Georgetown Division of Assets Lawyer

Division of Assets Attorney in Georgetown, TX

Divorce becomes more complicated when you have significant property at stake, complex finances, or disputes over assets you believe you should be receiving. Asset division is typically one of the most hotly contested parts of a divorce case. Property is often divided during a divorce. When this happens, a Georgetown division of assets lawyer can fight for a fair and reasonable outcome to help secure your future.

The attorneys at the Law Office of Ben Carrasco, PLLC, handle division of assets disputes for Georgetown clients. Our firm focuses exclusively on family law, especially contested divorce and high-net-worth cases. We take every division of assets case seriously and approach each matter with the attention it needs.

Understanding Division of Assets Laws in Georgetown

Texas has roughly 2.1 divorces per 1,000 people, according to the most recent CDC data available. This was less than the national rate of 672,502 divorces, with a divorce rate of about 2.4 per 1,000 people in the United States. Texas is a community property state. This means that most property acquired during marriage is presumed to be community property.

According to Texas Family Code § 7.001, the court must divide community property in a divorce in a manner that is just and right. While this may sound simple, it actually gives judges wide discretion to divide property fairly, based on the facts of the case, rather than necessarily equally. Property that remains separate throughout marriage cannot be divided during divorce. Separate property may include:

• Items owned before the marriage
• Gifts
• Inheritances
• Personal injury awards

It should be noted that claims of separate property must be proven by clear and convincing evidence. Often, community and separate property become commingled over the years of marriage, making it impossible to distinguish between the two without proper financial records and documentation. An example of this would be if one spouse used money earned before the marriage to help fund the family home.

Typical Assets That Are Disputed

Property division cases routinely involve more than just a family home and a checking account. When larger assets are at stake, some of the most common disputes include:

• Businesses and business accounts
• Real estate
• Investments
• Retirement accounts
• Hidden assets
• Stock options

Each of these categories can include numerous subcategories and may require different valuation methods. Clients risk signing away more than their fair share of wealth and failing to claim certain assets if they do not receive adequate legal guidance from a Georgetown division of assets attorney.

Factors Considered in Division of Assets Cases

Texas law presumes that all property is community property. From there, the court has discretion to divide the property unequally if there are factors that would make an equal division unfair. Factors that may lead to an unequal division include:

• Fault in the divorce
• The earning capacity of both spouses
• Each spouse’s health
• Each party’s financial needs

Fraud on the community estate is also something that courts can consider. This includes waste, hiding, or intentionally transferring community property to friends, family, or hidden accounts. When businesses or high-income earners are involved, these issues become more prevalent.

Businesses and Retirement

A business can complicate a division of assets case tremendously. Even if only one spouse is involved in the business, the court may find that the business was community property, in whole or in part, depending on when it was started and how it was managed during the marriage.

Many businesses require forensic accountants or other valuation professionals to determine accurate income, goodwill, and projected earnings potential. A Georgetown division of assets lawyer knows how to analyze competing business valuations and discredit attempts to low-ball a business’s worth.

Dividing retirement assets is one of the most important things we do for clients. Retirement accounts are often among the largest assets in a marital estate. 401(k)’s, pensions, IRAs, and other retirement plans are divided using what’s known as a Qualified Domestic Relations Order (“QDRO”).

Hire a Division of Assets Lawyer to Avoid Financial Mistakes

The most common asset-related mistakes are usually made at the beginning of a case, when one spouse may not fully understand finances. When you hire a division of assets lawyer early in your case, you can help preserve documents and avoid making choices that would negatively impact your financial future forever.

Once your divorce decree is final, it can be very difficult, and sometimes impossible, to modify the property division even if there were mistakes in the original process. In Williamson County, Georgetown division of assets cases are heard at the Williamson County Justice Center, located at 405 Martin Luther King Street, Georgetown, TX 78626. Judges in Williamson County have high standards for evidence and expect well-prepared financial disclosure and documentation.

They also expect lawyers to know the laws governing asset division and to present clear legal arguments. Experience in local court matters. You will benefit from an attorney who knows how these judges operate and what they expect from the parties involved in contested financial disputes.

About the Law Office of Ben Carrasco, PLLC

The Law Office of Ben Carrasco, PLLC, focuses exclusively on family law, specifically contested divorce and high-net-worth divorce throughout Williamson County. Our clients have direct access to Ben Carrasco and will not be delegated to junior associates.

Ben is Board Certified in Family Law by the Texas Board of Legal Specialization. He has a Stanford education and extensive experience handling divorce cases. Ben understands the facts and emotions that go along with dividing up a family’s assets when a marriage ends and can help you with your case.

Contact the Law Office of Ben Carrasco, PLLC, Today

The divorce process involves more than just property distribution and visitation arrangements. It’s about protecting your ability to provide for yourself and your family for years to come. Choose a lawyer experienced in Texas divorce law and Georgetown’s family court to make beneficial decisions during your divorce.

At the Law Office of Ben Carrasco, PLLC, we prepare for every case as if it will go to trial. When you hire us to handle your division of assets concerns, we can guide you through every step of the process and advocate on your behalf with confidence and meticulous preparation. Contact us today to get started.