San Marcos Property Division Attorney

Lawyer Helping Divide Assets in San Marcos, Texas Divorce Cases

During a couple's marriage, they may have accumulated many more assets than either spouse may realize. In addition to a couple's house and the cars they own, they may have multiple bank accounts, retirement plans, and other financial assets, as well as furniture, tools, and other items. During a divorce, all of these assets must be identified, valued, and divided. The way property division is handled can affect each spouse's financial footing for years to come.

At Hill Family Law, our attorney helps clients take steps to protect their share of the marital estate as they proceed with the divorce process. He has handled property disputes in a wide variety of divorce cases, and he can provide guidance on how the laws apply to different types of assets. He will work to secure results that will support a client's future as they move forward after completing their divorce.

Assets That May Be Divided in a Divorce

Every marital estate is different, but many couples will need to address some combination of the following types of assets:

• Real Estate: A couple may own their home, and in some cases, they may also own rental properties, vacation property in Texas or other states, or undeveloped land.
• Financial Accounts: Checking and savings accounts may need to be divided, whether they are joint accounts shared by both spouses or are in the name of one spouse. Other accounts may include brokerage accounts or certificates of deposit.
• Retirement Savings: 401(k) plans, IRAs, pensions, and other types of retirement plans may need to be addressed during the divorce process.
• Vehicles and Recreational Property: In addition to cars or trucks that a couple uses for regular transportaiton, they may own boats, motorcycles, campers, or other vehicles.
• Household Contents: All of a couple's furniture, appliances, electronics, jewelry, artwork, collectibles, and other items kept in their home will need to be addressed.
• Business Interests: Ownership of a family business, a partnership, or a professional practice may be a key issue to address during a divorce.
• Pets: Ownership of a family dog or cat may need to be addressed during a couple's divorce.
• Debts: A couple will need to determine who will be responsible for mortgages, auto loans, student loans, medical bills, and credit card balances that they have accrued during their marriage.

How Marital Property Can Be Divided Fairly

The community estate, which generally includes all assets and debts that were acquired during a couple's marriage, must be divided between spouses in a manner that is just and fair. However, a fair division is not always an equal one. A couple may attempt to split everything exactly in half, but one spouse may receive more assets based on factors such as differences in the parties' income, education, and business opportunities. For example, a spouse who left the workforce to raise children while the other spouse built a successful career may receive a larger share of marital property to help ensure that they will be able to meet their ongoing needs.

In many cases, couples will be able to negotiate agreements for how their property will be divided. They can create a written agreement detailing the division of property, and a judge will typically approve it, as long as it is considered to be fair. By negotiating a settlement, a couple can find practical solutions, such as one spouse keeping the family home while the other keeps a larger share of retirement savings.

Disputes Over Community Property and Separate Property

In some cases, spouses may encounter disagreements over whether a particular asset belongs to the community estate or to one spouse. A person can take steps to show that certain property qualifies as a separate asset based on when it was acquired. For example, a home that one person owned before getting married will usually be considered separate property. However, if community funds were used to make mortgage payments or perform repairs or improvements, the homeowner may be required to reimburse the other spouse for the contributions made to the home.

Addressing the Dissipation of Marital Assets

Dissipation occurs when a spouse spends, gives away, or destroys community property in a way that unfairly harms the other spouse. Examples of dissipation may include gambling losses, luxury purchases a person made for their own benefit after the divorce process began, gifts to a romantic partner other than a person's spouse, or selling assets below their value to a friend or family member.

When dissipation has occurred, a spouse may file a claim to address fraud on the community. They may take steps to show that the other spouse disposed of community property unfairly and without the other spouse's knowledge or consent. If a court finds that fraud on the community occurred, a person may be required to reimburse the community estate, or the other spouse may receive a larger share of marital assets in the couple's divorce.

Attempts to Hide Assets During a Divorce

In some cases, a spouse may attempt to make the marital estate look smaller than it is so that they will not have to share all of their assets with the other spouse. They may open accounts the other spouse does not know about, transfer money to friends or family members, move funds into cryptocurrency wallets, or hide physical property to avoid dividing it.

Our lawyer can help clients determine how to uncover these tactics. He can use discovery methods to obtain financial information related to a couple's assets, including subpoenas to banks, employers, or other parties. He can also work with forensic accountants to trace assets and determine whether there are any discrepancies between what a person reported and what a couple actually owns. This can help ensure that all assets will be considered during a divorce.

Contact Our San Marcos, TX Property Division Lawyer

When dividing marital property, it is important to identify every asset, determine its value, and negotiate agreements that will meet a person's financial needs. At Hill Family Law, our lawyer can help clients address these issues correctly and achieve outcomes to their cases that will protect their financial interests and support their futures. Contact our San Marcos, Texas asset division attorney at 830-229-2129 and set up a free consultation today.