Austin Property Division Lawyers & Attorneys
When it comes to divorce, only child custody is trickier than the task of the division of marital assets. In Texas, it’s a requirement that there be an equitable distributions of assets; often that means 50/50. Your case may vary, however, and a qualified property division lawyer can help you negotiate the legal waters of just what “equitable distribution” means. There may be circumstances in your case that mean your property distribution is different, such as when one spouse is a stay-at-home mom or dad, or there’s a lower earning potential from one spouse to another. A fault-based divorce can change how assets get divided, based on several factors. For instance, is there has been proof of adultery or child abuse, it can affect the outcome of the division of property and the ultimate findings regarding spousal support and child support.
You’ll need advice on how to value your property, including business(es), home(s), automobiles(s), household contents, land holdings, bank accounts, and knowing what everything is worth before you might choose to do battle over it. For instance, do you know what your retirement fund is worth, or your disability payments, or your 401k, or your stock portfolio? Do you know how to evaluate your real estate holdings and come to an equitable arrangement if one party wants to stay in the home, or both do? Or if you own a business together, do you know how to split the assets or debts of that business fairly? What if the majority of your assets are so comingled that even you can’t make sense of it?
You’ll need an attorney too, to make sure all assets are being disclosed fairly, according to Texas law. In Austin, lawyers will ensure that everything is reported, and everything gets split up fairly. They’ll find out what you and your spouse are worth financially together, and how to get you everything you’re entitled to once you’re apart. If the divorce results in alimony (sometimes referred to as “spousal support”) do you know how or if the division of your assets will affect future support payments? You’ll need good representation too, if there are children involved. You’ll need to make sure that the division of property is fair to them, ensuring that their home is adequately provided for and they want for nothing.
It’s not always necessary to go to court over the division of property or assets. A good lawyer will be able to advise you on just when a lawsuit or motion is necessary, and when mediation might do the trick. It might even only be necessary to have a sit-down with your spouse and his or her attorney, and make a civilized agreement over a table. You should only allow a qualified attorney to make those decisions, however, as emotions often come into play and make sound judgment for yourself not so easy. It sometimes takes some intervening parties to help a couple agree on a fair division of property and come to an equitable agreement for the finalization of a divorce.