When you are newly married then you never thought whether you are living in your community property or ever heard a term like equitable distribution.
However, when your marriage ends up in divorce then usually you need to make tough decisions. There can also be a few difficult discussions concerning the fair distribution of property that was once shared together during the union.
In an ideal situation, however, both the couple may work together and decide how they will split up property, assets, and debts. When that is not possible due to disputes or certain complex issues regarding the value of property or ownership, both spouses need to hire attorneys for negotiating on their behalf.
Often the matter may even go to legal court and a judge has to indulge in dividing the marital estate that is jointly owned by the couple.
During a divorce proceeding, the whole task of dividing all the property and various other assets can always be formidable. Sometimes it can even be contentious for many couples. Regardless of various jurisdictions, separate property may remain with the spouse who is the original owner. Hence, differentiating separate property is a very crucial part of the property division process.
Therefore, you may need the services of any Dallas property division lawyer from ONDA Law firm, who can always help you with the following issues related to marital property division that may often come up in divorce cases in Dallas:
- Character and valuation of athlete contracts
- Concealment, nondisclosure, or certain fraudulent transfer of any marital assets
- Division and valuation of assets
- Division of various marital debts
- Enforceability and drafting of pre or post-marital, and partition agreements
- Issues related to international property division
- On the issues regarding property division appeals of any trial court decisions
- Property division issues that are affected by certain accusations of marital misconduct
- Protecting any of your separate property taking the help of expert evidence and tracing
- Trust funds analysis
- Valuation of retirement, pension, or executive compensation package.
- Valuation of professional practices, business entities, interests, or partnerships in any closely held corporations
The various factors that a Dallas court may consider while deciding property division after any divorce may include the following:
- Paying ability
Dallas court will surely consider the capability to pay while making any property division. They can easily establish your ability-to-pay factor. If you are struggling to pay your rent or car payment then your paying ability will be poor.
If you are younger, you are less likely to rely on the income and financial support of your spouse. However, if you are older, then your individual earning potential will be weaker.
- Fee of attorney
Typically, your attorney’s fees will be paid from the resources that you are going to divide, and hence your attorney’s fees may likely have a certain impact while dividing your property.
If any children are also present, then the party will ensure that their children will have a place to live, food to eat, and clothes to wear. Additional factors will be considered for their educational, medical, and/or other extracurricular needs.
- Relationship to creditor
The Dallas court will also consider your relationship with your creditor. If your creditor is a certain family member, then quite likely the family member may not insist the spouse repaying back the debt.
If one spouse is highly qualified while the other spouse has a very low educational qualification, then there will be a very high difference in their earning potential. This factor will also be considered.
The education, age, health condition, and handicaps can be a factor for employability that will be translated into the money-making ability to support. If any spouse is incapable to earn then he or she may deserve a larger share of your property.
Divorces based on certain faults will also be considered e.g. cruelty, adultery, conviction, felony, and/or abandonment.
- Fraud committed on the community
The Dallas court may consider certain bad acts, like breaches of their duty, wasting of assets while dividing property by doing certain fraud against the non-offending party.
A healthier person will have better earning potential to support oneself. Having any serious health issues may always come in the way of earning or doing a full-time job.
- Length of marriage
Longer the marriage, more assets, and property must have been acquired, more debt suffered, and also more dependency on each other.
While dividing the property, liabilities also will be divided by the court. Often parties may have more debts than any assets. The court will therefore determine what will be a fair division.
Usually, cash or any liquidated assets will be easier to divide than a certain company or any land. While moving to their new home after divorce, cash will be urgently needed than investment property.
- Maintenance costs
The Dallas court may also consider the amount paid for maintaining the community property when the divorce was still pending.
- Property nature
The property nature will be considered based on the property factor that one of the spouses is qualified to maintain or manage that property. If another spouse has no idea about how to handle such property then this will be considered.
- Separate property size
If you can prove that certain property is exclusively your separate property then you need not share that with your spouse. The Dallas court will consider while dividing property.
A Dallas court may also consider any reimbursements if it has to be awarded. In case you can prove that you spent during your entire marriage to build up an asset, then you may be eligible for reimbursement out of that separate property.
So far as the property division is concerned in divorce cases, each state may have different law. A family court in New York may offer entirely different judgment under the same kind of assets or/and liabilities than any family divorce court in the state of Texas. So, prefer not to hire any lawyer from a different state for any divorce cases in Texas.