Dallas Property Division Attorney
Helping Clients Throughout Dallas County Pursue an Equitable Division of Property
Divorce isn't just the end of a marriage - it's also the dissolution of two people's lives and everything they had together, including property.
The property division process is often one of the most hotly contested aspects of any divorce, and with good reason - the outcome of your property division dispute could set the tone for your financial stability post-divorce.
Our Dallas property division lawyers can help you move toward an equitable outcome in your property division case.
Are you going through a divorce and looking to divide your assets? Call Verner Brumley Mueller Parker PC today at (214) 225-6766 or contact us online to schedule a meeting with our property division attorney in Dallas!
How is Property Divided in a Texas Divorce?
When a court determines how to divide property, many factors are involved, but the first step is determining what is considered 'marital property' vs. 'non-marital property.'
In Texas, all property obtained during the marriage is considered community property. The determination between community versus separate (non-marital) property usually consists of:
- Property owned before marriage
- Property given as a gift by a third party
- Inheritances
- Civil litigation settlements
The burden of proof rests on the person who claims certain assets are non-marital property. When the load is not met, the property is considered a community. This becomes very important in longer marriages where more and more assets are gathered.
As a community property state, courts in Texas divide community property equally between spouses. It's important to note that separate property can transform into community property under the right circumstances. For example, if a couple lives in a marital home for a significant amount of time and both parties contribute to mortgage payments and upkeep, the court will probably consider the house community property - even if it initially only belonged to one party.
As a result, individuals are often surprised when the court considers certain assets, such as the marital home, vehicles, or revenue from a business or community property, and asks the parties to split it. You should work with your Dallas property division lawyer to determine how the court will designate your assets ahead of time and prepare for your case accordingly.
Who Gets the House in a Divorce in Texas?
Because Texas is a community property state, all property acquired by the parties while being married is subject to a just and right division. However, it's important to note that there are exceptions to this rule.
When it comes to the marital home, there are a few possible scenarios:
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The parties may choose to sell the house and divide the proceeds
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In some cases, the most practical solution is to sell the marital home and divide the proceeds between the spouses. This approach ensures a clean break and equal distribution of the asset.
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One spouse may buy out the other spouse.
- If one spouse wishes to keep the house, they may have the option to buy out the other spouse's interest in the property. This involves compensating the other spouse for their share of the home's value through a lump sum payment or offsetting the value with other assets.
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The divorcing spouses may choose Co-ownership or deferred sale.
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In certain situations, the divorcing couple may choose to continue co-owning the house for a period of time or defer the sale until a specific event occurs, such as the youngest child reaching a certain age. This arrangement allows the children to maintain stability and the opportunity for the house to appreciate in value before its eventual sale.
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It's important to recognize that every divorce case is unique. This means that the division of assets, including the family home, is subject to various factors.
Some factors divorcing couples may want to consider when determining what to do with their house include:
- Each spouse's financial circumstances
- Contributions to the marriage and the family home
- The best interests of any children involved
Verner Brumley Mueller Parker PC has a team of experienced property division attorneys in Dallas who can assess your specific situation, explain your rights, and help you navigate the complex process of property division in a Texas divorce. Our expertise ensures that your interests are protected and that a fair and equitable resolution is reached regarding the marital home.
Dividing Debts in a Texas Divorce
While most people are aware of the division of marital assets in a Texas divorce, few consider that the debts the couple has accrued during the marriage must also be divided. Reaching a fair debt division agreement can be extremely difficult since they must consider many factors in the process.
When developing a debt division plan, it is essential to take a comprehensive approach that considers current and future implications. Your ability to pay the debt, tax consequences, how long you would need to make payments, whether the debt was joint or separate, and many other issues should all be discussed before negotiations even begin.
In the end, our only concern is obtaining a fair settlement that serves your best interests above all else. We have helped clients negotiate and litigate debt division plans involving all types of debt, including:
- Home mortgages
- Auto loans
- Credit card debt
- Medical bills
- Income tax debt
- Student loans
Understandably, debt division can quickly become overwhelming for people who do not understand the process's law. Our attorneys take the time to explain the issues involved in dividing marital debt and work with you to develop a customized plan designed to put you in the best possible situation following the divorce.
Contact Our High-Asset Property Division Lawyer Today
Our attorneys have extensive experience in divorce cases involving significant assets at Verner Brumley Mueller Parker PC. Our property division team handles all issues involved in the division of assets, including retirement benefits, debts, equitable distribution, and more.
If you're engaged in a high-asset divorce, ensuring you obtain the legal counsel you can trust is vital. When valuable assets such as businesses and real estate are on the line, you deserve an attorney who will fight for your rights and help you safeguard your assets. Failing to take the correct measures could harm your life and property. We are prepared to aggressively represent wage earners, professionals, business owners, and their spouses throughout the Dallas-Fort Worth Metroplex.
All the partners at Verner Brumley Mueller Parker PC are board-certified in family law by the Texas Board of Legal Specialization and have over 75 years of combined experience. Whether through negotiated settlements or litigation in the courtroom, you can rely on us to protect your financial interests in divorce.
Contact Verner Brumley Mueller Parker PC today to schedule a consultation with our Dallas property division lawyer!