Rollingwood Division of Assets Lawyer

Division of Assets Attorney in Rollingwood, TX

Navigating a divorce that involves substantial property, investments, or complex finances requires the representation of a Rollingwood division of assets lawyer who can protect your financial interests and fight for your rights. All divorce cases have the potential to become contested when the parties cannot agree on who owns what property, how much it is worth, and who should keep it.

At the Law Office of Ben Carrasco, PLLC, we represent Rollingwood spouses in contested and high-asset division of assets cases. We go to trial whenever necessary to ensure the greatest possible long-term outcome for our clients.

Texas Division of Assets Laws

According to the CDC, there are about 2.1 divorces per 1,000 people in the state. This figure was below the 672,502 divorces that occurred nationwide, amounting to approximately 2.4 divorces per 1,000 Americans, many of which involved disputes over how to divide assets. Texas is a community property state. However, this does not mean that all property will be divided 50/50 in a divorce.

Texas Family Code § 7.001 states that upon divorce, a court must divide the parties’ estate in a manner that is just and right. This allows judges discretion to consider factors that may affect the overall fairness of the divorce. Any property acquired during the marriage is typically considered community property eligible for division regardless of whose name is on the title/deed or account.

Property owned before marriage, inheritance, and gifts given to one spouse are considered separate property. If you claim that property is separate, you will be responsible for proving it by clear evidence. When parties disagree about the division of assets, the disagreement often centers not only on what property is in the marital estate, but also on how it should be classified.

Common Rollingwood Division of Assets Issues

Division of assets cases are typically most contentious when there is a complex financial history between the parties. Some common examples include:

• Real estate purchased prior to marriage that may have been upgraded during the marriage
• Retirement accounts funded before and during the marriage
• Businesses started prior to marriage that greatly increased in value during the marriage

Other issues that frequently arise in division of assets cases include hidden assets, disagreements about who gets to keep certain debts, disagreements about the value of certain assets, or accusations about wasting marital assets.

How Interests Are Valued

A huge component of any division of assets case is the proper valuation of the marital estate. If the valuation is inaccurate or incomplete, the court’s division of the property will be as well. The judge’s discretion dictates the outcome of an improper valuation appeal.

Business interests, real estate, and retirement accounts are common examples of property that require proper valuation. Business valuation can be especially tricky when dealing with closely held businesses or professional licenses. Real estate valuations must take into account market value, income generation, and any outstanding liabilities. Retirement accounts and investments can also pose tax consequences.

Community Property vs. Separate Property

Community property and separate property are defined by Texas statute, but this does not prevent disputes. It can become difficult for courts to distinguish between community and separate property when they have been commingled.

Examples of commingling include using community funds to pay the mortgage on a home one spouse owned prior to marriage, or depositing an inheritance into a joint bank account. When this happens, the party claiming that the property is separate will have to prove it through a process called tracing.

Tracing allows you to follow the path of funds to prove that property was not commingled. If you fail to properly trace your funds, the court will presume the property is community property. These types of disputes are common in high-asset divorces. Tracing often requires professional input, such as forensic accountants.

How Fault Factors Into Division of Assets Cases

Texas is a no-fault divorce state, but that does not mean that fault cannot impact your case. Texas also allows for fault-based grounds for divorce, including adultery and cruelty.

When a court finds fault, it can award one spouse more than half of the community estate. Just like any other contention you would raise in your case, you must prove that your spouse was at fault. If you can prove fault, it can greatly impact your case, especially when large amounts of marital property are at stake.

Requesting a Temporary Order

Temporary orders can significantly affect the outcome of your asset division. These orders can address who may use certain property, who is responsible for debt accumulation, and who may access shared bank accounts during the pendency of the case.

If not done carefully, temporary orders can drain your bank accounts and leave you at a financial disadvantage. It is crucial to strategize about temporary orders to protect your current assets.

In Texas, division of assets cases will generally be heard in county-level family courts. For Rollingwood residents, division of assets cases will likely be heard at the Travis County Civil and Family Courts Facility, 1700 Guadalupe Street, Austin, TX 78701.

Hire a Division of Assets Lawyer

When you hire a division of assets lawyer, you have someone in your corner who understands the financial complexities of dividing property. Divorce attorneys are especially helpful when one spouse controls all of the finances or when the marital estate contains high-value or non-liquid assets.

A Rollingwood division of assets attorney can help you identify potential issues before they happen and formulate a long-term strategy that meets your financial goals. Taking on complex asset division issues without counsel can leave you financially damaged for years to come.

About the Law Office of Ben Carrasco, PLLC

The Law Office of Ben Carrasco, PLLC, is a family law-only firm that concentrates on complex and contested asset division matters. Ben Carrasco, who holds a Stanford degree and Board Certification in Family Law, will handle your case, as he has extensive experience in contested divorce litigation.

At our firm, we pride ourselves on being lean, so you never have to pay for overhead we don’t need. We are prepared, precise, and will litigate if necessary. Contact us today for a consultation.