Kyle Division of Assets Lawyer

Division of Assets Attorney in Kyle, TX

The division of property during a divorce is frequently the most financially significant aspect of the process. Arguments over finances, combined with disputes over real property and ownership interests, can quickly turn an amicable divorce into acrimonious proceedings. If you are dealing with a contested divorce or unresolved financial issues, a Kyle division of assets lawyer can help you protect your hard-earned assets and avoid costly mistakes.

Common Division of Assets Disputes

While child custody battles are fought over what is in the best interest of the child(ren), property division battles are all about your spouse versus you. Every dollar awarded to your spouse is one less dollar awarded to you. Kyle divorce disputes regarding the division of assets arise when spouses greatly disagree on what they perceive to be equitable. They can also arise when not all financial information has been disclosed.

Property division disputes may arise over valuation, classification, or control of community assets. If your spouse controlled all of the finances during your marriage, or runs a business, you may be at a severe disadvantage without skilled legal representation from a Kyle division of assets attorney. Discovery and litigation of these cases can be tedious, but we have experience dealing with reluctant financial institutions and individuals who withhold information.

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

Division of Assets Laws in Texas

Texas is a community property state. This means all property acquired during the marriage is presumed to belong to both spouses jointly, per Texas Family Code § 3.002. However, the courts have no duty to divide the property evenly. All property, including community property, must be divided in a way that the court deems just and right.

Assets that one spouse owned before marriage or obtained by gift or inheritance during the marriage are considered separate property.

Separate property is not divided in a divorce, but you must provide clear and convincing proof that the property is separate. Proving separate property is one of the biggest issues in Kyle division of assets battles. This is especially true when separate property was refinanced during the marriage, improvements were made using community funds, or community income was used to pay the bills.

Common Disputes When Dividing Assets

Division of assets battles often focus not on whether you have certain property, but rather on how much it’s worth. This is commonly referred to as a valuation dispute. Businesses, homes, real estate, and retirement are just some examples of assets that require valuation.

Courts have wide discretion in valuing certain assets. Some items may need to go on sale to be valued. Businesses and retirement accounts often rely on professional testimony to determine value. Your Kyle division of assets attorney can work with valuation professionals to make sure the court hears what you think is the true value, as opposed to an inflated or diminished amount presented by your spouse.

An improper valuation can leave you with a smaller piece of the marital estate without realizing it.

Debt Division

Debt is generally considered community property in a marriage. This means that just as money in bank accounts is divided, debts are too. This includes:

• Mortgages
• Loans
• Credit card debt
• Business expenses
• Taxes

Sometimes these items are known to both spouses, but sometimes they are hidden. Texas family courts can decide who is responsible for debt as part of the division of assets. Your legal obligation to pay a spouse’s debt could create long-lasting problems beyond your divorce settlement. You should know what debts you are responsible for before you agree to a settlement. Part of our discovery process is locating unknown debts.

Business Growth in a Divorce

An increase in the business’s value during marriage is another issue that often arises in asset division. If your spouse owned a business prior to marriage, the court will still look at how much that business grew during your marriage. The courts will look at the circumstances surrounding the growth, such as:

• Whether you helped in its growth
• Whether your spouse used marital funds to contribute to its growth
• Any contributions you personally made to the business, whether physically or financially

Just because your spouse started the business before you were married does not automatically mean that they are entitled to the totality of it in a divorce. If you were involved in its progression, you may be entitled to a share.

Settlement vs. Going to Trial

Many asset division disputes settle. Most cases settle when both parties are forthcoming with their assets and willing to negotiate. Your case should be prepared for trial regardless, but you may be able to reach a settlement without going to court.

If your spouse hides assets, you believe they have given you an unfair valuation of assets, or your spouse controlled all of the finances during the marriage, you may need to go to court to protect yourself. You can negotiate a settlement with your spouse at any time up until the judge signs your divorce decree.

Your local courthouse hears all division of assets cases for Kyle. These cases are heard by the Hays County District Courts in Hays County Government Center, 712 South Stagecoach Trail, San Marcos, TX 78666. Texas laws are applied to each case, but how a judge divides your community property depends on each set of facts.

When to Hire a Division of Assets Lawyer

Timing can be everything when considering hiring an attorney. Waiting too long to hire a division of assets lawyer can mean losing time conducting discovery, tracing assets, and gathering valuation information.

About the Law Office of Ben Carrasco, PLLC

At the Law Office of Ben Carrasco, PLLC, we believe in handling every case as if it will go to trial. This allows us to discover all the evidence necessary to support your claims and arguments. We have extensive experience in contested and high-net-worth divorce cases, and we can assist you in yours. Contact us today to get started.