McKinney Property Division Lawyer
Skilled Marital Property & Debt Division in Collin, Denton, & Dallas Counties, TX
Marital property and debt division is often a contentious and complex issue in Texas divorce proceedings. This issue can lead to protracted wrangling between spouses over matters ranging from a marital home to other assets, such as vacation and commercial real estate, family businesses, retirement accounts, stock portfolios, etc.
At Petitt Family Law, we understand the intricacies, especially for high-value assets and LGBT couples with complex issues. We aim to provide the skilled counsel and support you need throughout this challenging process. Our highly experienced attorney will work to help you achieve a fair, honest, and just outcome that protects your legal rights and best interests. We aim to help you transition to your new life as a single person with as much financial security and confidence as possible.
Request a confidential case evaluation with our McKinney property division attorney. Call us at (469) 716-6893 or contact us online to get started.
Marital Property & Debt Division in Texas
Texas follows the community property system, meaning all assets and debts acquired during the marriage are considered "community property" and are subject to division in a divorce. However, this does not automatically translate to a 50/50 split. The law stipulates that the division should be "just and right," considering factors such as each spouse's income potential, health, fault in the breakup of the marriage, and the best interest of children, among others.
Community marital property in Texas can include:
- Income: All wages, salaries, bonuses, commissions, and other income earned by either spouse during the marriage.
- Real Estate: Any real estate purchased during the marriage, including the family home, vacation properties, rental properties, or land.
- Vehicles: Cars, trucks, motorcycles, boats, or other vehicles purchased during the marriage.
- Furniture and Household Items: This includes appliances, electronics, artwork, jewelry, and other tangible items purchased during the marriage.
- Investments: Stocks, bonds, mutual funds, retirement accounts, pensions, and other investment accounts contributed to during the marriage.
- Business Interests: If a business was started or acquired during the marriage, it's typically considered community property. This also applies to any increase in value or profits of a business during the marriage.
- Debts: Just as assets are shared, so are debts. This can include mortgages, car loans, credit card debt, and personal loans incurred during the marriage.
- Gifts Given to Each Other: Any gifts spouses give each other during the marriage are generally considered marital property.
- Intellectual Property Rights: Copyrights, patents, and royalties earned during the marriage are considered community property.
Separate vs. Community Property
Separate property, which includes assets owned before the marriage, gifts, inheritance, and personal injury awards, belongs to the spouse who acquired it and typically remains theirs after a divorce.
However, proving separate property can be complicated, especially if assets have been blended or mixed with community property during the marriage.
One typical example of commingled property that can be contested in a divorce is a house purchased before the marriage by one spouse (thus initially considered separate property), but where both spouses contribute to the mortgage payments or home improvements during the marriage.
Resolving such disputes often requires tracing the funds back to their source to determine what portion of the property is separate and what portion is community. This complex process often requires professional valuation and, potentially, even forensic accounting.
High-Value Assets & Other Complications
High-value assets, businesses or business interests, professional practices, overseas accounts, retirement accounts, pensions, and hidden assets can further complicate property division.
For instance, valuing a business for division purposes can be intricate and often requires professional expert valuation. Similarly, dividing retirement and pension plans may necessitate a Qualified Domestic Relations Order (QDRO). Hidden assets, where one spouse conceals assets to avoid division, can also add complexity, requiring thorough investigation and asset tracing.
For LGBT couples, property division can be challenging due to the historical lack of legal recognition for same-sex relationships. This can impact how long the couple is considered to have been married and which assets qualify as marital property.
Impact of Prenuptial & Postnuptial Agreements on Division
Prenuptial and postnuptial agreements can significantly impact property division. These legally binding contracts allow couples to decide how their assets and debts would be divided in the event of a divorce, providing clarity and potentially simplifying the division process.
However, for these agreements to be enforceable, they must meet specific legal requirements, such as full disclosure of assets and independent legal counsel for both parties.
```
Hear From Our Happy Clients
-
"Melody is the attorney who took the bull by the horns."
You don’t know what you don’t know. However, you do know when something is not working out. With that said, I went through a couple of attorneys before being represented by Melody Petitt and that made all the difference.
I will start off saying that the divorce process is like a game. And the law is the rule book, which is a constant that does not change. Where the game gets interesting are the players involved, petitioner, respondent and legal team. Every case is unique, yet some attorneys approach the process as if it’s all the same. However, in my case, we were dealing with a high conflict personality; and, it cannot be taken lightly. Unlike my prior attorneys, Melody jumped on my case and took the time to really understand my situation and what we were dealing with. She took the time to educate me on the law and how it applied in my situation, whether it was something I wanted to hear or not. The law is the law. She knew how to deal with the opposing party. Strategy was the key, and she was prepared for anything. She earned my trust and with that trust, she help make this process tolerable. Most importantly, she was able to get my case wrapped up in a timely manner with a desirable outcome. An outcome that would not have been possible otherwise. I highly recommend Melody Petitt.
- Dai -
"She was an excellent partner through the whole process."Melody handled my case with care & logic. She challenged me when I was leading with emotional rather than logic, and understood when she needed to pull back. She was an excellent partner through the whole process, and I have already recommended her to others.- Anonymous
-
"Melody is a great family lawyer."Melody and the firm’s staff gave us excellent assistance in our successful effort to gain custodial control of our grandson. She guided us through the process, timely filed all documents and gave us great representation in the court proceedings.- Steven
-
"Smart, quick, and thorough."Melody Petitt handled my case quickly and thoroughly. I was so happy with her dedication to keeping my family and I safe and getting the proper legal measures in order. She was able to get my Protective Order filed and eventually won while keeping me informed and confident through the whole thing. I would highly recommend her to anyone.- Anonymous
-
"Simply the best lawyer I have ever had."Simply the best lawyer I have ever had. I have had the pleasure of having her work on my case for a year. She is full of information and guidance. She is not afraid to tell you if what you think is a bad move and direct you in the right direction. She will not let you down.- Anonymous
-
"Amazing results. My only regret is not hiring her initially several years ago."
Melody exemplifies everything that I needed in an attorney. She followed through on every aspect of what she said she would do. Along the way, she always kept my interests in mind when following up with the courts and giving me closure. All this in just a few short weeks before closing out the 2020 year during a pandemic.
In my previous experiences, I’ve always had to chase down my attorney or come up with the solutions on my own. Melody was the exact opposite of that. Replies were very timely, and she came up with solutions prior to discussing with me with any setbacks that would come up.
My only regret is not hiring her initially several years ago.
- Anonymous -
"Words can’t express my gratitude, thank you Melody!"Custody situations are not fun and as a father, it always seemed like an uphill battle but because of Melody I had not the best legal representation but a group of people who had my back and made sure that my son’s best interest was always THE priority. Melody was relentless in ensuring that the job was done right and successfully. Words can’t express my gratitude, thank you Melody! THANK YOU FOR MAKING THINGS RIGHT!- Josh
-
"Excellent, professional and knowledgeable staff."Excellent, professional and knowledgeable staff. Always ready to serve your family law requests.- Ross
Why Choose Petitt Family Law?
-
Hundreds of Satisfied ClientsWork with a dedicated law firm with positive reviews from happy clients.
-
20+ Years of ExperienceAttorney Melody Petitt has over 2 decades of family law experience.
-
Start with a Quick & Easy ConsultMeet with Petitt Family Law during a virtual consultation!
-
Family Law Is All We DoOur law firm focuses all of our practice on family law.