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Round Rock Property Division Attorney
Compassionate, Tenacious Advocacy for Your Property Division Concerns
Whether you are facing a divorce or are in a common-law marriage that is coming to an end, you may be concerned about how property will be divided. You may be particularly concerned about the impact of a divorce on your financial situation, especially if you are facing an expensive divorce or are worried about losing your job because of the time and effort it will take to get divorced.
At Pennington Law, we understand that property division matters can be stressful and difficult. We are committed to using our experience and knowledge to help you get through the process as smoothly as possible.
Contact (512) 877-4384 or contact us online to speak with a Round Rock property division lawyer about your concerns.
How Is Property Divided in Texas?
Property division is one of the most complicated parts of a divorce. Texas is a "community property" state, which means that all property acquired by either spouse during the marriage is considered marital property. This includes property brought into the marriage by one spouse and property that was earned during the marriage by the other spouse.
In Texas, all marital property is divided equally unless there is a good reason not to. Marital property includes all property acquired by either spouse during the marriage, including:
- Real property (e.g., a house)
- Personal property (e.g., furniture, cars, bank accounts, investments, stocks, bonds, etc.)
- Intellectual property (e.g., patents, copyrights, trademarks, etc.)
- Debt (e.g., credit card debt)
- Income (e.g., wages, salary, bonuses, commissions, etc.)
The Community Property Division Process
The Texas community property division process is set up to ensure that the marital property is divided fairly and equitably between the spouses. In most cases, the spouses will be required to provide a detailed accounting of their property to the court. This process can be complicated and time-consuming, but it is important to provide as much information as possible to ensure that property is divided fairly.
In some cases, the court may order an asset reallocation if the property division process reveals that one spouse did not disclose all of their assets. This means that the other spouse would be entitled to an additional share of the property.
Common Mistakes in Property Division During Divorce
When navigating the complexities of property division during a divorce, it’s essential to avoid common pitfalls that can significantly impact the outcome. Understanding these mistakes can help you make informed decisions and protect your interests. Below are some of the most frequently encountered errors individuals make in property division cases:
- Failing to Fully Disclose Assets: One of the most significant mistakes individuals make is not disclosing all assets during the property division process. This can include hidden income, investments, or personal property. Failure to provide full transparency can lead to an unfair division and potential legal consequences.
- Not Understanding the Value of Marital Property: Many people underestimate the value of certain assets, such as the family home, retirement accounts, or business interests. Without a thorough valuation of these assets, one spouse may end up significantly disadvantaged in the division.
- Letting Emotions Drive Decisions: Emotions can cloud judgment during a divorce, leading individuals to make impulsive decisions about property division driven by anger, resentment, or a desire for revenge. This can result in settlements that do not reflect the true value of assets or one’s long-term financial stability.
Our Round Rock property division attorney can help you navigate these challenges by ensuring a comprehensive and honest disclosure of assets, assisting with proper valuations, and providing guidance to keep emotions in check during negotiations. With our expertise, you can make informed decisions that promote an equitable distribution of property, safeguarding your financial future in the process.
Contact Pennington Law Today
Whether you are facing a divorce or a common-law marriage that is coming to an end, you may be concerned about how property will be divided. You may be particularly concerned about the impact of a divorce on your financial situation, especially if you are facing an expensive divorce or are worried about losing your job because of the time and effort it will take to get divorced.
At Pennington Law, we understand that property division matters can be stressful and difficult. We are committed to using our experience and knowledge to help you get through the process as smoothly as possible.
Contact (512) 877-4384 or contact us online to speak with a Round Rock property division lawyer about your concerns.
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“I truly am impressed at not only how professional, knowledgeable, hardworking, and thorough the Tyler Pennington law firm was but also by how they made us feel that our case was a top priority.” - Cynthia V.
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“He focused on the case itself when dealing with the judge and other attorneys and did not play into the games. I felt very supported both personally and professionally.” - Gabrielle H.
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“Hired Jessica in a complicated family law case. She worked hard and fought for my rights as a dad and her and her staff were available then and still are now.” - S. L.
