Characterization of Separate and Community Property in Texas

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Determining and dividing ownership to meet your goals.

Marriage isn’t only an emotional partnership but a financial one, too. When it dissolves in divorce, you will have to divide your assets and debts. But it’s more complicated than merely splitting them in half. At Goranson Bain Ausley, our goal is to help you determine and divide ownership in a way that best serves your family and your future.

Choose Goranson Bain Ausley for A Future-Focused Approach to Separate and Community Property

With our experience in dividing complicated assets and marital estates, you can trust that our AustinDallasFort WorthGranbury, Midland, and Plano lawyers will help you work toward creating an effective strategy tailored to your individual circumstances. We’ll take care to understand your current financial needs as well as your future goals and help you to create a road map to secure the assets you will need to meet them.

When dividing complicated assets and marital estates, it comes down to goals, strategy, and experience. You can trust that Goranson Bain Ausley attorneys will strive to devise an effective approach tailored to your individual circumstances. We’ll take care to understand your current financial needs as well as your projections for the future. With knowledge gained from successfully dividing countless estates, we will help you work toward securing the assets you need for today and tomorrow. Contact us today for a consultation.

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If you have complex assets to divide and are looking for a trusted divorce lawyer, we are here to help. Please get in touch with us by completing the form below.

How is Marital Property Identified and Characterized?

Your marital property can fall under one of two categories in a Texas divorce: community property or separate property. In a Texas divorce, community property is the property you accumulate during the marriage that belongs to both you and your spouse. The property you owned before marriage or acquired through a gift or inheritance is your separate property. Either during the marriage or when a marriage ends, spouses can use a Texas separate property agreement to switch separate property to community property or community property to separate property. If you have not established a Texas separate property agreement, any marital assets that are commingled will be presumed to be community property.

Under Texas divorce law, community property and separate property matters can become complicated. When you claim something as your separate property, you must be able to prove it. And when separate property becomes commingled with community property, proving separate ownership becomes more difficult. We’re here to help you understand how to prove ownership of your separate property, even in the most complex of circumstances.

What is Discovery and the Disclosure of Assets? 

Discovery is the process by which you and your spouse request and exchange financial information about all of your assets and debts, something you’re required to do as part of your divorce. This is usually done by exchanging sworn inventories of all of the assets and debts known to you.

The discovery process may be informal and voluntary, or it might involve financial affidavits, depositions, and the subpoenaing of records. We’ll guide you through the process to make sure that you and we have all of the information needed to clearly assess your financial situation and move forward with dividing your assets.

What Qualifies as Marital Assets?

As part of the discovery process, our team will conduct an in-depth evaluation of your marital property by inventorying assets such as:

Real estate

Personal belongings, jewelry, art, antiques, and unique items

Motor vehicles and boats

Securities and bonds, pensions, annuities, and retirement accounts

Trusts and brokerage accounts

Family-owned businesses, interests in business entities, closely held corporations, or partnerships

Intellectual property and electronic data and property

Reimbursement claims

How is Property Valued?

As you might expect, valuing assets such as stocks and bonds is very different from valuing property such as jewelry or wine. When placing a value on what you have, we consult with professionals including appraisers, tracing experts, real estate agents, accountants, and experts in unique items.

Once we’ve determined the value of your marital estate, we can help you assess your current and future financial needs so that we can start making decisions about which assets will benefit you the most after your divorce. We understand that many items are more important due to their sentimental value and will strategize ways to preserve these items during the property division, while simultaneously adhering to Texas divorce law. Community property and all other important aspects of your divorce should be handled by an attorney who intimately understands the nuances of divorce in Texas. Allow Goranson Bain Ausley to provide the expertise and legal services needed to best secure your future.

A Future-Focused Strategy with a Goranson Bain Ausley Divorce Lawyer

With our experience in dividing complicated assets and marital estates, you can trust that our Austin, Dallas, Fort Worth, Granbury, Midland, and Plano based lawyers will help you work towards creating an effective strategy tailored to your individual circumstances. We take care to understand your current financial needs as well as your future goals and help you to create a roadmap to secure the assets you will need to meet them.

When dividing complicated assets and marital estates, it comes down to goals, strategy, and experience. You can trust that Goranson Bain Ausley attorneys will strive to devise an effective approach tailored to your individual circumstances. We take care to understand your current financial needs as well as your projections for the future. With knowledge gained from successfully dividing countless estates, we will help you work towards securing the assets you need for today and tomorrow. Contact us today.