Fort Worth Division of Assets and Debt
At the Arlington Law Offices of Karen Cushman, P.C., we provide thorough, savvy guidance for property division issues. We understand Texas' community property laws and how they may affect your divorce. We can evaluate your situation from every angle to determine the best course of action.
Assets and debts acquired during your marriage are considered community property. Separate property includes anything you owned prior to your marriage, and gifts and inheritances acquired during your marriage. It is vital that you keep these funds completely separate from your marital, or community, property.
Our Arlington property division attorney, Karen Cushman, has years of experience handling complex property division issues. She has assembled a qualified legal team with vast property division experience. We can evaluate your assets and debts to determine proper classification under the law. We can then formulate strategies to fit your needs and goals.
Texas Property Division Basics
Texas uses just and right division of property standards. However, that doesn't mean you will automatically receive a 50/50 distribution of assets. The courts review several factors when dividing your assets and debts. Judges must also consider the best interest of children, when applicable. When dividing assets and debts, the courts review each party's:
- Overall circumstances
- Current income
- Future employability
- Future need for income
It is important that you assess the value of your property before proceeding with a divorce. Splitting up assets and dividing property without proper valuations can create unbalanced, or unfair division. We can help ensure that your rights and interests are protected.
Complex Property Division Issues
Property division can be quite complicated for business owners, especially those who own and operate family businesses. Determining which debts and assets belong to each spouse can require asset tracing.
Tracing assets involves technical evaluations of debts and assets to acquire a true value of a business, pension fund, 401(k) and other assets. Our legal team can consult with forensic accountants and other financial experts to help you achieve your goals.
We understand the long-term effects of proper — and improper — division of property. We often bring in financial planners to help you gain a clearer picture of how the structure of your property division can provide the best financial outcome for you and your ex-spouse. We can provide basic estate planning guidance and bring in tax professionals as needed.
Our office provides a free 20-minute lawyer consultation to discuss your situation. Please call us at 888-654-3558 or you may also send us an e-mail.