Lewisville Asset Division Attorneys
Divorce often raises financial issues that a lot of people don't anticipate. Asset division is one of these. The separation that occurs between two spouses in a divorce requires that a decision be made as to how assets and property are divided. It isn't always easy to reach an agreement with your spouse over property division, particularly if there is a lot of anger, malice, or resentment.
Dealing with emotional strain and stress on top of deciding the best way to resolve property disputes can be simplified with the support and guidance of a skilled lawyer who has handled these types of cases for years. Lewisville family law attorney Dina Steele utilizes the skills and resources that she has developed over years of practice to create effective strategies for reaching a favorable division of assets for her clients. Ms. Steele recognizes that, for many, a favorable division of assets is crucial to the client's future wellbeing. For this reason, Ms. Steele works with each client to develop a customized strategy for achieving the client's most important objectives. For family law assistance, please contact Steele Law, P.C. at (214) 333-9393.
How Property is Divided
The general rule of property division in Texas is that it be "just and right, having due regard for the rights of each party and any children of the marriage." As a community property state, Texas considers most property that is acquired during marriage to belong to both spouses, and thus those assets and debtsmust be divided in a divorce. On the other hand, the law allows each spouse to retain his or her separate property, which primarily consists of property that was owned by either spouse before the marriage and any gifts or inheritance that have been received by either spouse.
Depending on the specifics of your situation, pension accounts, retirement, profit sharing, and other employee benefit plans may or may not be divided between the spouses. In addition, a place of business or professional practice will be taken into account during the valuation and division of community property.
Reaching an Agreement
In some instances, spouses may create a written agreement that designates how property will be divided as well as what liabilities will become the responsibilityof either spouse. If such an agreement is reached, then the Court will review and normally approve such an agreement. Reaching an agreement as to the division of the marital estate is certainly preferable; however, it isn't always possible for spouses to agree on the terms of their property division. Frequently spouses disagree as to who should keep the parties' home or how retirement accounts should be divided. The division of your assets, such as real property/real estate and personal property, doesn't have to be a battle, but if it is, you have to be prepared to stand up for yourself while still being reasonable.
Working Together to Reach Your Goals
At Steele Law, P.C., our legal team provides clients with all of the information he or she needs and what to expect during the legal process of divorce and asset division. Entering into divorce proceeding presents many unknowns and uncertainties. Our firm does everything in our power to ease your worry and give you the answers that you need. Dina Steele prides herself in giving her clients the personal attention that they deserve so that the essential information is gathered to build an effective case. Contact us at (214) 333-9393 to learn more about your legal rights and options.