Austin Property Division Lawyer

Austin Property Division Attorney

In Texas, property, assets, and debts are not automatically divided 50/50 — Texas law requires a just and equitable division of assets — when your marriage ends. The characterization of assets as community or separate property, the amount of assets involved and many other factors affect the final outcome of property division in a divorce.

High-asset divorces are even more complex, as the nature and structure of the assets can complicate the valuation and division processes. If you have complex assets and are planning to divorce, to be sure you are treated in an equitable manner, turn to the seasoned Austin property division lawyer at Jimmy Vaught of Counsel for the Eggleston Law Firm.

Comprehensive Strategies from Seasoned Family Law Advocates

We serve clients in Austin and throughout Central Texas, providing them with the personal attention and honest legal advice they need to navigate through their divorces. Family law attorney Jimmy Vaught work collaboratively to create and execute effective asset and debt distribution plans for a wide variety of valuable property and assets.

Helping You Protect Valuable Assets During Divorce

When it comes time to divide valuable assets in a divorce, it is vital to have an experienced lawyer on your team. The attorneys at Jimmy Vaught of Counsel for the Eggleston Law Firm help our firm’s high-asset divorce clients protect their interests, receive an equitable share of marital property, and to keep separate property from being awarded to their spouses.

Family law attorney Jimmy Vaught who is Board-Certified in Family Law and Civil Appellate Law by the Texas Board of Legal Specialization, craft innovative divorce solutions for clients throughout Central Texas and Austin area.

We work closely with financial experts and forensic accountants to verify property is equitably valued and classified before the division process takes place. Based on this information, our attorneys custom-tailor their representation to your exact circumstances and to your specific goals.

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Types of Valuable Assets

Our Austin marital asset lawyers assist with high-asset property division issues of all kinds, including those that involve intrinsic value property such as:

• Family Businesses or Business Interests
• Professional practices, such as medical practices or law firms
• Oil, gas and mineral rights
• Inheritances
• Premarital and marital property
• Real estate, including family homes, vacation property and other investments
• Stocks, stock options, equity assets and commodities
• Closely held businesses
• Retirement Accounts
• Pensions
• Benefits such as life insurance, military benefits, disability and others
• Trusts
• Artwork
• Jewelry
• Gold, silver, platinum and other precious metals
• Livestock
• High-end and antique automobiles

Regardless of the exact assets involved, our experience in high net worth divorces allows us to serve as trusted guides and powerful advocates for business owners, professionals, executives and other high-asset individuals and their spouses.

We also take into account any necessary debt division, including:

• Secured debt such as mortgages, equity lines of credit and other loans
• Unsecured debt such as credit card debt and unsecured loans
• Tax implications of asset division

When developing strategies to address these and all other aspects of debt and property division, we strive to minimize the harmful effects divorce has on you and your family.

Understanding Marital Assets Versus Separate Property

The annual divorce rate in Texas is 2.1 per 1,000 state residents, and property division is often one of the most complex and potentially contentious parts of ending a marriage. Spouses making appearances at Travis County District Court on 1700 Guadalupe Street should understand how the state classifies property during a divorce.

Texas law divides property into two camps: community and separate. Marital property falls under community assets and generally includes anything acquired during the marriage. The average home value in Austin is $504,148, for example, and houses are often classified as marital property. With more than 40% of the state’s adults being homeowners, this can significantly affect how property division is handled throughout the court case.

Separate property generally includes assets a spouse owned before the marriage, as well as certain property acquired during the marriage through an inheritance or gift. Because Texas generally presumes property possessed during a divorce is community property, a spouse claiming an asset is separate property must establish that classification with clear and convincing evidence.

What to Expect During Property Division in Austin?

Whether you are based in Bouldin Creek, Hyde Park, Tarrytown, or another area in Austin, you can expect the same general steps as anyone going through a divorce. The property division process typically begins by identifying all assets and debts owned by either spouse and determining which are community property and which qualify as separate property.

