San Antonio Property Division Lawyers
When a marriage ends, everything the couple owns must be divided between the two parties. Many people think their property will be divided equally between the two parties. However, that is not the standard in Texas. In Texas, property in a divorce is subject to equitable, or fair, division. Although this can mean a 50-50 split between the two parties, that is not a certainty.
It is vital to have a dedicated advocate on your side to help ensure that you receive an equitable share of assets in the divorce. Otherwise, you may receive a share that is not representative of the effort and contributions that you gave to the marriage. The attorneys on our team at The Law Offices of Matthew J. Obermeier, P.C., serve as advocates for individuals throughout San Antonio who are working through asset division or other family law matters.
How Are Assets Divided?
Many people believe that property division is as simple as dividing the estate in half and giving equal portions to each party. In reality, asset division is more complicated than that. Some assets (such as residential property) cannot be divided, and other assets (such as retirement accounts or investments) would lose value if they were divided. In addition, assets that were acquired before the marriage or inheritances that were given only to one spouse may not be divided.
A few of the basic terms you may hear lawyers use when referring to property division include:
- Community property: Any assets or debts that were acquired during the marriage are considered community property and may be divided equitably when the marriage ends.
- Separate property: Assets that were acquired before the marriage are considered separate property and are typically awarded to the spouse who brought them into the marriage. Likewise, inheritances and gifts that were given to one spouse during the marriage and were kept separate from marital property may not be divided.
When you contact our firm, we can explain which assets or debts in your estate may be considered community property and which may be considered separate property. Our lawyers will also educate you about potential tax consequences for any assets you receive now, helping ensure you don’t take on unnecessary expenses with your share of the estate.