement Accounts And Debt
When determining what to do with the house, we can help you choose the right option for your specific situation. This could be selling, refinancing or trading the house for other assets.
We can also help you decide what to do with your retirement accounts. It’s difficult to see the IRA and 401(k) accounts torn apart in your divorce after you worked so dutifully to build them up. We will help protect these investments. By collaborating with financial professionals such as accountants, financial planners and tax professionals, we work to make sure your financial future remains intact.
In many cases, it is easy to accidentally overlook jointly held financial debts. Don’t ignore joint debt. Like assets that have accumulated during the marriage, joint debt is the responsibility of both parties in a divorce. We will work to ensure that all debt is divided fairly and equitably.
Contact Us To Discuss Your Divorce Options
At Sandoval Law Firm, we provide the guidance you need in divorce matters. To schedule a strategy session with our highly experienced divorce attorney, call 512-580-2449 or fill out our online contact form.
Se Habla Español