The court starts with a presumption that all the property earned or acquired by either spouse during the marriage is community property, owned equally by the spouses. If you have separate property you have to prove it by clear and convincing evidence. Separate property includes property acquired by just one spouse by gift, by devise, by descent, from certain personal injuries or owned before marriage. Community property is any property that is acquired during the marriage including wages and salaries, income from separate property and increases in the value of business. The division of property can be a very complex part of the divorce. Although Texas is a community property state, nuances and exceptions in the law can dramatically affect the characterization of property and thus the final division. The court divides community property between the spouses in a “just and right manner.” Although many people assume this to mean a 50/50 division, the court is not required to divide property on an equal basis. Considerations of income, ability to generate income, child custody, and marital fault may be considered by the court. In most cases, that means some where between a 50-50 and 60-40 split. These factors and the final property division will vary on a case by case basis you need a highly skilled attorney to guide you through this process and obtain your optimal result. The attorneys at Kevin J. Schmid and Associates are highly experienced at achieving such a result.
Complex Property Disputes
Having an experienced divorce lawyer familiar with Texas divorce laws and the procedures of local courts is important in any divorce. In cases involving complex property division issues, it is even more critical. Together with forensic accountants, financial analysts, business valuation specialists, and certified divorce planners, the attorneys at Kevin J. Schmid and Associates work closely with clients to seek the best possible result.
Our combined legal experience of over 80 years allows us to provide critical assistance with all issues that may arise during a divorce, including but not limited to the following:
Property division issues affected by allegations of marital misconduct
Nondisclosure, concealment or fraudulent transfer of marital asset
Protecting your separate property through expert tracing and evidence
Valuation and division of assets
Valuation of business entities, professional practices, partnerships, or interests in closely held corporations
Valuation of pension, retirement or executive compensation packages
Analysis of Trust funds
Valuation and character of employment contracts