Texas Property Division
Protect Your Property and Financial Future
Marriage is more than an emotional partnership, it’s a financial one. As you part ways, we provide clarity and guidance to protect your property, prevent costly mistakes and secure present and future financial interests.
When you divorce, you might expect that all marital property will be divided equally. However, depending on the situation, a couple – or a court – might decide one party is due a greater or lesser portion of the property. As this can have a long-term effect on your finances, it’s important to make sure you receive everything within your rights. That’s where we become a prized asset.
With over 40 years of experience supporting Austin, Dallas, and Plano families with complex property divisions, Goranson Bain Ausley’s divorce lawyers help you assess what counts as marital property and how it should be divided. Leveraging deep family and business finance understanding, we work with you to characterize your property so that you have a precise picture of what’s included in your marital estate. This puts you in a position to make sound decisions, clear plans, and move forward with confidence.
When necessary, our attorneys consult with trusted forensic accountants, business valuation experts, and other financial consultants. Together, we determine which assets are considered community property, the effect of capital appreciation and income growth of previously-held assets over the course of the marriage, and the fair market value of assets. This is an important step in the most complex property division process because an inaccurate estimate can be costly down the road.
Marital Property Division Resources
For more in-depth information about marital property division in Texas, please review the following articles by our Goranson Bain Ausley attorneys:
- Tracing and Characterization of Property
- Negotiation Principles, Techniques, and Strategies
- Reimbursment, Fraud, Waste, and the Reconstituted Estate
Divorce and Property Division
A couple that has been married and built a life together for any amount of years is likely to have acquired a mixture of different kinds of assets and debts during that time. Some of these assets are easily convertible to liquid or near-liquid form.
The higher the net worth of the family, the more likely it is that holdings are tied up in things such as business ownership, real estate, trusts, investment portfolios, retirement funds, pensions, and other vehicles that are difficult to value, liquidate, and divide equitably.
In instances like these, spouses can find themselves having fundamental disagreements not only over who is entitled to what, but also how to actually go about the process of dividing the various assets that they have accumulated.
How Does Property Division Work in Texas?
Texas is a community property state. Property acquired before marriage or property gifted or inherited during the marriage to one spouse is the separate property of that spouse. Once the property is proven to be separate property, the court must confirm its ownership to that spouse. According to state law, property includes the following:
- Real Estate
- Boats, cars, jet skis and other recreational vehicles
- Brokerage accounts
- Financial accounts
- Intellectual property
- Family businesses
- Trust assets
- Partnership interests
- Stock in closely held corporate entities
- Retirement accounts
- Life Insurance policies
- Personal belongings
If you have a prenuptial or premarital agreement, the decision about how to divide your mutually earned assets might already be determined. If this is the case, you will need to review the document with legal counsel to determine whether the agreement is valid.
A prenuptial agreement is helpful, but the paperwork in no way exempts you from any responsibilities associated with the divorce proceedings. It is important to review the agreement as well as an updated list of your assets, taking into consideration they may have grown in value since the time your prenuptial agreement was drafted.
Providing Support to Texans for Over 40 Years
Our divorce lawyers have represented clients with complex property division issues throughout Texas. We help clients navigate their way through such areas as:
- Pension plans and retirement accounts
- Stock options and restricted stocks
- Business valuation matters
- Characterizing assets
- Marriage debt
- Real property
- Deferred compensation plans
- Intellectual property
- Treatment of trusts in divorce
- Tracing hidden or undeclared assets
- Wasting of community assets
When necessary, our attorneys consult with forensic accountants, business valuation experts, and other financial consultants to determine which assets are considered community property, which assets are considered separate property, and the fair market value of those assets. Contact Goranson Bain Ausley for help when you have complex property issues.
Our Experienced Texas Property Division Attorneys
Our divorce strategy in Texas starts and ends with you. During an initial consultation, we discuss your primary goals and concerns as well as any issues that may have already come up in conversations with your spouse. We listen and work hard to understand what issues are most important for you and help to explain the steps of the divorce process so that you know what to expect.
Having the support of an Austin, Dallas, or Plano attorney with a practice exclusively focused on divorce and family law in Texas enables you to make the best decisions for your family from start to finish.
Get in Touch
At Goranson Bain Ausley we strive to deliver clarity about what comes next and confidence that you and your family’s future are more secure. Contact our team and discover how we can help you.
OUR LATEST RESOURCE ON PROPERTY DIVISION
Partner Lindsey Obenhaus shares how stock options and restricted stock units are divided in divorce.