Frisco Property Division Attorney
Plano Divorce & House Value Lawyer
Texas is a community property state. The property which was acquired during the marriage is considered joint property. It is subject to property division in a divorce action. This includes the family home, retirement accounts, and credit card debt. You may have received an inheritance or owned a separate property before your marriage that you would like to keep. The Law Offices of Linda Risinger are ready to help you protect your property rights, and promote your best interests.
We encourage you to e-mail us or call us at 972-377-0096 to schedule an initial consultation with an experienced divorce and property division attorney.
The marital estate includes the assets and liabilities of the divorcing couple. Assets, including real estate, stocks, bonds and pension funds, must be divided by the court, as well as liabilities such as credit card debt, mortgages and tax liability.
Separate property is an important consideration in a community property state such as Texas. If you can conclusively prove to the court that you received an inheritance before marriage, or a gift exclusively yours during the marriage, the court may allow you to keep it intact. If the property has increased in value, you may need to divide the increase, but the property would remain yours.
If you receive an inheritance during the marriage, and deposited the proceeds into a joint checking account, the inheritance is now commingled, and is no longer considered separate property.
Attorney Linda N. Risinger recognizes the importance of protecting property rights before, during and after marriage. We recommend that stay-at-home moms have a postnuptial agreement, an agreement made during the marriage to protect the assets of both parties.
You do not need to be a Hollywood starlet in order to benefit from a postnuptial or prenuptial agreement. In the event of a divorce, the postnuptial agreement outlines how the couple will divide the debts and assets of the marriage, as well as their separate properties. A prenuptial agreement protects your rights in the same way — it is drafted and signed before the marriage.
We help clients with the complex property division issues concerning retirement accounts and stocks, including 401(k)s, IRAs and pension plans. It is not unusual these days for a retirement account to have lost considerable value. Typically retirement assets are divided with a QDRO, or Qualified Domestic Relations Order.
Due to the downturn, many people also find that their house value has declined, while their mortgage is more than the house is worth. If you find yourself underwater, we can help you assess your financial situation, create a solid strategy to protect your rights, and help you address property division issues. We have more than 25 years of experience helping clients with the thorny issues of divorce, and can help you determine if mediation is right for you.
Call us at 972-377-0096 or send us an e-mail to set up a free consultation with a trusted lawyer at our family law firm.
