Dallas Property Division Attorneys
Helping You Pursue an Equitable Division of Property in Your Case
Divorce isn't just the end of a marriage - it's also the dissolution of two people's lives and everything they had together, including property.
The property division process is often one of the most hotly contested aspects of any divorce, and with good reason - the outcome of your property division dispute could set the tone for your financial stability post-divorce.
Our Dallas property division lawyers can help you move toward an equitable outcome in your property division case.
How Does Property Division Work in TX?
There are many factors involved when a court determines how to divide property, but the first step is determining what is considered 'marital property' vs. 'non-marital property.'
In Texas, all property obtained during the marriage is considered community property. The determination between community versus separate (non-marital) property usually consists of:
- Property owned before marriage
- Property given as a gift by a third party
- Civil litigation settlements
The burden of proof rests on the person who claims certain assets are non-marital property. When the burden is not met, the property is considered a community. This becomes very important in longer marriages where more and more assets were gathered.
As a community property state, courts in Texas divide community property equally between spouses.
It's important to note that separate property can transform into community property under the right circumstances.
For example, if a couple lives in a marital home for a significant amount of time and both parties contribute to mortgage payments and upkeep, the court will probably consider the house community property - even if it initially only belonged to one party.
As a result, individuals are often surprised when the court considers certain assets, such as the marital home, vehicles, or revenue from a business, community property, and asks the parties to split it as such. You should work with your Dallas property division lawyer to determine how the court will designate your assets ahead of time and prepare for your case accordingly.
Dividing Debts in TX
While most people are aware of the division of marital assets in a Texas divorce, few people consider that the debts the couple has accrued during the marriage must also be divided. Reaching a fair debt division agreement can be extremely difficult since they must consider many different factors in the process.
When developing a debt division plan, it is essential to take a comprehensive approach that considers both current and future implications. Your ability to pay the debt, tax consequences, how long you would need to make payments, whether the debt was joint or separate, and many other issues should all be discussed before negotiations even begin.
In the end, our only concern is obtaining a settlement that is fair and serves your best interests above all else. We have helped clients negotiate and litigate debt division plans involving all types of debt, including:
- Home mortgages
- Auto loans
- Credit card debt
- Medical bills
- Income tax debt
- Student loans
Understandably, debt division can quickly become overwhelming for people who do not understand the law surrounding the process. Our attorneys take the time to explain the issues involved in dividing marital debt and work with you to develop a customized plan designed to put you in the best possible situation following the divorce.
Experienced High-Asset Property Division Attorneys in TX
At Verner Brumley Mueller Parker PC, our attorneys have extensive experience in divorce cases involving significant assets. Our property division team handles all issues involved in the division of assets, including retirement benefits, debts, equitable distribution, and more.
If you're engaged in a high-asset divorce, ensuring you obtain legal counsel you can trust is vital. When valuable assets such as businesses and real estate are on the line, you deserve an attorney who will fight for your rights and help you safeguard your assets. Failing to take the correct measures could have a negative impact on your life and property.
We are prepared to aggressively represent wage earners, professionals, business owners, and their spouses throughout the Dallas-Fort Worth Metroplex.
All of the partners at Verner Brumley Mueller Parker PC are board-certified in family law by the Texas Board of Legal Specialization and have over 75 years of combined experience. Whether through negotiated settlements or litigation in the courtroom, you can rely on us to protect your financial interests in divorce.