Houston Asset Division Attorney
Often, one of the most important parts of divorce proceedings is deciding how you and your spouse will split your possessions. While it may be easy to decide on certain items, there is usually some dispute over a number of other assets. If this is the case, you and your spouse will likely need at least one other party to help you reach an agreement regarding asset division.
Texas is a community property state. This means that the assets that either spouse acquired during the marriage are equally shared. Because the property is equally shared, it must be equitably split in a divorce. This law can be frustrating to many because assets you believe that are rightfully yours may be lost when the community property is divided. At Holmes, Diggs & Sadler, we understand what you’re going through, and we want to offer you peace of mind about the possession of your assets.
If you and your spouse have decided to separate and you are in need of experienced legal counsel to help you with the division of assets, whether through mediation or by going to court, a Houston asset division lawyer with Holmes, Diggs & Sadler can help. Contact our offices today for more information at (713) 802-1777.
Why Do I Need A Lawyer?
At first blush, it may seem ridiculous to get a lawyer to assist with asset division. It seems simple enough that you and your spouse could divide up the property with little to no issue. However, with asset division, everything needs to be divided; the process is not just limited to the big items in the estate. Sometimes a small disagreement between the two parties can lead to neither spouse willing to come to an agreement over how to divide certain assets. Without a lawyer, it can be extremely difficult to resolve these issues. This will hold up the divorce proceedings and delay your future. A lawyer will be able to help provide answers and solutions to resolving these issues.
Another common problem that arises with asset division in Texas is hidden assets. One spouse will hide, destroy, or waste an asset in order for it not to be divided during a divorce. An experienced and knowledgeable attorney will provide helpful resources to determine the true value of your estate.
Furthermore, divorce can put a large amount of stress on a person. Handling a lawsuit alone will only make it worse. It’s hard to think clearly about how to fairly divide assets to ensure that you’re not left with the short end of the stick. Do what is best for you, your future, and your family, and consult professional legal advice. An attorney from Holmes, Diggs & Sadler can help ensure the protection of your rights over your assets. We cannot guarantee you’ll walk away from the divorce with everything, but they can make it far more likely that you’ll get more assets than you would have had you done it alone. Division of assets can be daunting. Let us handle the tedious tasks and save you the emotional and mental exhaustion. We can focus on a legal strategy that best represents your interests.
Why Choose Holmes, Diggs & Sadler?
As divorce rates increase, so does the need for a lawyer. Nowadays, any firm is capable of assisting with asset division. However, you deserve more than just a firm with the basic understandings of asset division. Divorce can be a very trying time in your life. You need a firm who has had consistent involvement in these cases for a substantial amount of time. You need a lawyer you can trust since there are so many intimate details involved. You need a firm that values open communication with their clients. You need Holmes, Diggs & Sadler.
Since 2010, Holmes, Diggs & Sadler has been selected as a Super Lawyer in Family and Divorce by Texas Monthly. With over 90 years of experience, our legal team is capable and ready to handle any asset division case, no matter how difficult. Holmes, Diggs & Sadler sets itself apart from the crowd because we focus on the needs of our client. Many of the clients who come to us are looking to resolve problems previous attorneys left them.
To us, you’re more than just a client. Holmes, Diggs & Sadler has been established in Houston for many years. The people who walk through this office are our neighbors. We understand this is a difficult time, and we want to do anything in our power to simplify the process. We want to help you move on with your life. Holmes, Diggs & Sadler will fight aggressively for your rights.
How Property is Divided
In the state of Texas, there are two separate categorizations of property in divorce. These consist of:
- Community Property – Community property is property owned by both spouses. These assets are divided according to “just and right” laws that determine who gets what, taking factors like health, age, need, income, and contribution to child-rearing into consideration.
- Property of a Single Spouse – This can mean anything that is the sole property of one spouse, including things like inheritance, pension earned prior to marriage, gifts given to that person, and items purchased with money outside of the marriage.
Texas property laws can be complicated, making asset division even more difficult in certain cases. Thus, having a qualified and experienced attorney supporting you is extremely beneficial.
Are All Assets Subject to Asset Division?
Generally speaking, any property obtained during the marriage is considered community property in Texas. This means that any assets you owned before the marriage are separate property and are not part of the assets that will be divided in a divorce. Also, any asset that was kept separate from the other spouse throughout the entire marriage is also precluded from asset division. Lastly, any assets that were given only to you (and not your spouse) during the marriage cannot be considered community property. It should be noted that debt is included in community property and can be divided equitably.
Factors for Asset Division in Texas
Although the term “community property” seems as if it means that the property will be divided 50/50, this is not the case. In Texas, community property is divided equitably. Equitable simply means fairly. Judges will consider numerous factors to determine the division. These factors can include the following:
- Reason for the termination of marriage
- The health of the spouses
- Differences in earnings between spouses
- Custody of the children
- Education of the spouses
- Size of the estate
- Anything that may affect a spouse’s ability to work
The goal of asset division in Texas is fairness. Judges will weigh and compare these factors and determine the distribution based on equity. Because of this, the spouse who has primary custody over the children will usually retain the residential home.
Can Pensions or Employee Benefits be Split?
Any pension, retirement, or employee benefit plans received during the marriage are considered community property. This means they are subject to asset division during a divorce. It is possible that a judge will award a spouse a portion of the other’s employee benefits.
Asset division may seem simple, but when an unexpected issue arises, the process quickly becomes daunting and confusing. At Holmes, Diggs & Sadler, we are ready to fight for your rights. We want to assist you as much as possible so that you can move on from this difficult time and begin the next chapter of your life. Holmes, Diggs & Sadler has the proven experience, the reputable legal team, and the compassionate client care to help you with your asset division.
The asset division lawyers at Holmes, Diggs & Sadler are ready to help devise a legal plan tailored to your interests. If you are considering divorce, a Houston divorce attorney of Holmes, Diggs & Sadler can help you work towards the outcome you deserve. To speak with one of our skilled attorneys today, contact us at (713) 802-1777.