Collin County Property Division Attorney
Expert Advocacy in Texas Asset Allocation
When you are going through a divorce, one of the most critical issues you will face is how to divide your property. This can be complex and contentious, especially if you and your spouse have significant assets or a high net worth. At Lisa Baker Canterberry, Attorney at Law, we understand the challenges you are facing, and we are here to help.
Call Lisa Baker Canterberry, Attorney At Law, today at (972) 608-3128 or contact us online to schedule a meeting with our property division attorney in Collin County!
What is Property Division?
Property division is a crucial component of divorce proceedings, involving the fair distribution of assets and liabilities between spouses. In Collin County, Texas, the principle of community property governs this division. Community property encompasses assets acquired during the marriage, excluding gifts or inheritances designated to one spouse. The goal is equitable distribution, considering various factors to ensure a just outcome.
How Is Property Divided in a Divorce?
When you get a divorce, the court will divide your property using the principles of equitable distribution. This means the court will divide your property in a way it deems fair but not necessarily equal. The court will consider a variety of factors when making this determination, including:
- The length of your marriage
- Your age and health
- Your income and earning capacity
- Your standard of living during the marriage
- Whether you have custody of your children
- Whether you have separate property
- Whether you contributed to the education or earning capacity of your spouse
- Whether you or your spouse wasted any marital assets
It is important to note that the court will only divide your marital property. This includes any property you and your spouse acquired during your marriage, regardless of how the property is titled. Any property that you or your spouse acquired before your marriage or after your separation is considered separate property and will not be subject to division.
Understanding Marital Property
Marital property can include:
- Real estate
- Bank accounts
- Investment accounts
- Retirement accounts
- Business interests
- Stock options
- Personal property
It is also important to note that the court will only divide your property if you and your spouse cannot agree. If you can agree on how to divide your property, the court will generally approve your agreement as long as it is fair and reasonable.
Property Division Process in Texas
Understanding the property division process in Texas is essential for making well-informed decisions during a divorce. The subsequent steps delineate the overall process:
- Identification of Assets and Debts: Thoroughly identifying and categorizing all assets and debts as community or separate property is the initial step. This involves meticulously examining financial records, property titles, and other pertinent documents.
- Valuation of Assets: After identification, the subsequent stage entails determining the value of each asset. This process may encompass appraisals for real estate, business evaluations, or financial assessments. Ensuring accurate valuation is imperative for achieving equitable distribution.
- Negotiation or Mediation: In numerous instances, spouses can reach a consensus on property division through negotiation or mediation. This approach facilitates a more amicable resolution and gives the involved parties greater control over the outcome.
- Court Intervention: The case may progress to court if an agreement remains elusive. The court will consider various factors to establish a fair division, prioritizing the best interests of both parties.
- Finalizing the Division: Once the court issues a property division order, it assumes legal binding. The final step involves implementing the division following the court's directives.
How Can a Property Division Lawyer Help?
Property division can be a complex and contentious process, especially if you and your spouse have a significant amount of assets or if you have a high net worth. At Lisa Baker Canterberry, Attorney at Law, we understand the challenges you are facing, and we are here to help.
When you hire our firm, we will:
- Review your financial situation and help you understand what property is subject to division
- Help you understand the property division laws in Collin County
- Help you understand what property is considered to be separate property and what property is considered to be marital property
- Help you understand how the court is likely to divide your property
- Help you understand what property division options are available to you
- Help you understand the potential tax consequences of dividing your property
- Help you understand how to protect your separate property
Contact Our Collin County Property Division Attorney Today
Property division is a pivotal facet of divorce proceedings, demanding meticulous consideration and strategic navigation. Our team at Lisa Baker Canterberry, Attorney At Law, is unwaveringly committed to delivering unparalleled legal representation in Collin County property division cases. Leveraging our expertise, our team will guide you through the process, ensuring a fair and just distribution of assets. When confronted with the complexities of property division, entrust in our experience to protect your rights and secure your financial future.
Contact Lisa Baker Canterberry, Attorney At Law, today to schedule a meeting with our property division lawyer in Collin County!