Austin Property Division Attorneys
Helping Clients Divide Their Assets in a Divorce in Texas
When you and your spouse decide to get a divorce, you will need to divide your property. This can be a difficult and contentious process, especially if you and your spouse have a lot of assets. At Jefferies & Herlihy, LLC, we understand how important it is to you to protect your property and your financial future. Our Austin property division lawyers can help you understand your rights and options and work to ensure that you receive a fair settlement, or vigorously advocate for you in court if the case cannot be settled by agreement.
Call Jefferies & Herlihy, LLC today at (512) 379-6274 or contact us online to schedule a consultation with our property division lawyers in Austin.
What is Property Division?
In divorce, property division refers to the legal process of distributing assets and liabilities between the spouses. This division can encompass various properties, including real estate, financial assets, personal belongings, and debts. The intricacies of property division demand a thorough understanding of the legal framework and the unique circumstances surrounding each case.
At Jefferies & Herlihy, LLC, we recognize that no two cases are the same.. We approach each situation with a personalized touch, ensuring that the nuances of our client's assets and liabilities are comprehensively addressed.
How is Property Divided in Texas?
Texas operates under a community property system, which starts with the concept that most assets acquired during the marriage are regarded as community property and are subject to division between spouses. While this might seem straightforward, the reality is often complex, with various factors influencing the division process.
- Separate Property: One critical aspect of property division in Texas is distinguishing between community and separate property. Separate property typically includes assets owned by one spouse before the marriage, as well as gifts, inheritances, and certain personal injury awards acquired during the marriage. These are generally not subject to division, offering a unique challenge in identifying and proving the separate nature of specific assets.
- Equitable Distribution: While Texas is a community property state, the courts may also consider certain equitable factors in making its determination and rulings regarding the division of community property. This means that the court can deviate from an equal 50/50 split if there are justifiable reasons. Factors such as differences in the parties’ respective earning capacities, health, and the children of the parties, and many other factors, can influence the court's decision to adjust the distribution in favor of one party or the other.
- Complex Assets: Property division can become particularly intricate when dealing with complex assets, such as business interests, investment portfolios, or real estate holdings.
- Debts and Liabilities: In addition to assets, the debts and liabilities incurred and accrued obtained during the marriage are also subject to division and allocation by the court. Properly identifying and allocating these financial obligations is crucial for a fair and equitable resolution.
Contact Our Property Division Lawyer in Austin Today
Jefferies & Herlihy, LLC stands ready to guide you through this challenging process. Our Austin property division attorneys bring a wealth of knowledge and a commitment to personalized service to every case. When you choose us for your property division needs, you gain a dedicated advocate who will tirelessly work to protect your interests. Whether you are facing a straightforward division of assets or dealing with complex financial holdings and portfolios, we have the experience to handle your case. Contact us today to schedule a consultation and take the first step toward a fair and comprehensive resolution of your family law matter.
Contact Jefferies & Herlihy, LLC today to get started with our Austin property division attorneys.
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