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Kerrville Division of Property Lawyer

Kerr County, Texas Property Division Attorney

While there are a number of financial issues that must be taken into consideration in a divorce, the division of community property is perhaps the most pressing for most couples. How property is divided can affect your taxes, credit and financial position after divorce. Understanding how marital property is handled and how to protect your interests is essential. In Texas, property is primarily divided into "community property” and “separate property." Community property typically includes commonly held property and assets like a home, cars, appliances, investments and anything else acquired during your marriage. This also includes a closely held business if it was incorporated after your marriage or commingled assets were used to expand or maintain it.

Separate property usually involves assets or property inherited, gifted or acquired before marriage. Additionally, monies from personal injury settlements or awards are also considered separate property. However, if separate property is commingled with community property, it may be subject to division. For example, if you used money from a car accident settlement to remodel your kitchen, the court will likely consider it community property.

How property is divided can be a complicated, contentious matter. To learn how we can protect your rights and interests, contact Kerrville property division divorce lawyer Patrick O’Fiel today. Call us at (830) 792-52918.

What Will the Court Consider When Dividing Communal Property?

When the court divides community property, it will do so in what it considers to be a “right and just” manner. This does not mean that the division will be an equal 50-50 split of all assets and property. Given the work history of each spouse, their earning potential, the lifestyle each is used to, the education level of each, who was at fault in the divorce and other factors, the split may be closer to "45-55" or "40-60." If a dispute arises regarding whether or not property is community or separate, "tracing" may be necessary — a process that can be both complicated and expensive.

If either spouse has a retirement fund subject to the Employee Retirement Income Security Act (ERISA), a Qualified Domestic Relations Order (QDRO) must be filed with the retirement plan’s administrator as well. However, whether it's a 401(k) plan or a pension fund, certain factors must be considered. As your divorce attorney, Patrick O’Fiel ensures all necessary paperwork is filed and pension plans accounted for.

Marital Debt and Divorce - Protecting Your Financial Future

If you and your spouse have joint lines of credit, any debt on those lines should be addressed in your divorce settlement. Additionally, in order to protect yourself during your divorce, a temporary order regarding bank accounts and the use of credit should be filed.

Keep in mind that your contractual agreement with creditors is not affected by the terms of your divorce settlement. This means that, if your soon-to-be-ex agrees to pay off the Visa bill, if he or she doesn’t (for whatever reason) the creditor that issued the card can come after you. As such, if you can enter into negotiation and exchange certain assets for paying off credit card debts or loans, it is wise to do so to prevent problems later.

Contact Kerrville Property Division Divorce Attorney Patrick O'Fiel

The division of community property and marital debt is important for how you are financially situated after your divorce. If you have questions about the division of community property and would like to learn how we can help you, contact Kerrville, Texas, property division divorce attorney Patrick O’Fiel today. Call us at (830) 792-5291.

Offering legal services throughout the Texas Hill Country, including Kerrville, Fredericksburg, Boerne, Bandera, Junction and surrounding areas.

For your personalized legal consultation call or email today - Local (830) 792-5291

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Patrick O'Fiel, P.C.

The Schreiner Building
200 Earl Garrett, Suite 206
Kerrville, TX 78028
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