Dripping Springs Division of Assets Lawyer

Division of Assets Attorney in Dripping Springs, TX

Property division can quickly become one of the most contentious issues during a divorce. If your divorce involves real estate, investments, business interests, or retirement assets, working with a Dripping Springs division of assets lawyer is essential to protecting your interests.

At the Law Office of Ben Carrasco, PLLC, our attorneys represent families in Dripping Springs and throughout Hays County in high-conflict division of assets cases. It is wise to retain a strategic trial attorney to safeguard your rights during your divorce, even if it starts out uncontested.

Texas Division of Assets Laws

According to the CDC’s most recent data, there are about 2.1 divorces per 1,000 people in Texas. This was lower than the 672,502 divorces nationwide, or roughly 2.4 divorces per 1,000 inhabitants in the US, many of which involved disputes over assets.

In Texas, we follow community property principles. This means that all property acquired during marriage is presumed to belong equally to both parties. However, equally divided does not always mean 50/50.

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What the Law Says

Texas law provides that community property should be divided in a manner that the court deems just and right. In many cases, this means couples will split their marital property evenly. Other times, the court has discretion to issue an uneven distribution of assets to achieve a fair result.

Separate property does not get divided in a divorce. Separate property is anything that you owned before marriage, or that you inherit or receive as a gift during your marriage. Separate property may become mingled with marital assets or contested by your spouse, especially in divorces where substantial assets are involved.

Your Dripping Springs division of assets attorney can work with you to identify, classify, and value your assets so that each asset is treated properly during the division of assets process.

Assets Involved in a Division of Assets Dispute

​​It’s rare that a divorce involves only splitting a house and a bank account. Many families in Dripping Springs own businesses, rental properties, multiple bank accounts, investments, and more. Understanding how assets are characterized and divided during divorce is critical. Typical assets involved in a division of assets dispute include:

• Family homes
• Rental property
• Vacation property
• Businesses
• Tax implications
• Debt
• Credit cards
• Loans

If you and your spouse agree on what exists, what it is worth, and how to split your marriage’s assets and debts, you can divide your property however you see fit. Often, however, one spouse controls all the couple’s finances, and disputes arise when the other spouse learns the full extent of their family’s assets.

Division of assets disputes can quickly turn into court battles when there are disagreements about what property is community vs. separate, when one spouse suspects the other is hiding assets, or when debts are unknown.

When Division of Assets Becomes Contested

For many families in Texas, property division becomes contentious only when there are disagreements over business valuations, a spouse’s income, or accusations of economic misconduct. Some common examples of behaviors that lead to disputes over the division of assets include:

• Spending marital assets on personal hobbies
• Gambling
• Spending marital funds on an extramarital affair
• Hiding assets
• Transferring money to third parties in an effort to conceal them

Courts can consider these types of behaviors when determining if a disproportionate division of assets is appropriate. One reason to hire a divorce lawyer familiar with complex division of assets cases is that they know how to prevent your case from becoming a contested court battle.

How Dripping Springs Courts Handle Division of Assets

Most divorce and property division cases for Dripping Springs couples are litigated in the Hays County District Courts, located at the Hays County Government Center, 712 South Stagecoach Trail, San Marcos, TX 78666. Like most Judges in Texas, Hays County judges have discretion to divide community property as they see fit.

Courts have a list of factors they will consider when dividing assets unevenly to reach a just and right result. If your spouse was at fault in the breakup of the marriage, makes significantly more income than you, or if you will be the primary conservator of your child, you may be eligible for a disproportionate award of the community estate.

Division of Assets and Business Ownership

One of the most common reasons families fight over assets during a divorce is ownership in a business. Businesses can be particularly complex because, even if only one spouse works in the business, the court may treat it as community property if it was created or grew during the marriage.

If a business is deemed community property, the court will have to value the business and determine whether one spouse can buy out the other spouse’s interest. Depending on the circumstances, a business may need to pay ongoing income to the other spouse. Spousal maintenance and child support may also be impacted by business income.

Hire a Division of Assets Lawyer Right Away

After receiving the divorce decree that specifies asset distribution between you and your spouse, the opportunity to correct any errors becomes extremely limited. That’s why retaining a division of assets lawyer sooner rather than later is so important, particularly if you have sizable property at stake in your divorce.

A lawyer can help ensure evidence is preserved, assets are protected from being dissipated or hidden, and your case is positioned for the greatest possible outcome. Negotiation, mediation, and litigation are all legal avenues that can protect your rights when you have an experienced advocate on your side.

About the Law Office of Ben Carrasco, PLLC

At the Law Office of Ben Carrasco, PLLC, we exclusively practice Texas family law. Our focus is on contested, high-net-worth divorces. Ben is Board Certified in Family Law by the Texas Board of Legal Specialization.

Stanford-educated, Ben takes pride in providing personal attention to our clients during the most stressful legal situations of their lives. We provide our clients with direct access to their attorney and aggressive, trial-ready representation, with customized legal strategies tailored to their specific situation.

If you are heading for a divorce, take the steps to protect what’s important to you. Contact the Law Office of Ben Carrasco, PLLC, today to get started.