The Legal Experience You Need To Reach A Resolution About Your Marital Property
Deciding how you and your spouse will divide your property and assets can be one of the most contested issues that arise during a divorce. The items to be divided could be items that you’ve worked hard for, have grown accustomed to or have a sentimental connection to.
Over Four Decades Of Experience
Attorney Cicily Simms has four decades of experience assisting individuals in the Austin area with marital property division. As this can be a complex part of the divorce process, even for couples on the most amicable of terms, consulting with an experienced lawyer can be crucial in reaching a resolution.
Understanding Community Property Vs. Separate Property
Texas is a “community property” state, meaning that the assets and liabilities acquired throughout the marriage are community property and therefore belong to both spouses. There is a presumption that all property on hand at the time of death or divorce is community property.
“Separate property” includes anything that belonged to one spouse before the marriage or that was received by one spouse as a result of gift or inheritance. Assets that can be traced to separate property are separate property. All other property, assets and liabilities are categorized as community property, owned equally by both spouses. It is up to the party seeking to establish separate property to prove that property is separate by clear and convincing evidence.
At our firm, we assist with the division of all marital property items, including:
- Family homes
- Vacation properties
- Stock options
- Retirement accounts
- Other investment properties
Fair And Equitable Division
In Texas the standard for the division of community property is a property division that is “just and right.” There is no requirement for an equal division of community property. There are many factors that could contribute to who gets what, including length of the marriage, income of each party, whether one or the other party owns substantial separate property, who retains physical custody of any children and, in some cases, the cause of the divorce.
Our office understands that dividing marital property can have a significant financial impact on you, with possible repercussions that could affect you for years. We can help you determine what is community and separate property in your divorce. From there, we can evaluate options that offer the least amount of conflict possible.
Contact Us Today To Learn More
If you are in the process of dividing assets after divorce, an experienced lawyer from our office can provide the advocacy you need throughout this stressful time. Schedule a reduced-fee initial consultation with us today by calling 512-523-5371 or reaching out to us online. Our office is in a comfortable setting, located downtown near the courthouse and offering parking on-site.