Dedicated, Effective Representation in Property Characterization Disputes
What is the Difference Between Community and Separate Property?
There are two general types of property:
Community property: All of the property acquired during the marriage by either spouse other than separate property. Community property is divisible by the court in a manner that is just and right, having due regard for the rights of each party and any children of the marriage.
Separate property: Property that is owned or claimed by a spouse before marriage or acquired during marriage by gift, devise or descent. This includes gifts from a spouse, family or friend, inheritances and any property one spouse gives up to the other spouse. Separate property must be identified, is not divisible by the court and remains the property of the person who acquired same.
Division of Marital Property
Texas is a community property state. Property possessed or owned by either spouse during a marriage is presumed to be community property. The degree of proof necessary to establish that property is separate is clear and convincing evidence.
To establish what property is community or separate can be a complicated process. What may have started off as separate property may have, over many years of marriage, become so combined with community assets that it is difficult to determine whether there is any separate property interest remaining. Depending on the size of the marital estate and whether there are any businesses owned by the parties, it may be necessary to hire a third party such as a business evaluator, a CPA, or tax consultant to determine the value of a business or property, what portion of the marital estate is community or separate, and what, if any, are the tax consequences at the time of dissolution of marriage.
Knowing how to divide retirement accounts and prevent large tax penalties is also important. Being informed as to the value of all the assets and liabilities when dividing the marital estate, whether by agreement between the parties or by the court plays a significant role at the time of divorce.
Attorney Alma R. Benavides will work to achieve a fair division of the marital estate property, including but not limited to the following:
- Financial accounts - checking accounts, mutual funds, brokerage accounts
- Real property - home, vacation or commercial
- Businesses, real estate and stock options
- Retirement accounts, 401(k), IRA, deferred compensation and pensions
- Stock options, distributions and trust accounts
- Personal art collections, antiques, other valuable collection
- Cars, trucks, boats, airplanes, and other motor operated vehicles
Our experience allows us to handle very complex issues, including cases involving allegations of marital fraud and hidden assets. We know the steps to take to pursue the outcome that is right for you.
Contact the Law Office of Alma R. Benavides
We understand that property characterization can present a multitude of questions in anticipation of divorce. We want to protect your valuable assets and property while providing cost-effective legal services that can work in your favor.
If you need an experienced lawyer to protect your property interests, call 972-578-2600 (locally), 866-959-3826 (toll free) or send us an email to schedule a consultation today.
Our office is located in Plano, Texas - Representation available throughout the Dallas/Fort Worth Metroplex and surrounding cities.
