One of the most frustrating parts of a divorce is often dividing marital property. Each spouse may want maintain as many of these assets as possible as well as protect the items that are important to them.

Divorcing spouses who do not have a family law attorney may find themselves overwhelmed by this process. If you and your spouse are struggling to divide your assets and debts as you manage your divorce, a Pflugerville property division lawyer could help support you.

State Marital Property Laws

According to state law, any assets acquired by the couple throughout the course of the marriage is marital property, although there are some exceptions to this rule. Marital property may include:

  • The marital home
  • Any vehicles
  • Savings accounts
  • Stocks, bonds, and other direct investment assets
  • Retirement accounts

During the asset division process, a couple must settle on a fair and equitable division of their property. It is important to note that this division does not necessarily have to be perfectly equal as long as it is just and fair. For example, each spouse might decide to keep their own vehicle, even if each car does not have the same value. Additionally, the law will not look favorably on a situation where one spouse who tries to take the majority of the assets from the marriage. Many couples find that a competent Pflugerville lawyer could assist them in navigating the division of their property.

What Types of Assets are Separate Property in Pflugerville?

While most property acquired during a marriage counts as joint assets, there are some exceptions to this rule. Some of these exceptions include:

  • Property or assets owned by one spouse prior to the marriage, especially property protected by a prenuptial agreement
  • Gifts and inheritances acquired during the marriage that were specifically given to one spouse
  • Financial damages recovered for serious injuries suffered by one party
  • Property gifted from one spouse to the other, including items like jewelry. This could include wedding and engagement rings

How Can a Pflugerville Asset Division Attorney Help?

The property division process is an important one because it often determines the financial stability of each party. Therefore, it often becomes an incredibly contentious process. Fortunately, a lawyer in Pflugerville could help a parent through the property division process by protecting their client’s individual investments and assets, such a portion of a joint retirement account an investment in the marital home.

Additionally, an attorney does not have an emotional interest is the case. This unbiased opinion could help two negotiating parties make critical decisions about certain assets that might otherwise cause conflict. A lawyer could help two spouses discuss whether one spouse can afford the house alone or if it is worth giving up one asset to receive another in return. Our team could give an unbiased look at the potential long-term implications of these decisions, then advocate on behalf of our client.

Speak with a Pflugerville Property Division Attorney

Initiating a separation or divorce can be a difficult and stressful undertaking. Individuals attempting to navigate this process without the assistance of a lawyer can sometimes find themselves losing valuable assets.

If you are struggling to fairly divide assets during your divorce, or you want to make sure your rights are protected, a Pflugerville property division lawyer could help. Contact Angela Faye Brown & Associates today to learn more.