In many instances, one of the most complex and problematic areas of Texas family law is issues involving the division of marital assets. These division of property issues can range in complexity, and can include the following:
- Characterization of Property
these property division issues involve determining if assets or property are characterized as community property or separate property. In some cases, property can be mixed, consisting of part community property and part separate property. We utilize forensic experts to assist in tracing separate property claims, and developing reimbursement claims. Texas is a community property state, and the designation can affect your rights and entitlement.
- Valuation of Property
these property division issues can be extremely complex, depending on the nature of the property, for example, retirement plans, pension plans, 401K plans, benefits, professional services, family-owned businesses, stock options, collectibles, etc.
- Division of Property
these issues involve determining how the community property assets and liabilities will be allocated. The percentage of the marital estate to which each party is entitled. There are many factors that go into this determination, too many to list here, but they range from who is at fault in the breakup of the marriage (if anyone) to the earning potential of each spouse, to the separate estate of each spouse (which may include expected inheritances), to tax consequences and tax issues surrounding the distribution of the property, etc. We often use financial experts to assist clients in analyzing options for division.
It is important to note that these issues are present with respect to debt, as well as assets. Because of the complexities that may exist in issues revolving around the division of property in Texas, you want an attorney with experience in complex property division issues.
At JLJ Family Law, we have experience in handling the division of property of large Texas estates. Jody Johnson works with a network of appraisers, CPAs, and tax consultants value and divides property.