Denton County Division of Assets Lawyers
One of the main concerns during divorce is property division—who gets the house, car, and other valuables. In complex property cases, additional issues arise—how to divide stocks, family owned businesses, real estate property and other sophisticated assets.
An experienced divorce attorney is invaluable when dealing with property division. For a consultation with a property division lawyer from Hayes, Berry, White & Vanzant, L.L.P., you can contact our Denton, Texas law firm online or call 940-222-6565. We can answer all your questions and address concerns about what will happen to your assets and property during divorce.
A basic understanding of property definitions is a good starting point when tackling property division.
Definitions of Property
The State of Texas defines property in two different categories:
- Separate Property can be:
- Items acquired prior to marriage
- Items acquired during marriage via inheritance or gift
- Certain funds recovered by a spouse for personal injuries
Normally, each spouse keeps his or her own separate property in a divorce.
- Community Property is all other property acquired during marriage or acquired with marital assets. During divorce, community property is subject to an equitable division between spouses.
A Popular Misconception about Property Division
Some people believe wages earned by a spouse are that spouse's own separate property. That is incorrect. A spouse's wages acquired during marriage are community property.
An Example of Community Property
Let’s say, during marriage, you buy a bass boat. You make all the payments on the bass boat until it is paid off, using money from your wage earnings. Your spouse never makes any contribution whatsoever to pay for the boat. These facts DO NOT make the bass boat your separate property. For purposes of division in a divorce, the boat is community property and subject to equitable division.
Then who gets the boat?
The fact that the boat is community property (subject to equitable division) means either you or your spouse could receive the boat in a property division. However, the situation above sets out very persuasive reasoning that since you bought and paid for the boat, you should receive it in a court ordered division. However, if you receive the boat, you will likely have to give up some other item of property or possibly cash so that the ultimate division of the community property is just and equitable. As spouses, you can agree to these matters or the court can force a division upon you, if you cannot agree. It is possible that the court could order the boat sold and the proceeds divided.
The above is just one example of many issues addressed during property division. At Hayes, Berry, White & Vanzant, L.L.P, our attorneys employ a wealth of knowledge and skills to determine how to divide assets, whether your issues are complicated or straightforward. We will review your finances, answer your questions, explain how the Texas Family Code relates to your property division concerns, and advise the best course of action.
Contact Our Denton, Texas, Family Law Firm Today
Contact our family law firm online or call 940-222-6565 to speak to one of our divorce lawyers today. We also offer family law services for matters such as spousal support, child custody, and collaborative law.