Property Division and Characterization
Frisco Asset Division Lawyer Serving Collin, Dallas and Denton Counties
Texas is a community property state. Property possessed or owned by either spouse during a marriage is presumed to be community property. The degree of proof necessary to establish that property is separate is clear and convincing evidence. But what does this mean for you in your divorce? Call the Law Office of Alma R. Benavides to speak with an experienced Plano property division lawyer today. We will help you understand your situation and your options.
What Is the Difference Between Community and Separate Property?
In general, there are two general types of property:
- Community property: All of the property acquired during the marriage by either spouse other than separate property. Community property is divisible by the court in a manner that is just and right, having due regard for the rights of each party and any children of the marriage.
- Separate property: Property that is owned or claimed by a spouse before marriage or acquired during marriage by gift, devise or descent. This includes gifts from a spouse, family or friend, inheritances and any property one spouse gives up to the other spouse. Separate property must be identified, is not divisible by the court and remains the property of the person who acquired it.
To establish what property is community or separate can be a complicated process. What may have started off as separate property may have, over many years of marriage, become so combined with community assets that it is difficult to determine whether there is any separate property interest remaining.
Division of Marital Property
Family law attorney Alma R. Benavides will work to achieve a fair division of the marital estate assets, as well as debt division, including but not limited to the following:
- Financial accounts — checking accounts, mutual funds, brokerage accounts
- Real property — home, vacation or commercial
- Businesses, real estate and stock options
- Retirement accounts, 401(k), IRA, deferred compensation and pensions
- Stock options, distributions and trust accounts
- Personal art collections, antiques, other valuable collections
- Cars, trucks, boats, airplanes and other motor-operated vehicles
Our experience allows us to handle very complex issues, including cases involving allegations of marital fraud and hidden assets. We know the steps to take to pursue the outcome that is right for you.
Handling Complex Issues Such As Taxes and Retirement Accounts
Depending on the size of the marital estate and whether there are any businesses owned by the parties, it may be necessary to hire a third party such as a business evaluator, a CPA or tax consultant to determine the value of a business or property, what portion of the marital estate is community or separate, and what, if any, are the tax consequences at the time of dissolution of marriage.
Knowing how to divide retirement accounts and prevent large tax penalties is also important. Being informed as to the value of all the assets and liabilities when dividing the marital estate, whether by agreement between the parties or by the court plays a significant role at the time of divorce.
Contact the Law Office of Alma R. Benavides
If you need an experienced lawyer to protect your property interests, call 972-578-2600 (locally) or send us an e-mail to schedule a consultation today. Our office is located in Plano, Texas, and we offer representation throughout the Dallas-Fort Worth Metroplex and surrounding cities.
How to Reach Me
Contact Our Law Office — Protecting You and Your Family To schedule an initial consultation with lawyer Alma R. Benavides, call us at 972-578-2600 or send us an e-mail using the form below.