Alimony Lawyer Austin, TX
If you’re thinking about filing for divorce and you have questions about property and asset division, please connect with an alimony lawyer Austin, TX residents trust. You don’t need to know for sure that you’re going to file for divorce to begin gathering information. Being proactive will allow you to make informed choices moving forward, no matter what those choices might be.
When you speak with the experienced legal team at Gray & Becker, P.C. about asset and property division options, we’ll begin by discussing marital property division standards in Texas and how they will apply to your situation. Texas is one of nine states in the union classified as a “community property state.” This means that, with few exceptions, any property or assets acquired during the marriage are treated as jointly owned property and must be divided evenly in the event of divorce. This doesn’t mean that each spouse necessarily walks away from the marriage with the same number of assets and pieces of property. It means that the overall value of jointly owned property must be evenly split. This arrangement can be challenging for some couples, if one wants to retain certain property that is jointly owned but dramatically tips the balance in terms of overall value assigned to each spouse in the property division agreement. For example, say that the value of your home dramatically outweighs the value of your remaining combined assets. If one of you wants to retain ownership of the home, you may need to pay your spouse alimony for a number of years to make up for the difference in property value that you assumed at the end of the divorce.
Spousal Support (Alimony) – The Basics
Alimony, which is commonly referred to as spousal support, is a financial tool most commonly used by our Austin, TX alimony lawyer team and other legal professionals to “even the playing field” when one spouse retains a greater share of marital assets in the wake of divorce. There are certainly other reasons why spousal support obligations may be used to construct a fair property division settlement. However, making up for an uneven distribution of assets during the property division process is the most common modern reason for ordering alimony among non-retirees.
Less common nowadays but still a factor in many divorces is the use of spousal support obligations to limit discrepancies in the economic consequences tied to divorce. This is most often the case when one spouse has never worked, has not worked in many years and needs time to develop marketable skills, or is limited in their ability to work due to disability, their role as a caregiver for dependents, etc.
In both of these scenarios, spousal support can be ordered by a judge during a contested divorce or agreed upon by the couple during an amicable process.
Legal Assistance Is Available
How spousal support amounts are determined and the length of time that orders are enforceable is somewhat case-specific. Therefore, it’s important not to make assumptions about your potential situation until you’ve spoken with an attorney. Please connect with our Austin, TX alimony lawyer team today to learn more; we look forward to speaking with you.