Lewisville Division of Assets Attorneys
When a couple decides to get a divorce, a major process they will have to go through is splitting their assets. Assets are considered to be any property or item of value, such as houses, vehicles, property (land), bank accounts, and more, that are owned by both partners. While there are assets that are recognized by law as owned by only one of the partners, many assets are viewed as marital property and will need to be divided among the separating partners.
Although some people are able to fairly and easily divide their assets, this is a process that commonly becomes contentious and stressful for many divorcing couples. Because of the laws in Texas and both parties striving to get exactly what they want, dividing assets can easily become a long, drawn-out process. Thus, many people choose to seek the professional support and advice of legal professionals in order to protect their interests and more easily navigate this potentially frustrating process.
Assets Divided in Divorce
During divorce, dividing assets is complicated by a number of factors, including what property is viewed as marital property and what is individual property. Additionally, other factors, such as debts and children, must also be considered when reaching a fair settlement. In order to divide assets, it is critical to know that the following are usually considered individual property:
- Anything a person brings into a marriage
- Any property or assets a person inherits prior to or during the marriage
- Money and assets received as a result of a personal injury settlement
- Assets gifted to a person during the marriage
While these assets will be considered the asset of one individual, should that asset be used for marital purchases or become a jointly owned/used property during the marriage, it will become joint property that must be divided between the two spouses during divorce.
Divorce negotiations can be stressful, especially regarding disagreements in asset division. However, an experienced attorney from Alexander & Associates can help you through this difficult process. We can help you better understand the asset division process and also prepare you for the divorce negotiations that you may face. Talk through your concerns with us today by calling (972) 420-6560.