Property Lawyer Austin, TX
Property division can be one of the trickier aspects of divorce, which is one of the reasons why it’s important to connect with an experienced property lawyer Austin, TX residents trust as soon as you’ve decided to file for divorce. One the experienced team at Gray & Becker, P.C. learns about your particular needs and priorities, we can begin working to obtain a fair divorce settlement on your behalf. Whether you hope to settle your property division issues amiably or you anticipate a contested process, a property division lawyer Austin, TX residents trust will be able to help you navigate these challenges as successfully as possible.
One of the best ways to get started on the process of navigating marital property division issues is to consider the three marital assets discussed below. They are nearly always a concern due to their high financial value and their importance to both spouses.
The Marital Residence
Real estate is usually the most expensive asset that families possess. Yet it isn’t always easy to know what to do with the marital residence after a divorce. If both names are on the mortgage, spouses can choose to sell it and split the proceeds. But often, one spouse would like to keep it (for either sentimental reasons or because they want their children to keep living in it after the divorce). In such cases, the spouse keeping the marital estate would likely trade away other marital assets equivalent to the other spouse’s ownership stake.
Few people realize that retirement accounts and funds are some of the most valuable assets they own. Pensions, IRAs, 401(k) accounts and other retirement plans grow very large over time due to compound interest and other factors. Therefore, these assets are worth carefully considering and fighting for, if necessary.
It’s also important to understand that both spouses may be able to share equally the amount of these funds that were contributed or increased in value during the marriage, even if the account is in one spouse’s name alone.
A Closely Held Business
If you are a business owner, there’s a good chance that your spouse has an ownership stake in the business, even if he or she has no connection to the day-to-day operations. This is because many small businesses are built with personal assets (which are shared assets) and have profits mixed back into personal bank accounts.
You likely don’t want to be in business with your ex-spouse, nor do you want to liquidate the business and split the assets. Thankfully, it is often possible to negotiate a trade of marital assets with your spouse equal to his or her share of the business. This will need to be done carefully and meticulously with the help of experienced attorneys like those at our firm.
Financial Considerations When Calculating Value
Because Texas is a community property state, judges are looking to divvy up marital assets and debts close to equally between spouses. This is why it is important to have your highest-value assets professionally appraised before negotiating how to divide them up.
But it is important to note that items aren’t always going to be worth their current face-value appraisal. Some assets have major tax implications, while others will greatly appreciate or depreciate in value over time. Therefore, before making any arrangements with your spouse, you should consult your attorney to determine whether you are getting a fair deal that will serve your interests long term.
Contact us To Discuss Your Case
For case-specific advice about dividing your assets in divorce, call us to arrange an initial consultation with a trusted Austin, TX property lawyer. We look forward to learning more about your situation and more about how we can be of service to you at this time.