Both spouses may need to provide financial records covering real estate, bank and investment accounts, retirement benefits, business interests, vehicles, valuable personal property, mortgages, credit cards, and other debts. Complex assets may require appraisals, business valuations, or assistance from financial consultants to establish their value and determine what portion belongs to the marital estate.

Once the marital estate has been identified and valued, the spouses can negotiate how to distribute those assets and debts. This may involve deciding who keeps the family home, dividing investment accounts, allocating business interests, and determining how retirement benefits will be handled. The parties may reach an agreement directly through their attorneys or during mediation.

If both parties cannot agree, the courts may take a more active role in guiding the process.

In cases where a judge makes the final decision, they generally do so based on the evidence and what is “just and right” for the parties.

Why You Should Hire a Property Division Lawyer

Going through a divorce is never easy, and property division is often one of the more complex and emotional aspects of that court process. If you fail to hire a property division lawyer to represent you in court, you could be left at a major disadvantage. When you work with an experienced Austin property division attorney, you gain steady support from an advocate who understands Texas’ property division laws and how to manage your case.

Family law attorneys are skilled investigators who can look for signs that your spouse is hiding assets. If your soon-to-be ex is not transparent throughout the process, your attorney can take steps to hold them accountable. Legal support can also play a crucial role in protecting your property rights. You are not required to divide separate property, and you are entitled to a fair share of the marital estate.

FAQs About Austin, TX Property Division Laws

Is Texas a 50/50 State When It Comes to Divorce?

No. Texas is not a 50/50 state when it comes to divorce. During a divorce, property is classified as community or separate. When both spouses cannot agree on property division, a judge may use a “just and right” approach to divide the property. This means the final distribution of community property does not necessarily have to be equal between the spouses.

What Assets Are Untouchable in a Texas Divorce?

Separate property is generally untouchable in a Texas divorce. This may include property you owned before getting married, as well as certain inheritances and gifts you received during the marriage. However, you may need to provide financial records or other evidence proving that an asset is separate property before it can be excluded from the marital estate.

What Should You Not Do During a Divorce in Austin?

During a divorce in Austin, you should not hide assets, transfer property to keep it from your spouse, unnecessarily drain joint accounts, or intentionally accumulate substantial debt. These actions could complicate the property division process and potentially affect the court’s decisions. You should maintain accurate financial records and discuss significant financial decisions with your attorney while your divorce is pending.

Does My Spouse Get Half of My 401(k) in a Texas Divorce?

Whether or not your spouse gets half of your 401(k) in a Texas divorce depends on when the retirement funds were earned and how the marital estate is ultimately divided. Contributions and benefits accumulated during the marriage may be community property, while amounts accumulated before marriage may remain separate. A court does not automatically award your spouse half of the entire account.

What Kind of Attorney Handles Property Division?

Family law attorneys handle property division in Texas. Not all attorneys are familiar with the state’s family laws, and not all family law attorneys understand the complexities of dividing a large estate. If you are going through a divorce, take the time to learn about local law firms that can represent you in a divorce. An attorney should bring several years or more of experience handling cases similar to your divorce.

Contact a Trusted Property Division Attorney Today

When spouses in Austin need trusted legal support, they know to rely on Jimmy Vaught of Counsel for the Eggleston Law Firm. Our dedicated legal team and support staff are committed to providing you with exceptional legal services that protect your rights and interests.

Our lead attorney is a fellow of the American Academy of Matrimonial Lawyers, making him one of only 1,600 attorneys to earn that honor. Our firm has earned numerous awards and recognition from groups like Best Lawyers in America.*

Contact our office today to schedule your consultation so we can provide you with the exceptional legal support that your case deserves.

*Awards and recognition are not a guarantee of future outcomes. Criteria vary by organization.

Austin, TX Property Division Resources

• Red Flags in the Purchase of a Home with Your Friend, Fiancé, or Spouse
• Divorcees Auction Items Instead of Dividing Possessions
• Domestic Partnership in Texas