Dripping Springs Complex Property Division Lawyer

Dripping Springs Complex Property Division Attorney

The more property that you and your spouse have, and the more unique that property, the more difficult it can be to divide it during the divorce process. These complicated situations will often require the help of an experienced Dripping Springs complex property division lawyer like you can find with our board-certified family law attorneys at Vaught Law Firm.

How Property is Divided in Texas

Property division in Texas follows community property laws. This means that one of the first steps in the process of dividing is deciding which property belongs in the community property pool and which property will be considered separate property. This can be a particularly contentious aspect of the division process.

Generally, community property consists of the property that has been acquired during the course of the marriage. Which spouse earned or acquired the property is not relevant so long as it occurred during the marriage. Separate property is the property that either party owned prior to the marriage but may also be property that was acquired as a gift or through inheritance during the marriage.

However, separate property could be subject to a reimbursement claim if it was improved upon through the course of the marriage with community funds. For instance, if a rental property was inherited, but community property funds were used for maintenance or improvements to the property, that could make community estate have a claim for reimbursement of those funds.

The reason these distinctions are often hotly contested is because only the community property will be divided in the property division. The division will need to be considered equitable. This does not mean that the division will need to result in an even 50-50 split. Instead, based on all the factors involved in the marriage, the division will need to be considered fair. This distinction can also create some conflict around what would be considered fair and equitable, given the broader context.

What Makes Property Division Complex?

There are some situations where property division can be fairly simple if the couple doesn’t have significant assets or debts. However, in the case of high-asset marriage, property division can become complicated quickly.

Part of the difficulty can be in determining the categorization of the different assets. These families are often financially active, and there can be regular mixing of the different kinds of property. This can often mean it’s challenging to determine whether something is community or separate property. Another issue is whether or not the asset may be divisible in some fashion. Many of these assets may not be particularly liquid, and that can create a number of obstacles.

Some of the kinds of assets that can increase the complexity of property division include:

• Businesses or Business Interests. Ownership of a business can make property division especially challenging. There are a number of potential solutions that an experienced lawyer can help point to, but keeping the business may require some significant concessions elsewhere in the property division.
• Retirement Accounts, Pensions, and Other Benefits. These assets are often not designed to be easily divisible and payable to the other spouse immediately. That can make them difficult to manage through the process.
• For many people, trusts are an excellent way to manage their assets in ways that shield them from government interference and taxation, particularly in estate planning. However, these tools aren’t designed to be easily dismantled in the case of a divorce.
• Oil, Gas, and Mineral Rights. These rights can be a particularly valuable asset and hotly contested in a divorce.
• Real Estate and Property. With real estate property, the easiest solution is just to sell the property and divide the proceeds. However, that could take quite a bit of time, and there may not be a desire to sell the property, so the value of the property whole may then need to be included in the division.
• High-Value Property. Many families have a significant portion of value in assets like artwork, jewelry, precious metals, antiques, automobiles, and others. These also have the potential of being sold and the proceeds split. Again, though, there are reasons, sometimes sentimental or emotional attachment, why one party or another may not want to sell the asset, in which case it may be able to be factored in another way.

What a Dripping Springs Complex Property Division Lawyer Does

A Dripping Springs Complex Property Division Lawyer can be crucial to advocating for your interests through the property division process. In most cases of complex property, the risk of leaving the decision of how the assets will be handled up to the court is too great. So, while we could represent you in court, in most cases, divorcing spouses would rather find some means of negotiating a property division agreement between them.

Because of the complicated nature of handling these different assets and all the options available, having an experienced lawyer is critical. At Vaught Law Firm, we have seen these kinds of property issues before, and we understand how to work through them. We listen carefully to your interests and desires for the process and can develop creative solutions to try and protect those assets that you want to protect.

We Understand How to Handle Complex Property Division

Property division can be one of the most complicated aspects of a divorce. The more assets that a couple has, the greater that complexity. If there are business interests involved in the situation as well, that can further increase the complexity of the situation. To unravel all of this while preserving and pursuing your desires for the process, it’s critical that you have an experienced, skilled lawyer on your side.

The team of board-certified family law attorneys at Vaught Law Firm have significant experience working with some of the most complex property division situations. We understand the tension that can arise in these circumstances, particularly when one party or another feels particularly attached to certain property either for sentimental reasons or because of work put into it.

If you need help in Dripping Springs, Texas navigating a complex property division circumstance while ensuring that your interests are pursued, contact our team today.