Fort Worth Property Division Attorneys
Dividing marital property is a primary concern for divorcing couples, and it can quickly become complex and contentious. This division will directly impact your financial future, so it’s crucial to protect your rights from the start with an experienced property division attorney. Even seemingly straightforward situations can be complicated, so seek the right divorce help to safeguard your future and financial interests.
Identifying Marital Property
Marital property – or community property – refers to all those assets you came to own after you married. The name attached and the matter of who made the purchase have no bearing on whether or not the asset is marital. Generally, if you, your spouse, or both of you together came to own the asset while you were married, it’s marital property – with the following two exceptions:
- One of you received an inheritance that was yours alone.
- One of you received a gift that was yours alone.
One of the most challenging factors when it comes to the division of marital property in a Texas divorce is establishing your marital assets in their entirety.
At a Glance
At Mims Ballew Hollingsworth, we help clients across Fort Worth and Tarrant County protect what matters most during divorce, backed by more than 100 years of combined family law experience. Four of our attorneys are Board Certified in Family Law by the Texas Board of Legal Specialization.
We handle all aspects of property division, including complex community property disputes, separate property claims, business interests, retirement accounts, and high-value asset division. Our team is experienced in identifying, valuing, and protecting assets while addressing issues like commingling, hidden property, and financial misconduct.
Recognized by Martindale-Hubbell (AV Preeminent), Super Lawyers, and Fort Worth Magazine’s Top Attorneys, we take a strategic, detail-driven approach to securing a fair and practical division of your estate.
Please call: 817-900-8330.
The Matter of Separate Property
Separate property that was owned by either of you alone at the time of your marriage remains the original owner’s separate property if it’s kept separate throughout the marriage, which can be a sticking point. The matter of separate property is often more complicated than it might seem. Consider the following:
- If marital funds are used to maintain or grow the separate property, it can dilute or alter its separate nature.
- If financing related to the separate property is not kept separate from the household’s financials, the property may not retain its designation as separate.
- When a separate property increases in value over the course of a marriage, such as a retirement account, the additional amount will likely be considered a marital asset.
Things can become even more complicated if the separate property is a business. For example, if the owner of the business also works there but does not pay themself a fair wage for doing so, it affects the amount the spouse brings into the household, which can nudge the business closer to marital-property status.
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The Primary Factors that Affect the Division of Marital Property
If you and your spouse are able to negotiate a division of your marital property without the court’s direct intervention, you can resolve the matter outside of court – with the careful guidance of your respective attorneys. If not, however, you can expect the court to consider a number of primary factors when it comes to the just and right division of your marital property in your unique case.
The Financial Situation of Each Spouse
The court will consider you and your spouse’s financial standing relative to one another. If the divorce will leave one of you without the ability to support yourself financially, it could directly affect the division of your marital property.
The Age of Each Spouse
Your age can also play a role. If you’re both relatively young, you’ll each have the opportunity to continue forging careers that support you moving forward. If you are nearing retirement age, however, the matter is very different.
Children Who Are Shared by Both Parents
If you have shared children who will be living primarily with one of you, child support will address this fact, but the court may also take this immense expense into consideration in relation to the division of your marital property.
Accumulated Debt
Your marital assets will be offset by your marital debt, which is the debt you accumulated while you were married. The court will consider the nature of this debt in the division of marital property. For example, if your spouse claims debt that is held by a family member or a close friend, the court may determine that it is unlikely to ever be paid back and may factor this into the division of your marital property. It’s important to note that marital debt can play a significant role in your property division overall.
Attorney Fees
While attorney fees generally come out of the marital property – reducing the amount there is to be distributed between the two of you – this isn’t always the case. If, for example, your spouse demonstrates a focused desire to rack up unnecessary legal expenses, the court can adjust the division of marital property accordingly.
The Employability of Each Spouse
The court will also consider each spouse’s level of education relative to the other’s, which closely guides earning potential. Overall employability encompasses a wide range of factors, including the following:
- Age
- Level of education
- Overall mental and physical health
- Job history
- Job skills
- Experience on the job
If there is a significant discrepancy between the two of you, such as the difference between a postgraduate degree and a high school education, the court will carefully consider the matter in relation to the division of marital property.
Fraud
If your spouse takes it upon themself to dissipate assets by engaging in any of the following, the court will take a dim view, and it could affect the division of your marital property:
- Giving marital assets away
- Loaning out marital assets
- Spending down marital assets
- Hiding marital assets
- Confusing the issue of what’s marital and what’s separate
Additional Factors
Additional factors that can affect the division of marital assets include the following:
- The length of your marriage
- The matter of fault, such as adultery
- How liquid are your assets are
- The value of each spouse’s separate property
- The tax implications of the proposed divisions of property
- Anything else the court deems relevant to your case
Discuss Your Case with an Experienced Property Division Attorney
The experienced property division attorneys at Mims Ballew Hollingsworth | Fort Worth Family Law dedicate their focused practice to protecting the financial rights of valued clients in Fort Worth, Southlake, Denton, and nearby cities in Texas just like you. Your case is important, so please don’t hesitate to contact us for more information about how we can help today.
Frequently Asked Questions About Property Division
State law dictates how couples must divide property in a divorce. Texas is one of a handful of states that follows community property laws regarding property division. The law states that all property, assets, and debts a couple acquired during marriage are jointly owned by both spouses. Texas law requires spouses to divide all community property in a fair and just manner.
In Fort Worth, property division follows the principles of community property law. This means that any assets acquired during the marriage are generally considered community property and will be divided equally between spouses upon divorce or legal separation. This does not necessarily mean a 50-50 split of each asset, but rather an equitable division of the total value of all community property. The court will take into consideration various factors such as the duration of the marriage, each spouse's earning capacity, and their contributions to the marital estate.
While it is not legally required to work with a property division attorney, it is highly recommended. A Ft. Worth property division attorney will ensure that your rights and interests are protected throughout the process. We will help you navigate the complexities of property division laws and negotiate on your behalf to achieve a fair settlement. Additionally, we help you gather the necessary documentation and evidence to support your case, making sure that all assets and debts are accounted for.
In Fort Worth, community property generally includes any assets or debts acquired during the course of the marriage. This can include real estate, bank accounts, retirement accounts, vehicles, household items, and even business interests. However, there are exceptions to this rule. For example, assets acquired through inheritance are considered separate property and not subject to division.
A property division attorney can play a crucial role in protecting your assets during property division. They will thoroughly analyze your financial situation and help you create a comprehensive inventory of all assets and debts. By gathering evidence and presenting a strong argument, they can advocate for a fair division of assets that takes into account your contributions and needs. Moreover, they can assist you in identifying any hidden assets or uncovering financial misconduct by your spouse. With their knowledge of property division laws and experience in negotiations, a lawyer will work diligently to protect your interests and secure the best possible outcome for you.
Yes, absolutely. Ft. Worth property division attorneys, like the ones at Mims Ballew Hollingsworth, are well-versed in handling complex asset division cases, including businesses and investments (foreign and domestic). We have the know-how and track record to navigate the intricacies of valuing and dividing business interests, stock options, retirement accounts, and other complex assets. Whether you own a small family business or have invested heavily in stocks or real estate, a Ft. Worth property division attorney can help ensure a fair and equitable division of marital assets.