Property Division: From Ours to Mine and Yours
Some people stay in failed marriages because the prospect of separating their marital property seems overwhelmingly difficult. Property division can be a challenging aspect of divorce, but it is no reason to remain in a marriage that makes you miserable.
A Good Attorney Can Make All the Difference
It is important to retain a lawyer with the strength to protect your interests and the skill and knowledge to get all the details right. Our attorney, Lauren Cain, is committed to helping her clients obtain the full amount of assets they are entitled to under Texas law.
“No matter how large or small your marital estate is, it matters to you. If it matters to you, it matters to me, too.” — Attorney Lauren Cain
The first step in the division of assets is to inventory all assets and debts. These can include:
- Assets
- Real estate
- Vehicles
- Bank accounts
- Stocks, bonds, mutual funds and other investments
- Pension plans/401(k)s
- Privately held businesses
- Intellectual property (patents, copyrights, etc.)
- Commissions/ Bonuses
- Art works/ Collections
- Proceeds from a lawsuit
- Debts
- Mortgages
- Credit card debt
- Car loans
- Home improvement loans
- Student loans
- Personal loans
- Back taxes
- Child support and spousal support from previous marriages
Community Property or Separate Property?
Next, we determine which assets are separate property and which are community property. Many people do not realize that, other than gifts and inheritances, any asset acquired during a marriage is considered community property and will be split 50-50 between the two parties. The same is true of debts.
We are thorough and meticulous when it comes to property division. In complex cases, we will retain a forensic accountant to follow the money trail and uncover hidden assets. Throughout the process, we will continue to provide a cost/benefit analysis so that you do not end up spending $1,000 in attorney's fees to acquire assets worth $100.
To arrange a free 30 minute consultation about the property division aspect of divorce, please contact Lauren Cain Attorney at Law. From offices in Frisco, we represent clients in McKinney, Plano and throughout Collin County.
