Property Division Lawyer Austin, TX
Even under the best of circumstances, transitioning a single married household into two separate households is a significant challenge that requires an Austin, TX property division lawyer. Under the most complex of circumstances, property division matters during divorce can seem downright unmanageable. Thankfully, divorcing couples do not need to navigate these obstacles alone. Whether one’s property division issues are relatively straightforward or are seemingly impossible to resolve, the experienced Austin, TX property division lawyers at Gray & Becker, P.C. can help. Our lawyers are generally well-versed in strategies designed to “conquer” property division challenges in fair and productive ways.
Most often, property division matters begin with determining what is, and is not marital property. Unless an exception or extreme circumstance applies, assets, debts, and property acquired during the course of a marriage will be treated as marital in nature. Practically speaking, this means that the value of these marital assets, debts, income, etc. may be split evenly during the divorce process. However, despite this, Austin, TX property division lawyers can tell you that a judge will determine how property is equitably distributed based on what is “just and right.”
Dividing Marital Debts and Assets Fairly
Once the scope of a couple’s marital property value has been determined, it becomes time to actually start dividing assets. This can be done in any number of ways. Sometimes, it makes sense to sell a mutually-owned asset in order to divide the proceeds from the sale. For example, many couples opt to sell their marital homes during their divorce processes. Once the proceeds are split, they can be used to help finance the new places that each affected spouse will live.
Austin, TX property division lawyers are aware that this model doesn’t make sense for every couple or every asset. Sometimes, it makes sense for one spouse to retain ownership of an asset (like a marital home) while the other retains ownership of an asset or assets which are similar in value. If one spouse remains owner of the marital home, the other spouse may opt to retain ownership of the couple’s retirement accounts and third car. As long as the value of marital assets are divided fairly, in many cases, a judge will approve of this as long as both parties are in agreement.
Not every couple can agree upon the equal division of all valuable and sentimental assets. In such cases, you may require an Austin, TX property division lawyer to assist in negotiating an agreement. If such approaches fail to produce desired results, a judge may need to intervene in order to ensure a fair property division settlement.
Our Austin, TX Property Division Lawyers Can Provide You with Divorce Guidance
If you have questions about divorce or property division matters specifically, please consider connecting with an experienced property division lawyer Austin, TX residents turn to. Just as no two marriages function in exactly the same way, no two divorces progress in exactly the same way. Speaking with Gray & Becker, P.C., Austin, TX property division lawyers will allow you to obtain knowledgeable answers to your questions and professional support for the road ahead. It is important to understand that scheduling a consultation with a lawyer does not commit you to pursuing your divorce in any specific way. Taking this initial step simply helps to ensure that your decisions are truly informed as you move forward. Contact the Austin, TX property division lawyers you can trust at Gray & Becker, P.C. today!
Hiring a Forensic Accountant
When a couple attempts to divide marital property during the divorce process, our Austin, TX property division lawyer will tell you that any number of challenges may add to the complexities inherent in the situation. Couples who have been married for more than several months tend to co mingle their finances in ways that make them difficult to separate. Bank accounts, retirement funds, real estate deeds and other assets are often so intertwined that dividing them becomes a stressful process for individuals. Gray & Becker, P.C. are trusted Austin, Texas property division lawyers who are here to help you.
In addition to dividing the obvious tangible assets and personal property, couples may be compelled to split stocks, bonds, various financial accounts and other intricate holdings. These financial assets may be difficult to understand, even at their most basic level. As a result, complex financial assets may also be startlingly easy for one spouse to hide from another. If an unsuspecting spouse does not know what to look for, it may be easy for a less scrupulous spouse to take advantage of the situation. This is why our Austin, TX property division lawyers can employ our resources, including a forensic accountant to assist with the division of assets during the divorce process.
Do You Need the Services of a Forensic Accountant?
