Understanding Property Division In Texas
Protecting Your Property During Your Divorce
At the law firm of Palmer Lehman Sandberg, PLLC, our attorneys have spent decades protecting the rights and property of our clients. Our lawyers are dedicated to making certain that each asset is characterized as the correct type of property in order to achieve a fair division of assets. Additionally, we take great care in addressing debts, as well as working with the client’s CPA to help identify tax issues that may arise as a result of the divorce. Turn to us when you need assistance dividing property during divorce.
Community Or Separate?
In Texas, there are two main types of property: community property and separate property.
- Community property: All property, other than separate property, acquired by either spouse during marriage, regardless of who has actual possession of the property. Just because there is only one name on a title, deed or other document does not necessarily mean it is separate property. Community property is to be divided fairly although not necessarily equally.
- Separate property: Property owned prior to marriage, property acquired at any time by gift or inheritance, recoveries for personal injuries sustained by a spouse during marriage (except for loss of earnings), and property exchanged for any of the above items. The owner has the right to retain this property after the divorce; it cannot be divided by the court.
Handling Complex Property Division
When considerable wealth, business interests, large investment accounts or other financial interests are involved, it is particularly important to have an experienced attorney on your side. Our law firm is dedicated to protecting your interests and minimizing the risks that occur within the property division aspect of your divorce.
Our experience can be used in cases involving property such as:
- Closely held businesses and family-owned businesses
- Stock options
- IRAs, 401(k) plans, pensions or other retirement funds
- Investment and brokerage accounts
- Real estate holdings, including rental properties
- Collections of art, antiques, cars or other valuable items
We work with CPAs, tax accountants and tax attorneys, financial analysts, appraisers and other expert specialists to provide innovative solutions to complex property division. When appropriate, we can obtain business evaluations and property valuations to determine the current fair market value of each asset. We assess your objectives for maintaining, dividing or dissolving business assets to devise an often “out-of-the-box” resolution which achieves those objectives.
Let Us Develop A Property Division Solution For You
We offer convenient office hours, flexible appointment times and reasonable fees. Visa, Mastercard, American Express and Discover are accepted.