Property division in divorce can be one of the most contentious issues in the entire process, even with the assistance of collaborative divorce attorneys. The division of assets nearly always has a dramatic effect on the financial capacity and stability of individuals after a divorce, which means that ensuring a fair split can be a major concern for divorcees. Regardless of whether the state in question divides marital property equally or follows equitable distribution, many spouses may feel that the division of property is unfair. Fortunately, collaborative divorce allows couples to have greater control over the property division process.
Collaborative family law is the process of settling family law issues without the intervention of a tribunal or court. This process often involves the assistance and expertise of collaborative divorce lawyers, mediators, financial advisors, counselors, and more. However, the benefits of collaborative law in divorce are that the divorcing spouses can agree on how to divide community property in a manner satisfying to them. This provides greater flexibility than a divorce trial might.
For more information, consider speaking with our skilled team of collaborative divorce attorneys from Zegen Law Firm, PLLC. Call the office today at (972) 653-0448 to schedule a conversation.
Texas Property Division Laws
To understand how collaborative divorce attorneys assist with dividing community property, it is valuable to understand how Texas law divides marital property and what statutes govern these processes. While collaborative law allows couples to come to a mutually beneficial conclusion, understanding your legal rights can inform the negotiations and help avoid one spouse taking advantage of the other. Therefore, divorcing couples would benefit from understanding how the court would have divided their assets, even if the couple is not pursuing a divorce trial.
Equitable Distribution
Texas is an equitable distribution state, according to 1 Tex. Fam. Code § 7.001, which means that property will be divided in a manner that the court deems “just and right” according to the rights of each party and children from the relationship. This means that the property may not be divided in a 50/50 split. After hearing arguments from the divorce attorneys representing either spouse, the courts will determine what a fair and just distribution of assets looks like. They may consider factors including children from the relationship, financial need, earning capacity, and more.
Community Property
Another key factor to consider is the designation of property in a marriage relationship. Property in a Texas marriage may be considered separate property or community property. The former is not divided in divorce, while the latter is divided. Community property includes any property acquired by the couple during the course of their relationship, with several exceptions. 1 Tex. Fam. Code § 7.002 clarifies how property is designated in a Texas divorce. Community property will be divided equitably, while separate property will be awarded to the proper owner. While this may not directly influence how property is distributed in a collaborative divorce, understanding these guidelines may inform negotiations and mediation.
Speak with an experienced collaborative divorce lawyer from Zegen Law Firm, PLLC today to learn more about your legal options.
Common Complications in Property Division Cases
While understanding the legal basis for these cases is valuable and effective, this is not the end of the process. Skilled collaborative divorce attorneys can assess and address key complications with property division in Texas collaborative divorces. Generally, the size and complexity of assets in a divorce can cause complications when dividing these marital assets. Navigating these challenges can mean the difference between the success and failure of a collaborative divorce.
Large Assets
One of the prevailing difficulties in property division in a Texas divorce is the presence of large assets. While property division may often come down to the actual dollar value of the assets involved, this may not be the case for large or high-value assets. Valuable property that could complicate property division may include:
- Real estate
- Collectors items
- Art
- Second homes
- Investment accounts
- Retirement funds
- Digital assets
- Business assets
These items may hold a substantial amount of a marital estate’s value, which could lead to conflict and disagreements when dividing community property. Collaborative divorce attorneys are equipped to navigate these disputes effectively.
Appraisals
Another common issue with large assets and high-value marital estates is the appraisal of large assets. Just as large assets like those listed above can complicate the process of property division, they may require additional steps to ascertain their value. Markets for assets like real estate, investments, and business assets are in constant flux. Therefore, skilled appraisers in each relevant field may be required to accurately value the property divided in a divorce. Contacting and hiring these appraisers can be challenging, and they may benefit from the advice and experience of collaborative divorce attorneys.
High Net Worth Individuals
High-net-worth divorce is often fraught with unexpected and unusual challenges. These individuals may have to navigate complex asset allocations and negotiate while considering issues such as alimony, the earning capacity of the other spouse, and the valuation of their assets. In addition to this, high-net-worth individuals may lead high-profile lifestyles, which means a public divorce could lead to unwanted publicity and damaged reputations. Collaborative law is often productive for these people, as it allows much greater privacy and control over the relevant assets.
How Collaborative Divorce Attorneys Can Help With Property Division
When pursuing collaborative divorce under the Collaborative Family Law Act, an understanding of Texas law is crucial. While in a divorce decided by the trial courts, the structure and process of the court system help foster legal compliance for the divorce attorneys and both parties. However, since collaborative law is governed by contractual agreements, not court process, mistakes or unfair agreements may still be treated as binding. This is why the assistance of collaborative divorce attorneys can help ensure the effectiveness of property division in Texas collaborative divorces.
Speak with a Texas Divorce Attorney Today
Property division in divorce is a complex and often frustrating subject. Couples pursuing collaborative law solutions may face numerous hurdles and other issues, such as complex appraisals, interpersonal conflicts, and disputes over community and separate property. However, the most difficult obstacle in collaborative divorce is often finding confirmation that the proposed split of marital assets is fair. Collaborative divorce attorneys are equipped with the skills to apply the law effectively in collaborative remedies and the experience to know which deals are fair and which are not. Speak with a skilled Texas divorce lawyer from Zegen Law Firm, PLLC today to learn more about your legal rights in a collaborative divorce. For more details, call the office today at (972) 653-0448 and schedule a consultation.