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If you are going through a divorce, it is important to know how state law handles the division of marital property, including complex property division. Texas is a community property state, meaning that all assets and debts acquired during the marriage are split evenly in most cases. However, important exceptions can apply.
Since the handling of property division upon divorce can impact your financial stability and post-divorce lifestyle, this can be a highly contested issue. An experienced Austin complex property division lawyer could review your case and help you protect assets during a high-net-worth divorce case. To learn more, you can call a property division attorney at Kimbrough Law, PLLC, today for tech-savvy and innovative legal guidance.
Under state law, all property obtained by either spouse during marriage is presumed to be community property. Community property is subject to just and right division among spouses upon divorce. Assets acquired before marriage or other items, such as inherited property and gifts, could be considered separate. However, a spouse must prove this property is separate with clear and convincing evidence under Texas marital property law.
Under the state’s just and right division approach, courts will divide marital property in a way that is fair but not necessarily equal. Austin courts consider various factors when dividing community property and complex assets held by either or both spouses. Some of these factors include:
Complex property often includes business holdings, investments, and real estate other than the marital home. Liabilities such as business debts, liens, mortgages, and other debts are also considered when balancing complex property matters. Regarding businesses, investments, and other holdings, these items will need to be properly valued before any decisions can be made on property division.
High-asset divorces often involve a wide range of assets that factor into property division. The first steps are to identify and value all assets so both spouses know where they stand and how property should be divided. High-value assets in a divorce case might include stock options and company stock shares earned during the marriage, which are subject to community property rules.
Assets could also include oil and gas interests. Mineral rights are valuable, and determining how such property is divided might depend on who is entitled to develop the land and draw materials from it. Additionally, trusts and family limited partnerships, depending on when they were created, could be considered either community property or separate property.
Determining if a business is community property or separate property will depend on when the business was started, the funds used to originate the business, and whether marital assets were commingled with the business. Businesses are frequent sources of dispute, as the spouse running the business will typically seek to keep that property separate from marital property. The other spouse could argue that the business is community property, even if it began before the marriage.
When you must consider these and other property holdings during complex property division, it is critical to work with an Austin lawyer who knows how to safeguard your property interests throughout the process.
When going through a high-asset divorce, each spouse must know their property rights and ensure these rights (and their financial future) are well protected. An Austin complex property division lawyer could give valuable assistance during a difficult and confusing process. Contact our experienced property division lawyers at Kimbrough Legal, PLLC, to schedule a consultation today.
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