USAttorneys in Austin discusses myths about property division
Austin, TX-When a Texas couple decides to divorces they have several matters they need to resolve including property division. There are misconceptions about property division in Austin which our team of divorce attorneys will discuss in this article.
Equitable division in Texas
There are numerous misconceptions about property division, but one of the most common is that equitable division means that property and assets are divided 50/50. However, that is no what equitable division means. Couples can divide their property equally if they choose, but if they look to a divorce court to settle this issue, their assets may not be divided equally. In court, equitable distribution means marital assets will be divided with fairness and equity. For example, if one spouse deserves a larger share of marital property because they have custody of a couple’s child or children, that will be taken into consideration by the court, and they may be awarded a larger proportion share of marital assets.Divorcing couples can enlist a divorce lawyer in Austin to help them with property division.
Not all assets are community property
Under Texas law, all property owned by a couple before or upon filing for dissolution is considered community property, but a couple can claim that some property is separate from the marriage and owned by one spouse exclusively. If one spouse wants an asset to be seen as separate property from being, that spouse must show that the property in question was acquired before a couple married or after filing for divorce.
A business is community property
Any business or partnership acquired during a marriage can be viewed as community property and can be divided between each spouse. However, it is possible for a divorce lawyer in Texas to protect your business from being divided up when a couple divorces.
A spouse can keep his or her entire salaries
It’s not unusual for one spouse to earn more than the other, but they may not realize their income is an asset that is subject to division. When a divorce court is asked to divide a couple’s assets, the court will look at the monetary contributions and non-monetary contributions each spouse made to their marriage. If one spouse earns more, their income can be divided, and a lesser-earning spouse can be awarded alimony.USAttorneys has an excellent team of litigators who can help a couple through all stages of their divorce.
Many divorcing couples figure out how they will split their property before taking their divorce to court. That is usually done through pre-trial mediations, but if they cannot agree on property division things can messy. A divorce attorney can work with a couple and help them resolve their disputes before getting an Austin divorce court involved.
Having a divorce attorney working on your case won’t make a divorce painless but having legal assistance can offer peace of mind. USAttorneys team of divorce lawyers in Austin, Texas know how hard a split is and will do whatever they can to make this process easier. We recommend you call one of your divorce experts and arrange a case evaluation.