ENSURING A FAIR DIVISION OF PROPERTY AND ASSETS IN A TEXAS DIVORCE
Going through a divorce is never easy emotionally, and the legal procedure itself is always exceedingly complicated, too. For the proper dissolution of a marriage, the fair and equitable division of marital assets is imperative, but in many divorces in Texas, it can be quite a challenge to arrive at a fair and equitable division of the marital assets. Dividing up the property and assets might seem easy, but if the assets and properties that have to be divided are substantial, determining precisely who owns what – and what it’s all worth – can be extraordinarily difficult.
When Williamson Law Firm, PLLC represents you as our client in a divorce proceeding, an experienced Dallas divorce attorney will insist on the full disclosure, accurate identification, and precise valuation of all marital assets. We routinely fight for justice in difficult, contested divorce cases in Dallas, Fort Worth, Addison, and throughout North Texas. Marital properties and assets can take many forms including but not limited to:
- bank accounts, cash, stocks, and bonds
- retirement accounts, IRAs, and 401Ks
- pensions, SSDI benefits, and lawsuit settlements
- vehicles, jewelry, works of art, and household furnishings
- future earnings, assets held in trust, real estate holdings, and businesses
WE HANDLE THE DIVISION OF ASSETS, PROPERTIES, AND BUSINESSES
If a spouse has secretly moved, hidden, encumbered, or sold marital property or assets without the other partner’s knowledge or consent, an experienced Dallas divorce attorney at Williamson Law Firm, PLLC can work with experts during the divorce process to find those assets and determine their value. Disagreements often erupt during a divorce over the value of certain assets and/or properties. When the marital assets include a business, a divorce in Texas can get even more complicated.
If a closely held business is on the list of marital assets that must be divided, you need someone with experience who can help you determine the value of the business and the best way to handle its division. First, the business must be accurately identified as a marital asset or as separate personal property. In general, marital property is all of the property that spouses acquire during the course of the marriage, while separate property is the property owned by either partner prior to the marriage or property acquired exclusively by one partner as a gift or as an inheritance. As you might expect, the law also spells out some exceptions to these general rules.
HOW IS A BUSINESS DIVIDED IN A TEXAS DIVORCE?
If the spouses own a business, after that business has been identified as marital property, the next step is determining the value of the business. Frequently in divorce proceedings, spouses will disagree regarding the value of a family-owned business. Several methods are used to evaluate a closely held business, including the “market” approach, the “income” approach, and the “book value” method. What the law requires is a “just and fair” division of the business.
Selling the business and splitting the sale amount rarely happens, and it’s hardly ever the best approach. More often, one spouse will continue to operate the business after the divorce, and the other spouse will be compensated for a portion of the business with other property, assets, or cash. Williamson Law Firm, PLLC advocates aggressively for our divorce clients in cases that involve successful businesses, large estates, multiple real estate holdings, and other significant assets.
Many couples who divorce also jointly own real estate, which in some divorces can be even more difficult to divide than a business. Many couples own their home, and in Texas, many also jointly own vacation homes, cabins, farm acreage, commercial properties, and investment properties. The fair and equitable division of real estate can often be the most complicated matter in a Texas divorce.
HOW IS REAL ESTATE DIVIDED IN A TEXAS DIVORCE?
Determining the precise value of real estate can be tricky. Fluctuating real estate values make it genuinely difficult to decide on a fair, exact dollar amount. Once a value amount is set, the next issue is deciding if a property will be sold or will be retained by one spouse in exchange for some other consideration. Market factors, location, and the amount of any debt owed on a property are also factors that must be considered.
Some couples own at least one or two valuable pieces of art. If no agreement about jointly-owned works of art is possible, a Texas court may order the sale of the art items so that the proceeds may be divided. If you owned a pet prior to the marriage, you will probably be able to keep the pet – unless you are a noncustodial parent and your child has become attached to the animal. That kind of attachment may carry weight with the court, because when divorcing spouses are parents, Texas courts are obligated to put the children’s best interests above all other considerations.
HOW CAN THE WILLIAMSON LAW FIRM HELP WITH PROPERTY DIVISION MATTERS IN DALLAS, TX?
Williamson Law Firm, PLLC makes certain that our divorce clients get to keep what is rightly and legally theirs. We’ve been representing and protecting North Texas clients in divorce cases for more than 25 years. We are recognized by our colleagues – as well as by our clients – as one of the top Texas family law firms. We provide every client with candid and sound advice, an aggressive legal strategy, and a commitment to fight for the best possible resolution of your divorce.
The divorce attorneys at Williamson Law Firm, PLLC understand the complicated issues involved when a closely held business or multiple real estate holdings are involved in a divorce. We have the experience and knowledge to handle the most complex divisions of marital assets. A divorce does not automatically mean that you are going to lose – or get – half of everything, but an experienced Dallas divorce attorney with our law firm can ensure that your rights are protected throughout a divorce proceeding and that the final terms of your divorce are just, fair, and sufficient to allow you to move ahead positively and constructively with your new life.
Dividing properties and assets as part of a divorce can be a complex task, so you must make sure that you choose an attorney with both skill and experience. The skilled Texas divorce lawyers at Williamson Law Firm, PLLC have abundant legal skills and experience, and we are ready to go to work on your behalf. You can contact us at 469-385-3305 or through the online contact form here on our website to schedule your consultation.