Property Division / Property Distribution
Whether a couple is married for a short time or decades, they will inevitably accrue property and assets during their marriage. If the marriage ends, while the parties may agree that they no longer wish to be married to one another, they often do not agree on how their property and assets should be divided. While the laws of Texas provide clear guidelines as to how any property should be divided and disbursed in a divorce, there may still be a debate as to the nature of the property in question. If you want to file for divorce or were recently served with divorce papers, it is important to consult seasoned legal counsel to discuss how the divorce will impact you financially. The capable Dallas divorce lawyers of McClure Law Group can assertively advocate on your behalf to help you pursue a just and equitable assessment and distribution of property in your divorce.Evaluating the Nature of Marital Property
In the realm of divorce cases, there are two types of property: separate and community. Separate property is that which is solely owned by one spouse. This may be property the person acquired prior to the marriage, or that is deemed separate property through a pre-nuptial or post-nuptial agreement. Additionally, money awarded in a personal injury lawsuit or property acquired through a gift, descent, or devise is considered separate property. All other property that either spouse acquires during the course of the marriage is presumed to be community property. A party disputing the nature of community property must show that it is separate property by clear and convincing evidence.Property Division
If the parties can agree on community property division or distribution, they can submit the agreement to the court, which will approve the agreement if it is found to be reasonable. If the parties are unable to agree, then under Texas law, any community property is divided by the court in a manner that it deems right and just. Although this does not mean that the court must divide the property equally. Rather, the court will consider factors such as each party’s contribution to the community property, the age, health, and earning potential of each party, and if the couple has minor children, which party will be the primary caretaker. The court may also weigh the tax implications of awarding an asset to one party in determining how to allocate the asset. Additionally, the court can consider if one party is at fault in the divorce in determining how to divide any community property. If you intend to pursue a divorce, a skilled family law attorney can help you fight to receive a just distribution of assets.Decree Distributing Property
In the issuance of the divorce decree, the court will order a community property division or distribution in a manner it deems equitable. This includes liquid assets, the right to proceeds to any life insurance policy, retirement benefits, and real property. If the court awards a portion of a party's retirement plan to the other party, a Qualified Domestic Relations Order (QDRO) will be used to divide the property. The QDRO is separate from the divorce decree and assigns a portion of the benefits to the former spouse. Specific information must be included in the QDRO, and the retirement plan administrator must approve it.Meet With a Seasoned Divorce Lawyer in Dallas
The laws of Texas afford both parties in a marriage the right to an equal and just division of community property. Issues usually arise as to how the court should divide property in a divorce regardless, however, parties often disagree on both the nature of property and what constitutes a just division. If you are interested in seeking a divorce, a committed family law attorney can represent your interests and help you pursue a rightful distribution of any community property. At McClure Law Group, we work tirelessly to help our clients seek an equitable property division or property distribution in divorce. We are available by appointment at our office in Collin County in Plano. We also represent people in divorce actions in Dallas, Garland, Fort Worth, Richardson, Irving, McKinney, Frisco, and Rockwall, and in other cities in Dallas, Grayson, Collin, Tarrant, Denton, and Rockwall Counties. Contact us at 214.692.8200 or through our online form to set up a meeting.