Division of Property in Fort Worth Divorce Cases
For some couples – particularly younger couples or those who haven’t been married long — the division of property in a divorce[link to divorce] is relatively straightforward. They agree to take the things that were theirs when they entered the marriage, they split the shared property agreeably, and if they have a home, they sell it.
If you are in this situation, a divorce lawyer can help you draft the property distribution agreement and you are ready for a judge to review and approve it.
But it’s more often the case that the division of marital assets is more complex and you may need legal help – as well as help from realtors, appraisers and accountants – to tease things apart honestly and fairly. Consider these situations:
The Family Home
- Did one person own the home before the marriage, but then you paid the mortgage on it together for 20 years?
- Do you both want one parent to stay in the home while the children are growing up? Can that parent afford to buy out the other’s interests? If not, the home may need to be sold at some time in the future. When will that be? How can you be sure the sale happens years into the future?
- What is the real value of your home? If the market is depressed, can you afford to wait to sell
- Who can live in the house during the divorce?
- An inheritance by one spouse belongs to that spouse but if you invested it in a shared home or a family car, did it then become a shared asset? Your divorce attorney can explain how an inheritance is viewed under Texas divorce laws.
- • Do you and your spouse co-own a business? Or do you believe you have a financial interest in your spouse’s business? A lawyer can explain how Texas family laws apply in your case.
- • Will a spouse want or need to be bought out of their share in the business? What is the value of the business, especially in this difficult business climate? A professional business valuator may be needed to determine value.
- • Do you believe your business-owning spouse is under-reporting income or hiding assets in order to avoid paying their fair share of alimony or child support? Your Fort Worth divorce attorney may suggest hiring a forensic accountant to get to the truth.
These are only a few examples of issues that could arise in property division in a Texas divorce case. You will want to work with an attorney who has the background, the skills and the resources to handle complex divorce cases.