Westlake Hills Division of Assets Lawyer

Division of Assets Attorney in Westlake Hills, TX

If you are going through a divorce or separation, you deserve an attorney who can fight for you. Division of property in Texas often involves complex litigation. Valuable assets are not always divided equally in Texas divorces. When you partner with a Westlake Hills division of assets lawyer to protect your wealth, you are better equipped to avoid financial mistakes that can permanently change your life.

Understanding Division of Assets in Texas Divorces

Texas is a community property state. Just because Texas is a community property state does not mean you will receive 50% of the marital estate in your divorce. Texas law mandates that all property be divided in a “just and right” manner, as described in Texas Family Code § 7.001. Each division of assets case is unique, and the judge has wide discretion to consider any factor that is relevant to your situation.

Courts may consider fault in the breakup of the marriage, differences in earning capacity, health, financial circumstances, future needs, and size of separate property estates. Any contested divorce can significantly favor one spouse over the other. High-net-worth divorce is no exception. Because Westlake Hills has become home to so much wealth, division of assets cases here are highly technical and hotly litigated.

Common Types of Division of Assets Cases

According to the CDC, there are about 2.1 divorces per 1,000 people in the state. This figure was below the 672,502 divorces that occurred nationwide, amounting to approximately 2.4 divorces per 1,000 Americans, many of which involved disputes over how to divide assets.

Division of assets disputes typically occur when two parties can’t agree on what property is divisible or how much the property is worth. Disputes often occur in marriages that feature:

• Real estate gained prior to the marriage
• Stocks
• Businesses
• Retirement accounts
• Personal property like vehicles or collectibles
• Investments

Additionally, contention often flares when one party suspects the other spouse is hiding assets, undervaluing marital property, or improperly characterizing community assets as separate.

Challenges With Community vs. Separate Property

Texas law defines community property as anything acquired during the marriage, except for separate property. Separate property may include anything owned prior to marriage, inheritances, and gifts individually given to you and your spouse.

It is essential to understand the distinctions between community and separate property for asset division. Divorce is rarely so straightforward. Most people commingle funds, refinance assets, reinvest dividends, or use community funds to improve upon separate property. If community and separate property are mixed, it must be traced. If you cannot prove the separate nature of your asset with clear documentation, it could be presumed to be community property.

Tracing can become highly contentious in a Westlake Hills asset division case. For that reason, most high-net-worth divorces require input from legal and financial professionals. A Westlake Hills division of assets attorney can help you in this process.

Valuing Assets

Valuation often becomes one of the biggest battlegrounds in a division of assets case. Courts will only divide what is brought before them, and they rely on the evidence presented to determine value. No one wants to pay more than they have to, but valuation mistakes can be disastrous.

Business interests may require complex appraisals using income capitalized, asset-based, or market-based approaches. Real estate can go up or down in value based on market fluctuations, zoning restrictions, or rental income. Retirement accounts are subject to their own rules under federal law and may require a Qualified Domestic Relations Order (“QDRO”) to be divided properly.

Asset valuation can be complex, and valuation disputes are common in Westlake Hills asset division cases. An experienced Westlake Hills division of assets attorney will know when to fight, when to negotiate, and when to take a case to trial.

Division of Assets Through Litigation vs. Negotiation

Not every case needs to go to trial. In fact, most cases are settled without ever seeing the inside of a courtroom. However, every case should be prepared as if it will go to trial. This type of preparation creates opportunities for negotiation and prevents you from being caught off guard if your case does not settle.

Many cases are settled through mediation. Mediation allows both parties to negotiate with each other through a neutral third party. Although mediation can be very effective, it only works if both parties negotiate from an informed position. High conflict cases often require litigation to reach a fair resolution.

Westlake Hills Courts

Westlake Hills division of assets cases are heard in Travis County. Most cases are heard at the Travis County Civil and Family Courts Facility at 1700 Guadalupe Street, Austin, TX 78701. Every court has different preferences and procedures, and local counsel can help you navigate these issues.

Fault in Division of Assets

Texas is a no-fault divorce state. You can file for divorce without proving wrongdoing on your spouse’s part. However, spouses who are at fault in the breakup of the marriage may face consequences when dividing the marital estate.

To be just and right, the division of community property need not be equal. The court may order that one spouse pay a portion of the community estate to the other spouse. The court may consider which spouse committed marital misconduct when dividing community property during divorce proceedings. In some cases, fault can justify awarding more than half of the community property to the innocent spouse.

About the Law Office of Ben Carrasco, PLLC

At the Law Office of Ben Carrasco, PLLC, we believe in focusing on what is important. Our practice focuses solely on family law cases, including contested divorces and high-net-worth divorces. When you visit our office, you will always work with Ben Carrasco. After graduating from Stanford, Ben chose to focus on family law because he understands how contentious divorces can damage both finances and family relationships.

Our efficient structure grants upscale representation benefits to you while eliminating unnecessary costs. Our firm takes a strategic, trial-ready approach to every case. When you hire us to handle your division of assets case, you can trust that every decision will be made with your long-term financial goals in mind.

Hire a Division of Assets Lawyer Today

If you are going through a divorce and have assets that need fair division, the Law Office of Ben Carrasco, PLLC can help. Hire a division assets lawyer with us to begin fighting for your future. Contact us today to get started.