Property Settlement Agreement Deciding who gets to keep what during a divorce can be a daunting task charged with emotions and tough decisions.
Count on the divorce lawyers at Hayes, Berry, White & Vanzant to come to a property settlement agreement!
One of the main concerns during a divorce is property division. Property division essentially answers the questions of who gets the house, car and other valuables. In complex property cases, additional issues arise—like what to do with stocks, family-owned businesses, real estate property and other sophisticated assets.
An experienced divorce attorney is invaluable when dealing with asset division and coming to a property settlement agreement. At Hayes, Berry, White & Vanzant, we are happy to answer all your questions and address any concerns regarding what will happen to your assets and property during divorce. For a consultation with an asset division lawyer from our firm, we invite you to contact us here or call us at (940) 387-3518.
Definitions of Property
A basic understanding of property definitions is a good starting point when tackling a divorce property settlement. The State of Texas divides property into two different categories:
- Separate Property, which can be:
- Items acquired prior to marriage
- Items acquired during marriage via inheritance or gifting
- Certain funds recovered by a spouse for personal injuries
Normally, each spouse keeps his or her own separate property in a divorce.
- Community Property refers to all other property acquired during marriage or acquired with marital assets. As far as property settlements are concerned, community property is subject to an equitable division between spouses.
A Popular Misconception about Property Settlement Agreements
Some people believe wages earned by a spouse are that particular spouse’s separate property. However, this assumption is incorrect. A spouse’s wages acquired during marriage are considered community property.
An Example of Community Property
Let’s say you bought a bass boat during marriage. You make all the payments on the boat until it’s 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 coming to a property settlement, the boat is community property and subject to equitable division.
Okay, So Who Gets the Boat?
The fact that the boat is community property (i.e., subject to equitable division) means either you or your spouse could receive the boat in a property settlement agreement. However, the situation above sets out persuasive reasoning—since you bought and paid for the boat, you should receive it in a court-ordered division. But if you receive the boat, you will likely have to give up some other piece of property or even cash so the ultimate division of community property is just and equitable. As spouses, you can agree on 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 to be sold and have the proceeds divided.
The above is just one example of many issues addressed during property settlement. At Hayes, Berry, White & Vanzant, LLP, our asset division 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 Attorneys for Assistance with Property Settlement
If you need assistance with a property settlement agreement, we encourage you to contact our law firm here or give us a call at (940) 387-3518 to speak to one of our asset division lawyers today. They will be happy to assist you in any way they can. We also offer family law services for matters such as spousal support, child custody and collaborative law.
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