Along with child custody questions, property division is one of the most complicated aspects of a divorce. An Austin divorce lawyer understands the murky property issues that arise in a divorce, and can help you protect your financial security in these proceedings.
Here are just a few facts about property division law:
1.The law does not require a 50-50, even split of property. Instead, the law calls for property to be divided in a "just and right" manner depending on numerous factors.
2.Often, judges award homes to the member of the couple with primary custody of the children.
3.Mounting an all-out war is always a last resort. Mediation offers an excellent opportunity to discuss differences and resolve disputes. That said, trials may be necessary. But it's in the interest of both parties and their children to avoid acrimony.
4. If one person owned a house before the marriage, it may or not be community property.Each divorce case is different, but one factor to determine is whether the couple jointly paid into the mortgage during marriage.
5. If one spouse became involved in the ownership of a business during the marriage, the other spouse will likely be entitled to value from the business.An attorney can help you resolve these tricky situations.
6. Just as property must be divided between couples, debt may also be divided among couples.So if one spouse took out a loan during the marriage, the other spouse may be equally responsible for that debt. This is especially true when both members co-sign a loan.
7. Individual retirement funds and other investments may also become community property, subject to division between couples.A Qualified Domestic Relations Order enables spouses' to pursue fair outcomes that protect their own financial security.
8. Insurance coverage is also subject to division.
9. Belongings and assets can be considered separate property, not subject to divisions among the couples.This include property owned by one member of the couple prior to the marriage, and many items given specifically to one spouse during the marriage.
10. Parties in a divorce may opt to transfer separate property into community property, and vice-versa.This procedures sometimes opens up new negotiating possibilities.
