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.
With over 40 years of experience supporting Austin, Dallas, Fort Worth, Granbury, and Plano families with complex property divisions, Goranson Bain Ausley’s lawyers specializing in divorce and property division can 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, a property division attorney at our Texas law firm will 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.
NEED PROPERTY DIVISION HELP?
If you need help with property division, we are here to help. Please get in touch with us by completing the form below.
Divorce for Business Owners
With higher net-worth families, it’s common for holdings to be tied up in business ownership. Applying the same level of strategic planning to preparing for divorce as you do in operating your business can help avoid many key problems. Our lawyers have more than 40 years of experience in helping protect your business.
- Complex Property
- Dividing the Marital Home
Business Valuation in Divorce
Valuing a closely-held business requires a thorough knowledge of the measures of value, the methods of valuation, and Texas case law. An expert appraiser is essential to this process, as is an attorney with experience in addressing the division of a closely-held business and assessing the likely outcomes at trial.
Characterization of Separate and Community Property
Identifying which assets are separate or community property is particularly important because the court can only divide community property. If a spouse proves that certain assets are his or her separate property, those assets go off the table when talking about division. We help clients determine the community property estate and prove their separate property interests.
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
- Reimbursement, 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 over 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 Families in Texas for Over 40 Years
Our divorce and property division lawyers have represented clients with complex asset 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 property division 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.
Work with an Experienced Property Division Lawyer in Texas
You can make the best decisions for your family from start to finish with the support of a divorce lawyer in Austin, Dallas, Fort Worth, Granbury, or Plano who has deep knowledge of complex property division and exclusively focuses on divorce and family law in Texas.
TEXAS PROPERTY DIVISION
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
What Am I Entitled to in a Texas Divorce?
In a Texas divorce, who gets what isn’t always clear-cut, especially since this is a community property state.
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Goranson Bain Ausley is thrilled to announce the addition of Carlos Gracia to our roster of skilled family law attorneys.