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San Antonio Complex Property Division Attorney
San Antonio Complex Property Division Lawyer Serving Bexar County
In nearly every divorce, a couple will need to address issues related to their property, assets, and debts. It is important to understand the difference between community property and separate property, and all assets that a couple owns together will need to be divided between them. In some cases, the property division process may be relatively straightforward, and in an uncontested divorce, a couple may be able to reach agreements on who will own what items, ensuring that both parties will have the necessary financial resources going forward. However, there are a variety of complex assets that can complicate these matters, and spouses will need to make sure to understand the best ways to handle these issues as they work to end their marriage.
With extensive experience in family law cases involving divorce, child custody, and related matters, Brandon Wong & Associates is well-equipped to handle situations involving complex property division. Whether you own or have interest in a successful business, you have an impressive real estate or investment portfolio, or you have other assets that fall outside of those typically divided in a Texas divorce, you can be confident that we will be able to help you protect your interests during the divorce process. Our attorneys have been recognized for our strength in handling property division involving substantial marital estates, and we can advise you on the best ways to resolve these matters correctly.
We Understand the Nuances of Complex Property Division
Dividing assets and liabilities is about much more than properly classifying them as separate or community property. All property must be adequately appraised, and the right steps must be taken to avoid costly problems down the road. Property is not classified as separate simply because one spouse's name is on the deed or title. Community property law considers the nature of the property, when it was acquired, and how improvements were made. When addressing complex assets, we can ensure that spouses understand the present and future value of different types of property, and we can work with forensic accountants to trace the source of different assets to determine whether they are part of the marital estate, uncover any attempts by a spouse to hide assets, and ensure that a person will be properly reimbursed for their contributions to their spouse's separate assets.
We have the knowledge and skill necessary to understand and handle matters involving:
- Protecting business interests, including performing business valuations, defining the proportionate share of a business owned by the marital estate, and compensating a spouse for the value of business assets or contributions made to a business owned by the other spouse.
- Addressing ownership of retirement accounts and pensions, including creating qualified domestic relations orders (QDROs) that will allow these assets to be divided correctly without being subject to taxes or penalties.
- Determining how to handle ownership of real estate property, including evaluation and disposition of the marital home, vacation properties or second homes, commercial properties, and other real estate investments.
- Addressing other complex assets, including tracing oil and gas mineral rights and interests; determining the value of stock options, deferred compensation, and investment portfolios; and appraising and dividing vehicles, antiques, jewelry, and other valuable assets.
- Determining who will be responsible for making payments toward mortgages and other debts.
- Helping spouses understand whether gifts and inheritances are community or separate property or whether items purchased using these assets will be excluded from the marital estate.
- Determining how prenuptial or postnuptial agreements will affect the division of complex assets.
Asset Division FAQs
Answer: Under Texas law, community property in a divorce is divided according to what the court considers "just and right." Keeping this standard in mind, a judge can consider multiple different factors when dividing community property, such as each spouse’s financial resources and physical health and whether or not the collapse of the marriage was one spouse’s fault.
Answer: While an attorney is not required for complex divorce proceedings, it is highly advisable. Our lawyer can advise you of your rights during the property division process, looking out for your best interests during settlement negotiations or litigation.
Answer: Getting an accurate valuation of your business is important, as it can affect the total value of your marital estate. If your business is over- or undervalued, it could end up costing you thousands of dollars when you have to pay back your spouse’s interest in the business or sell the business and divide the proceeds.
Answer: There are multiple ways to value a business in a divorce. One common method involves comparing the sale of recent similarly-sized businesses to determine how much the business is worth. Another method involves weighing the business’s total assets and liabilities. Alternatively, the value of the business may be based on its present and future ability to generate revenue. Our attorney works with financial experts to ensure that all relevant factors will be considered during the business valuation process.
Answer: In Texas, any assets acquired during the marriage could be considered community property. This includes contributions to your retirement accounts. You may not have to divide your retirement assets if you can compensate your spouse with other community property. If retirement accounts will be divided, you can use a Qualified Domestic Relations Order (QDRO) to transfer retirement assets from one account to another without penalties for early withdrawal.
Answer: In order to remove your ex from a mortgage after a divorce, you will have to refinance the loan with your home lender. This is to ensure that your ex will not be held responsible for making payments after they have already left the home. If you intend to keep the home after the divorce, you must demonstrate to the lender that you have the ability to pay off the mortgage on your own.
Answer: Real estate property can be split any number of ways in a San Antonio divorce. If the real estate is considered community property, one spouse may have to buy out the other’s interest directly or by forfeiting other marital assets. In other cases, spouses can opt to sell a property and split the proceeds.
Answer: Marital debts are treated just like assets in a Texas divorce, which means that they should be divided fairly between the spouses. Debts accrued before the marriage are usually considered separate responsibilities, while debts accrued during the marriage are more likely to be split between the spouses. However, a debt acquired during the marriage could still be considered a separate responsibility if it was for the sole benefit of one party, rather than for the benefit of the marriage.
Answer: In Texas, real estate ownership is divided into surface rights and mineral rights, with the former including the land above ground, while mineral rights include the right to the natural resources below the property. If you owned the property prior to the marriage, your mineral rights may be considered separate property. Moreover, any income generated from your separate mineral rights by leasing the property out to a third party may be exempt from division in a divorce. However, mineral rights and the income they generate may be considered marital assets if property was acquired during your marriage.
Answer: As a general rule, any asset acquired during your marriage is likely to be considered community property. Exceptions to this rule may apply in cases where gifts are given to one spouse alone, such as inherited property. Property may also be excluded from division by a valid prenuptial or postnuptial agreement.
Contact Our Bexar County Complex Asset Division Attorneys
When you work with Brandon Wong & Associates, you can trust that your divorce will be handled by a law firm that has the necessary legal experience and qualifications to protect your financial interests. Contact our law office at 210-201-3832 to schedule your initial consultation.
From our office in San Antonio, we provide legal help to clients throughout Central Texas, including Converse, Seguin, Selma, Windcrest, Schertz, Live Oak, New Braunfels, Alamo Heights, Balcones Heights, Castle Hills, Hollywood Park, Shavano Park, Leon Valley, Helotes, Boerne, Bexar County, Comal County, Kendall County, Guadalupe County and Medina County.
Results listed are not a guarantee or indication of future case results.
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