Prosper, TX Property Division Attorney

Lawyer for Dividing Marital Assets in Collin County and North Texas

The divorce process may bring up many different issues for different couples, but one issue that all divorcing couples will need to resolve is the division of marital property. The property division process may be rife with both personal conflict and financial concerns, and it is important for spouses to begin the process with a clear understanding of their priorities and a strategy for protecting their interests.

At Pfister Family Law, we know that your property and assets are important to you, especially during a time of upheaval in your life. We will help you understand how Texas divorce laws apply to your situation, and we will represent you in settlement negotiations or litigation to help you achieve a fair outcome. Our attorneys have multiple decades of legal experience, and we are passionate advocates for our clients.

How is Property Divided in a Texas Divorce?

Many different factors can influence the outcome of the division of assets in a Texas divorce. Some of the most important factors include the types of assets that the couple owns and whether they qualify as community or separate property.

A couple with relatively few assets, perhaps limited to the funds in their bank account and a few valuable personal items, may have an easier time dividing their property in a divorce. On the other hand, a high net worth couple may have many valuable and complex assets that are more difficult to divide fairly without losing value. Depending on the situation, you and your spouse may need to decide how to divide some or all of the following:

• Homes and other real estate properties
• Savings, checking, and investment accounts
• Retirement accounts including 401(k)s, IRAs, and pensions
• Business assets
• Vehicles and other valuable items

Importantly, however, Texas law only requires the division of the spouses' community property. Generally, this means the property and assets acquired by the spouses during their marriage. Any property you owned before getting married may be considered separate from the marital estate, meaning you can keep it for yourself. Separate property can also include assets you have acquired during your marriage through a gift, inheritance, or personal injury settlement.

Property Division Negotiations and Litigation

Texas courts presume that each spouse has an equal interest in community property and that it should be divided in a way that is "just and right." However, there is more than one way to arrive at a fair resolution. The method that allows you the most control over the outcome is to negotiate a property division agreement with your spouse.

You can establish the terms of the division of property well in advance of your divorce by working with your spouse to create a prenuptial or postnuptial agreement. If you do not have a prenup or postnup, you can still work out an agreement with your spouse during the divorce process. These agreements can help each spouse achieve their priorities, and they are generally legally enforceable.

The court will step in to decide how community property should be divided when spouses cannot reach their own agreement, but this does not necessarily mean that all assets will be divided in half. Throughout the process of litigation, the court will hear arguments from each spouse and their attorney. The judge will then issue a final decision after considering factors like the needs of each spouse and their children, the income and earning abilities of each spouse, and any evidence that a spouse has dissipated or hidden assets.

Contact a Prosper, TX Asset Division Lawyer

Whether you are negotiating property division in an uncontested divorce or fighting for your interests through litigation, we can provide the representation you are looking for. For an initial consultation, contact us today at 972-954-6455. We represent clients in Frisco, Collin County, Tarrant County, and the surrounding areas in North Texas, including Prosper, Denton, Dallas, Prosper, Little Elm, The Colony, Plano, McKinney, Rockwall County, Sherman County, and Hunt County.