(833) 553-4251
(833) 553-4251
There are plenty of grounds for conflict during the breakdown of a marriage. From alimony to child custody, these issues can lead to litigation that lasts months or even longer. That said, the common issues during asset division in Austin are often a major theme during divorce proceedings.
If you are concerned about fair treatment during this process, you could benefit from a discussion with a skilled property division attorney. A strong approach can ensure you assert your rights and get the chance to be heard.
There are often disputes about what counts as community property and what is owned by an individual spouse. The outcome of this dispute is important, as it determines whether the courts in Austin have the right to divide or liquidate the asset in question.
There are few assets jointly owned by a married couple that are more likely to result in conflict than the family home. This is typically because a residence is, more often than not, the most valuable marital asset. There also tend to be sentimental attachments to the property that can increase the odds of a contentious split.
If divorcing spouses share children, the courts will usually award the custodial parent with the home. The value of the home is usually offset by other marital assets, although this is not always possible. In these cases, the court may require the couple to sell the home and split the proceeds evenly.
Often, divorcing parents get around this issue by working out nontraditional schedules for sharing the home or leaving possession of the property to the party who is with the child on a given day. This is one common issue where an Austin attorney may be able to resolve asset division disputes in a creative way.
The unfortunate reality is that conflicts during a divorce may lead people to make poor decisions. One of those mistakes is hiding assets from the court in an effort to limit what the other spouse recovers.
In complex cases, it may be necessary to work with a forensic accountant or other financial experts to identify the signs of hidden assets. They might include unfamiliar bank accounts or even real estate purchased with shared funds but placed in one party’s name.
The biggest issue in many of these cases is liquidating rare or high-value assets in order to satisfy the divorce decree. Some property is easier to sell than others. When a couple owns rare art, commercial real estate, or an ownership stake in a company, it can be difficult to liquidate these items and split the proceeds evenly.
In some cases, even determining the value of the assets can be challenging. In others, there may be a limited pool of buyers to begin with. A well-practiced legal professional in Austin could work to resolve these issues in a timely manner.
If you are worried about these common issues during asset division in Austin, now is the time to seek legal help. A strong lawyer could make sure you are treated fairly and that your rights are protected. Instead of representing yourself, reach out to an attorney right away for a private consultation.
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