Complex Community Property Division
Achieving a Favorable Division of Property
As you may already be aware, Texas is a “community property” state. This means, briefly, that Texas law presumes that all property, including real estate, owned at the time of your divorce is community property and, therefore, subject to division by the court upon divorce. Property that is considered separate property is not subject to division by a Texas court and, typically, a Texas divorce court cannot divest a person of his or her separate property upon divorce. For any complex property division issue, it is important to contact an experienced attorney to protect your rights.
Separate property is property that one spouse owned prior to the marriage, that one spouse receives as a gift or from inheritance during the marriage, or the proceeds that one spouse receives from the personal injury damages (as opposed to lost wages) recovered in a personal injury lawsuit during marriage.
Property: Separate or Community?
One issue that can be quite significant in a divorce in Texas is the characterization of assets as community or separate property. The court will presume that all of your assets are community property unless you can prove otherwise. The requisite proof required can be challenging when community and separate assets are commingled or when important historical financial documents go missing.
The preservation of a spouse’s separate property should be a matter that, if at all possible, is addressed prior to or after marriage by some form of contractual agreement. When such is not possible, accurate record-keeping and the consistent separation and accounting of separate assets is the next-best approach for the asset-holding spouse. The final line of defense is a qualified legal team involving, if necessary, a forensic financial expert or team of experts working to preserve the involved property at the time of divorce.
Protecting Your Property Rights in Complex Property Division
It is important to understand that a thorough investigation of one’s property rights and subsequent planning to protect those rights will virtually always operate to the benefit of the proactive individual.
Kimberly D. Levi will work to understand and assess your short-term and long-term financial goals and how to best address them when it comes to complex property division. Ms. Levi will work personally with you, with the assistance of other appropriate forensic professionals as needed, to develop a comprehensive plan to achieve your goals. Ms. Levi works to “add to the pie” as a result of creative property division solutions that can help you and your family be appropriately situated for the future. Accurate and early information is key for you to realize a successful and sustainable solution for your future needs. Call Ms. Levi to schedule a complex property division consultation today.