Your Property Will Be Divided During A Divorce
Ensure You Have An Assertive And Thorough Advocate
Texas is a “community property” state. The property that was acquired during your marriage is considered joint property or marital property. It is subject to property division in a divorce action. This includes the family home, retirement accounts, the family business and all debts.
The Law Offices of Linda Risinger is ready to help you protect your property rights and promote your best interests for both the short and long term.
The marital estate includes assets and liabilities. Assets, including real estate, business assets, stocks, bonds and pension funds, as well as liabilities such as credit card debt, mortgages and tax liability, must be divided by the court.
The equitable distribution standard considers other factors in dividing assets. A 50-50 split can fail to account for years out of the workforce, for instance, and other intangible investments in the marriage. In this case, negotiating a settlement can be a better strategy.
Please call our law firm in Frisco at 972-294-6533. We have been representing clients of various living standards in Collin County and Denton County for over 30 years.
Protecting Separate Property In Asset Division
Separate property is an important consideration in a community property state such as Texas. You may have received an inheritance or owned separate property before your marriage that you would like to keep. 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 spouses have a postnuptial agreement, an agreement made during the marriage to protect the assets of both parties.
Complex Property Division
Due to economic 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.