In Texas, Property Division Rules Can be Complex
One of the most highly litigated areas of divorce is division of community property. It is also an area where your lawyer's accounting skills can be as important as his legal skills. To reach an appropriate settlement, your attorney may need to trace assets to determine whether they are community or non-community property, uncover hidden assets, and interpret complex reimbursement and contribution rights.
I'm Ryan Beason, a family law attorney in League City, Texas. Before I became an attorney, I obtained a business degree and worked as an accountant. My financial background helps me protect my clients' interests when it comes to community property division in divorce.
Finding hidden assets: If necessary, I will use forensic accountants and what the IRS calls a lifestyle audit to help determine if your spouse is hiding community property assets. If hidden assets are discovered after your divorce is final, I can reopen your case and seek a modification of your community property settlement.
A Community Property State
Texas is a community property state. This means that marital assets and debts must be divided with your spouse in a divorce. However, determining exactly what is community property and reaching an appropriate settlement can be very complex.
Community property is property acquired during your marriage, including real estate, pensions, 401(k) accounts, businesses and investment accounts. Debts accumulated during the marriage are also community property and must be divided. While a 50-50 division is typical, a judge may decide that a 55-45 or even 60-40 division is appropriate based on factors such as behavior during the marriage and future earning capacity.
Separate property includes the assets and debts you owned prior to marriage, as well as gifts or inheritances received during the marriage. However, the owner of separate property has the burden of proof to claim separate property.
Achieving a fair division of marital assets can be complex when assets are commingled:
- If you contributed marital property to separate property (such as a paying mortgage payments on a house owned by your spouse) then the marital estate is entitled to reimbursement.
- If you contributed separate property to a community asset, (such as making a down payment on a house you jointly own) then you have a contribution rights to that down payment.
Free Lawyer Consultation
To schedule a consultation about community property division with me, attorney Ryan Beason, call 281-968-0032 or complete the contact form on this Web site. My law office is located in the Marina View building at South Shore Harbour in League City, Texas.
