Weatherford Property Division Lawyer

Property and asset division is one facet of family law that can be immensely stressful and difficult to decide on. The longer you are married, the more difficult it may be, especially if it is a high-asset divorce. When you have more assets to divide between you and your spouse, there is so much more you can lose or potentially gain. A good place to start is with a knowledgeable Weatherford property division lawyer.

A lawyer who is experienced with asset and property division can make sure you know exactly what you can expect going forward and how you can prepare for the proceedings. Being informed of your rights as a spouse and the laws regarding property in the state of Texas is an excellent first step to take toward receiving your fair share.

Property division is a legal process where property and assets are divided between people, usually two people who are getting a divorce. It is crucial in the divorce process to determine how property will be split. Couples are free to make this decision on their own, with the help of a family law attorney, and write up an agreement. It is common for matters such as these to be decided by a judge in family court if an agreement cannot be reached.

Texas is a community property state. Therefore, by law, any assets, debts, and property acquired by both spouses during their marriage ultimately belong to them both and can be divided between them in a divorce. It doesn’t matter who paid for it or if one spouse’s name isn’t on the title. If it was purchased or received during the marriage, it is community property. This excludes inheritance, gifts, and settlements from personal injury cases. This all qualifies as separate property.

The typical property division process is as follows:

• Identify and separate all property, assets, and debts that qualify as community property and separate property.
• Determine the value of each piece of property and asset under community property. This can be complex if it involves high-value assets, businesses, or real estate.
• Come to an agreement on how to divide everything. Spouses should decide on asset and property division together, perhaps with attorneys present, to be sure you both are happy with the choices made.
• If no agreement is reached between you and your spouse, a family court judge will give division orders for what they believe to be fair for both of you. This may not be a 50/50 asset split.

Any property and assets inherited, acquired as a gift, acquired from a personal injury settlement, or owned before marriage are separate property in Weatherford, TX. Typically, separate property stays separate throughout a marriage and during divorce. This means each spouse is entitled to keep any property, debts, real estate, and money they entered the marriage with. There is no legal obligation to give the other spouse a share of anything.

One important thing to note, however, is you must be careful with how you pay for separate property during a marriage. If marital assets are used to pay for or benefit your separate property in any way, your spouse may be able to claim separate property reimbursement during the divorce proceedings.

A premarital or post-marital agreement holds significant weight in divorce cases. A premarital agreement can change the nature of community property and separate property — if property and assets are addressed properly. You and your spouse can agree to keep all property and assets separate during your marriage or make all property and assets community property once you get married. An agreement like this can hold up in court.

A post-marital agreement is written up after you have already gotten married. It allows you to decide how you want to split community property without the interference of the court. Any property mentioned and agreed upon will not be addressed during your property division hearing.

Both of these agreements can be invalidated by a judge if they are not properly done. A premarital or post-marital agreement may be regarded as invalid if:

• It attempts to restrict or set child custody or child support. This provision is not accepted in pre- or post-marital agreements.
• Any information regarding finances, property, and assets of each spouse is false or not included.
• It is found that one spouse was forced or coerced into signing the agreement. Both parties must willingly sign the agreement.
• The agreement was poorly executed.

There are a number of ways a premarital or post-marital agreement can be invalidated in court, which is why it is important to have the help of a Weatherford family lawyer who can make sure all paperwork is done properly and all the information is correct.

Texas is both a no-fault and at-fault state. When filing for divorce, you have the option to file a no-fault divorce or an at-fault divorce. It is not required to prove that your spouse did anything wrong to cause the divorce, but if you are the spouse who was wronged, filing an at-fault divorce can be beneficial when it comes to the division of property.

If you can provide evidence of the wrongdoing in court, you might be able to receive a larger share of the community property when you and your spouse divide assets. Based on what your spouse did wrong, evidence of fault can heavily influence the outcome of your case when it comes to child custody and spousal support as well.

If you are in the Weatherford, TX, area and you are going through a complex divorce that involves property division, you may want to seek the help of a property division and asset attorney. Our lawyers at The Law Firm of William A. Walsh can assist you in navigating the complicated task of property division and make sure you get the most ideal outcome for your case. Contact our team today to schedule a consultation.