If you are concerned that your spouse may be hiding assets from you and/or your assets are particularly complex, our property division lawyers based in Austin, TX may recommend the services provided by a forensic accountant. These professionals are usually Certified Public Accountants with unique experience navigating the assets of divorcing couples. It is important to seek out the services of a forensic accountant who has trustworthy credentials
Once financial disclosures have been submitted to the court, a forensic accountant will investigate these disclosures, accounts held by both spouses and financial records. When appropriate, the accountant will conduct an audit in order to determine whether any disclosures are incomplete, falsified or otherwise in need of attention. If your spouse has been hiding assets, your Austin, Texas property division lawyer, with the help of a forensic accountant may be able to help you find evidence of this misconduct. This will allow your Austin, TX property division lawyer to bring this information to the attention of the court.
Partnering with Your Property Division Lawyer in Austin, TX
It is important to understand that hiring a forensic accountant is a decision worth discussing with your lawyer. This is because in some cases, your lawyer may have the necessary skills to gather the necessary information without this necessary resource. It’s important that your Austin, TX property division lawyer is “looped in” to this decision, especially considering they will be responsible for bringing any information found to court. You may wish to grant permission for your lawyer and your forensic accountant to speak with each other whenever they deem such communication to be appropriate and necessary.
Dividing Your Household Items After a Divorce
During a divorce, the division of property and assets tends to be one of the most highly contested elements of the process. This is especially true when there are valuable assets involved. As an Austin, TX property division lawyer might explain to you, houses, vehicles, property, art, jewelry, and businesses tend to be sought after by both parties. That said, there are many couples who also have concerns about how smaller household items will be divided. From the television and couch to major appliances and more, who will get what largely depends on the factors of the case. In general, if you have concerns about small household items, you should consult a property division lawyer Austin, Texas has to offer for further advice.
Is Your Divorce Being Contested?
In most states, the family court allows divorcees to communicate with one another about various issues including property division. If these issues can be worked out, a judge might not intervene. In other words, if both of you can come to an amicable compromise on the terms of the divorce, it will be considered uncontested. A trial will not be necessary. In the event of one or both of you being unable to agree on the division of assets, or other matters such as child support, your divorce will likely go to court.
Should a judge need to preside over your case, both of you will lose the right to say who will get what. Rather, the judge will refer to the laws of Texas to make a decision on all matters. There will be no reference to preferences or fault. Even if you have your heart set on something in your house, you will not be guaranteed this item if your case goes to trial. Finally, you are recommended to have a property division lawyer Austin, TX relies on for advice, and one who can be at your side to ensure your rights and interests are protected.
Are You Able to Come to a Compromise for Your Items?
Our Austin, TX property division lawyers would encourage anyone going through a divorce to compromise with their spouse. By working together, you are more likely to get what you want. Often, couples will use their own legal advocates to help with the division of assets. Lawyers can be used to evaluate assets and mediate the division process.
Tips to Divide Your Assets Amicably
Make a List of Your Assets – Take time to create a list of all your assets in the home. Make sure you go room by room so you don’t miss anything.
Separate your Marital Property – In general, the items you brought with you into the marriage are considered separate property. This will likely be yours to keep. Marital property will need to be divided between you and your spouse.
Get Your Assets Appraised – Any of the items that are to be divided should be appraised. This is not the price you paid for the item, but rather what it is currently worth.
Calculate Your Debts – In a divorce all debts accrued during the marriage will need to be added up and included into the division of property.
Arrange for an Agreement – Take the information above and use that to help you decide who will get what. If there is something in particular that you want, you might leverage that with something your spouse wants.
If you need help with your divorce and the division of assets, call a property division lawyer in Austin, TX, from Gray Becker, P.C.
Legal Help Is Available
If you have any concerns about the divorce process generally or property division specifically, please consider speaking with an experienced property division lawyer in Austin, TX. Lawyers who specialize in the divorce process will be able to advise you about any legal options available to you once they learn the details of your specific situation. No two divorces are exactly alike. As a result, it can be beneficial to consult with a lawyer who has significant experience with the ins and outs of both the divorce process and any laws which affect it. Consulting with an Austin, TX property division lawyer will not force you to take any specific kind of action. Instead, this kind of communication will simply allow you to make informed decisions as you determine what path will be healthiest for you to follow.
For more information about how Gray & Becker, P.C. can help you contact us today to speak with our experienced Austin, TX property division lawyers.