Fort Worth Property Division Attorneys

Guiding Clients Through Property Division in Tarrant County Divorces

Property division may be the most important issue in your divorce if you have no children. When people work throughout their marriage to earn a living and acquire property, it is understandable that the idea of losing assets or taking a step back can be troubling.

How can you protect your property and ensure your quality of life does not suffer after your divorce? A knowledgeable Fort Worth property division lawyer at the Law Offices of Mark M. Childress can walk you through all your options and prepare you for what lies ahead.

Call the Law Office Of Mark M. Childress today at (817) 497-8148 or contact us online to schedule a meeting with our property division attorney in Fort Worth!

Distinguishing Community Property from Separate Property in Texas

In Texas, community property is all the property and earnings acquired by either spouse during marriage. Community property is viewed as owned by both spouses and will be divided evenly between them in the event of a divorce. 

The division of assets in a divorce often includes furniture, artwork, vehicles, homes, legal titles, bonds, and stocks. Some items that qualify for equitable division include wages, mortgages, the home, interest income from businesses, and furniture.

Anything that is not community or “marital” is considered separate. Separate property remains the sole property of the owning spouse in the event of a divorce; it is not subject to division.

Examples of separate property can include:

• Property owned by either spouse before marriage
• An inheritance received by one spouse during marriage
• Gifts given to one spouse from a third party during the marriage
• Compensation for personal injuries sustained by one spouse during marriage

Equitable division laws in Texas allow judges to use discretion when distributing the assets and debts to each member of the divorcing couple. 

Judges consider many factors when applying the equitable distribution doctrine, and several criteria may compel the court to order unequal distribution of debt or assets. For example, judges often consider the spouses' earning capacity, custodianship, and marital fault in determining the division of community property.

Learn more: What is commingled property?

How Community Property Affects You: Key Considerations for Asset Division

Texas is a community property state, this means that most assets and debts acquired by a married couple are considered to belong to both parties. 

It is easy to fall into the false assumption that you can count on receiving exactly 50% of the real property and financial assets. While an ideal textbook situation would result in a fair and equitable division as that is the standard, there are times when a court will rule in favor of deviating from that standard.

For instance, if one spouse has a higher income, the lower-income party may receive a higher percentage of the assets. Or, if one party ends up paying child support to the other, the paying party may receive more marital assets.

At the Law Offices of Mark M. Childress, PLLC, we focus on understanding our client's unique needs and goals so that we can pursue outcomes that best suit their situations. Your goals will be our goals as we advocate for your rights.

We can assist you with:

• Retirement considerations
• Division of debt
• Protecting your assets

Whether you have complex business assets or own a professional practice, we have the knowledge and resources to achieve a positive outcome. Where necessary, we work with experts such as financial planners, accountants, and tax specialists to maximize the property our clients receive.

Debt Division

In a Texas divorce, the couple's debts and marital property are divided. Marital debt, in general, includes only those obligations acquired by one or both partners during the marriage and not any debt owed by either partner prior to the marriage. The type of debt owed by spouses can affect how a court is likely to determine the division.

Credit card debts are typically split depending on whether accounts are single or joint. If both names appear on the account, both parties will be expected to pay off the debt after divorce, while each party will likely take the debt in his or her name. If the spouses have a mortgage as part of the marital property, the house can be sold and the remaining proceeds divided between them. Another option is for one spouse to "buy out" the other by paying that spouse his or her share of equity and taking over the payments.

Medical debts are divided up differently depending on whether or not the divorce occurs in a community property state. Texas is a community property state, meaning these marital debts will likely be split 50/50, regardless of which spouse acquired them. Courts in other states tend to look at equitable principles, such as whether the couple lived together when the debt was acquired.

A family law attorney may be able to help a person going through a divorce by negotiating a comprehensive settlement agreement that can include property and debt division provisions along with other issues. It can often be best to settle the case outside of court because a judge may make a decision that neither party is happy with.

Gifts and Inheritances

One question may arise is whether inheritances and gifts go to one spouse or are split between both spouses. Texas is a community property state, but this does not mean that an inheritance is automatically divided 50/50 between spouses. Inheritances and gifts are considered separate property instead of marital property.

However, property division of inheritances and gifts may still occur if the assets have been mingled with the rest of the marital assets. In other words, if an individual received an inheritance and deposited it in a bank account jointly owned by both spouses, the inheritance might be split between them.

Gifts from friends and relatives may cause problems. Sometimes, there will be disputes about whether the gift is actually a gift or a loan. Any significant gifts or loans given during a marriage should be accompanied by simple paperwork that specifies whether the money is a gift or loan and the terms of the loan.

If an individual getting a divorce had recently inherited a home and the home was in that individual's name, it would probably not be considered marital property. However, the couple might also have some money given to them for a down payment on a house. That money may have been placed in the joint account, and in such a case, that money might be considered marital property even if one of the spouses claims it was an unused loan.

An attorney can help ensure that assets are divided fairly and protect an individual's assets during a divorce. Individuals who want to protect their assets may wish to discuss with a lawyer how to best keep them separate.

Asset Protection

Business people, professionals, and individuals with complex assets have much to lose in a divorce. Working with a knowledgeable Fort Worth property division lawyer who understands your portfolio can provide peace of mind and be a critical factor in protecting everything you have worked so hard for.

At the Law Offices of Mark M. Childress, PLLC, we believe the best way to protect your assets in a divorce is to have a comprehensive plan. We will closely work with you to understand your goals and take action to maximize your share of the marital estate.

Many considerations need to be made when dividing a complex marital estate, especially those involving assets such as:

• Professional practices
• Retirement plans
• Investment Properties
• Vacation homes
• Commercial property

Failing to properly address these assets during a divorce can result in an unequal property division or cause future issues due to the tax consequences of the property settlement.

Retirement Considerations

One of the primary reasons people spend their lives working is to ensure a comfortable retirement. This is often a shared goal between spouses as they work to build a high quality of life together. But what happens to those retirement dreams when a couple decides to divorce? If divorce is on the horizon, speaking to a knowledgeable family law attorney about your situation is crucial.

At the Law Offices of Mark M. Childress, PLLC, we assist men and women in Fort Worth and surrounding Texas communities who wish to preserve their dream of retirement. We combine tremendous knowledge and resources with a unique brand of attentive service that truly sets us apart. Our team will not rest until we achieve a result that maximizes your post-divorce retirement assets.

From working with financial experts to ensure your retirement assets are properly valued to finding creative solutions that reflect your unique goals, we will go the extra mile to ensure you enter the post-divorce phase of your life with confidence.

Our lawyers have experience resolving issues involving a wide variety of retirement assets, including:

• 401(k) accounts
• IRAs
• Pensions

Whether you have been the sole contributor to these accounts or are a spouse who has worked in the home and wants to ensure your marital contribution is recognized, we are the firm for you. Our scope of service extends to Tarrant, Parker, Johnson, Wise, Hood, Denton, Somervell, and Jack Counties.

Contact the Law Office of Mark M. Childress today to schedule a meeting with our Fort Worth property division lawyer!