Asset division can lead to heated disputes between divorcing parties because each person may have strong feelings regarding which assets they should take. As a result, there are several common issues that divorcing couples come across during asset division in Austin. Speaking to an experienced property division attorney could help you understand some of these circumstances and your rights during this process.
Who Gets the House During Asset Division?
For many married couples, their home represents a large portion of their overall assets and wealth. Not only is the house important for its monetary value, but also, the individuals might have emotional ties to the home.
Typically, courts prefer to give the custodial parent ownership of a house, but if the parties cannot offset the value of that home with other assets, this might not be possible. Unfortunately, sometimes the only option will be to sell the home and divide the proceeds.
When it comes to splitting the value of a marital home, the parties should discuss options with their lawyer. There may be a creative way to resolve this issue during assets division in an Austin divorce case.
Issues Regarding Communal Property
Courts divide property based on whether the assets are communal or individual. Most property that the parties acquire during their marriage will belong to the spouses jointly. Alternatively, assets such as inheritances and gifts belong to the individual.
Property that the parties obtained or earned before their marriage also belongs to just one person, but this could change if the couple mingles their individual and marital assets. Determining which assets are part of the marital estate can lead to issues during the property division process in an Austin divorce. The spouses might need to discuss their property division with an attorney to ensure that the court treats them fairly.
Fair and Equitable Division of Property
Another common issue that divorcing spouses in Austin may come across when dividing their assets is agreeing to an equitable split. While some spouses may feel that dividing the property 50/50 is fair, the court may not agree. Courts typically do not aim to split assets 50/50 between the parties. While splitting it equally may appear to be an easy way to divide assets, it often does not lead to results that a judge deems fair and equitable.
There are many situations in which one party may be the income-earner while the other left their career to care for the children and home. In these situations, splitting the property equally may not be fair to the spouse who has been out of the job the market. As a result, individuals who are divorcing from their spouse should find legal counsel who can assert their rights and advocate on their behalf before the court.
Dividing Complicated Assets
Dividing a home is only one of the complicated assets for couples to split when they divorce. Retirement accounts, pensions, and business assets are all other forms of property that parties may need to divide and could lead to disputes.
In some cases, a party might have to buy out their spouse’s interest in a retirement account or need to make payments many years in the future when they begin to collect from a pension. An appraiser may need to provide a value estimate for a business, and one party will have to compensate the other for that asset.
There are mays ways to handle each of these issues during asset division in Austin, and some will work better in some instances than others. Divorcing parties should discuss their case with their lawyers to learn more about their options for dividing these types of property.
Speak to an Austin Attorney About Problems During the Property Division Process
Divorce is an emotionally and legally complex process. Parties will likely have strong feelings about many of the agreements they must reach as they try to part ways.
Speaking to a lawyer could provide valuable information about the process and any legal options available in a specific case. If you have questions about common issues during asset division in Austin, call an attorney to discuss your case.