Lakeway Division of Assets Lawyer

Division of Assets Attorney in Lakeway, TX

Divorce can present a series of important financial decisions. Your case involving asset division is likely to be one of the largest. Division of assets doesn’t just mean dividing property down the middle. It means knowing what you have, how it’s characterized under Texas law, what it’s worth, and how to dispute the claims of your soon-to-be ex-spouse while protecting your financial future with the help of a Lakeway division of assets lawyer.

Lakeway couples often divorce with significant assets, including professional practices and investments that can be leveraged and layered in various ways. When high-value assets are involved, disputes over asset division can quickly become complicated. The Law Office of Ben Carrasco, PLLC, approaches division of assets cases with care and attention to strategy, aiming to achieve equitable results that hold up in court.

How Texas Handles Division of Assets

In Texas, most property acquired during marriage is presumed to be owned equally by both spouses. However, just because something is presumed to be community property doesn’t mean it will be divided 50/50 in a divorce. Under Texas law, property division procedures have been established to ensure a fair distribution based on the specific circumstances of each marriage.

A Lakeway Division of Assets Attorney will walk you through how this applies to the division of specific assets between spouses. The assessment criteria for the division of assets involve objective factors, such as earning capacity, as well as subjective decisions made by judges. Judges divide property based on factors that include: 

• Whether there is fault in ending the marriage
• How household finances were managed by both parties
• Both spouses’ understanding of their finances

The CDC’s most recent data shows that there are about 2.1 divorces per 1,000 people in Texas. This was fewer than the 672,502 divorces nationwide, or roughly 2.4 divorces per 1,000 Americans, many of which involved disputes over the distribution of assets.

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Identifying Assets

One of the most important and frequently missed elements of a division of assets case is identifying what must be divided. Many divorcing couples have more than just savings and checking accounts and a family home. Division of assets can include: 

• Real property like homes, vacation homes, land, and investment properties
• Retirement accounts and pensions
• Business ownership and professional practices
• Stocks, stock options, bonuses, and other deferred compensation
• Interests in trusts and other restricted assets
• Collections and other valuable property

An incomplete list can lead to an unfair or incomplete divorce decree. A Lakeway division of assets attorney can look at all your financial areas to make sure there are no assets that are unaccounted for.

Valuation Issues and Disputes

Once asset identification is complete, you must know what your assets are worth. Some items are easy. Savings accounts show their value on monthly statements. However, businesses, investments, and assets that fluctuate with market conditions can lead to valuation disagreements in court. Common valuation disputes include:

• Businesses
• Real estate
• Investments
• Intellectual property

Courts rely on presented evidence when determining value. This usually means working with financial professionals to discover their true value. Your attorney can make sure those valuations hold up in court and align with your interests.

Separate Property vs. Community Property

Not all property types may qualify for division in a divorce. Assets that you owned prior to marriage or that were gifted to you may be considered separate property. Separate property isn’t divisible in divorce, but you will need to provide clear and believable evidence that it is, in fact, separate. You may encounter disagreements with your spouse on issues such as:

• Whether separate property has been commingled with community property
• Appreciation of separate property during marriage
• Contribution of community labor or funds to separate property
• Incomplete financial records

Debts in Asset Division

Your debts do not disappear in divorce. Just like assets, debts acquired during marriage are generally considered community obligations. This includes mortgages, credit cards, personal loans, business debts, and tax debt.

Courts look at the purpose of the debt, who incurred it, and who benefited from incurring it. They also consider which spouse can repay the debt. Left untouched, the division of assets can leave you unfairly taking responsibility for marital debt.

Negotiation and Litigation

Many asset division cases are settled out of court. Whether through mediation or negotiation, reaching an agreement on your own can lead to a less expensive divorce and let you dictate the outcome.

Negotiating without counsel puts you at risk because you may lack sufficient knowledge to represent yourself effectively. Once you sign the agreement, it’s very difficult to change it later. You should always have a division of assets attorney review your agreements before signing.

Litigation is necessary if your spouse is being unreasonable, hiding assets, or refusing to agree to valuations. Sometimes it’s necessary to file a legal claim to get your spouse to cooperate.

Hire a Division of Assets Lawyer

Dividing assets in divorce is rarely simple. When you hire a division of assets lawyer, you should know that they have experience with financial matters and negotiation, as well as knowledge about the local courts. An attorney can help you protect your property and ensure that your assets are valued fairly. They can also help you avoid costly mistakes and represent you in court.

Lakeway division of assets cases are heard in Travis County. The Travis County Civil and Family Courts Facility is the most common location for disputes to be heard. The address is 1700 Guadalupe Street, Austin, TX 78701.

About the Law Office of Ben Carrasco, PLLC

The team at the Law Office of Ben Carrasco, PLLC, understands the complexities of asset division. We focus exclusively on family law and helping clients navigate property division. Ben Carrasco is Board Certified in Family Law by the Texas Board of Legal Specialization. We have extensive experience litigating high asset division of assets cases.

Our firm serves clients all over Travis County and the surrounding areas. We are familiar with the processes at the Travis County Civil and Family Courts Facility and can help you prepare.

Contact Us Today

Don’t let your future financial health be decided by someone else. If you believe you deserve more than your spouse claims or find yourself pressured to divide assets unjustly demanded from you, an experienced advocate can represent your interests. Contact the Law Office of Ben Carrasco, PLLC today, and we can help.