Asset and Debt Division in a Divorce
Rockwall Divorce Attorney
Decisions regarding what will happen to property, assets and debt are different in every divorce, which is why it is so important that you retain me as your Rockwall divorce attorney. At my firm, the Law Offices of J. Cameron Cowan, I can work with you to evaluate all aspects of the divorce and help ensure that an equitable division of property is reached. I understand that you may be feeling stressed over the issues you are facing, but I can work hard to help you reach a favorable outcome for your case. Each case that I take on, I approach with a personalized outlook and tailor the strategies specifically for the client. I know what the court may be looking for and can help you achieve the best possible resolution for you case.
Community Property vs. Separate Property
In almost every divorce, both community property and separate property will need to be reviewed and factored into each party's goals for the final divorce settlement. Community property is any property that was brought into the marriage by the parties upon being wed, and marital property is any property purchased during the time of the marriage. If both names are on the title of the car, for example, the car will be considered marital property. Separate property on the other hand is any property that has not comingled with community property and was kept separate throughout the course of the marriage, such as one party's long-term investment. It is important to provide documentation to prove that this property was separate and cannot be characterized as community property.
When determining how the property will be distributed during the divorce, a judge can take into consideration the length of the marriage, the age of the parties at the time of the divorce as well as health, earning capacity and taxes. The grounds for divorce and the cause of the breakup may also be considered. If children are involved in the marriage, the custody arrangement may affect the division of property. With so many deciding factors and things that could potentially change the outcome of your case, it is absolutely vital that you work with a lawyer who can fight to protect your assets and property in the event of a divorce.
Splitting Your Debt with the Help of a Property Division Lawyer in Rockwall
Divorce requires a division of debt in addition to the division of property. Debt that is acquired by both parties over the course of the marriage may be distributed as community debt as the ongoing responsibility of both parties. Common types of community debt include mortgages, vehicle loans and credit card bills; however, things such as payments on jewelry, furniture, vacation homes and loans can be taken into consideration as well. Any debt that was acquired by one party before entering into the marriage will be considered personal debt. Student loans are one of the most common forms of personal debt. As long as there is a distinction that this debt was not community debt, it will most likely remain the responsibility of the original debtor.
Debts are already complicated matters, and dividing them up can get complicated, especially with real estate debts such as mortgages. Both parties may be required to refinance or sell the property. The state of Texas may also consider special types of property and debt to be marital property, such as pensions and 401(k) and other retirement accounts. Stocks, loans, insurance accounts and businesses can also be evaluated for division in a split. If you are divorcing, it is important to consider what your future may hold in terms of debt and asset division. Retain the Law Offices of J. Cameron Cowan. I can work hard to ensure that you reach an amicable resolution in your case. Contact my firm today to schedule a
free 30-minute case evaluation with a Rockwall property division attorney now.