League City Complex Marital Estates Attorney
In Texas, when a married couple does not have a premarital agreement and chooses to go through a divorce, their property will be divided according to the state’s community property laws. Unfortunately, this can be a difficult process when the parties have a substantial amount of both community property and separate property. Determining the nature and value of assets becomes crucial in complex marital estate cases when property division is contested, making it extremely important to obtain the advice of an experienced League City marital estate attorney.
Generally, Texas law states that all property acquired prior to a marriage remains the exclusive property of the owner unless it has been commingled with marital property. However, any property obtained by the couple (with a few exceptions) during the marriage is considered community property and must be divided according to what the court deems just. Any type of asset can be identified as either community property or separate property, including:
- Real estate;
- Business interests;
- Personal property;
- Retirement and investment accounts;
- Stocks and bonds; and
Separate property generally falls under one of the following categories:
- Property owned before marriage;
- Assets acquired through inheritance;
- Property acquired as a gift; and
- Recovery obtained in a personal injury lawsuit.
Determining whether property is categorized as separate or community property can be especially difficult in high value marital estates cases due to the likelihood that assets were at some point commingled and that large purchases were made with a mixture of separate and marital assets.
At Conner & Lindamood, P.C. our experienced League City divorce attorneys recognize and have significant experience in handling complex marital estates. We work closely with the most qualified and well-regarded financial experts in the area to ensure that all assets are accounted for and fairly divided.
Cases involving complex marital estates require extensive financial research, documentation, and professional valuations. At Conner & Lindamood, P.C. we handle these types of cases with a three step approach, which includes:
- Identifying all community property, separate property, and hidden assets;
- Conducting an in-depth investigation into the nature, value, and origin of all assets; and
- Conducting a valuation of all assets that may be subject to property division.
In Texas, courts often decide whether an asset qualifies as separate property or community property by applying the inception of title rule. Under this legal theory, the court only assesses the character of the property at the moment it was acquired or when a right of claim was established. Based on this information, the court then determines whether an asset qualifies as community property. In other cases, Texas courts use a method known as tracing, which requires determining the source of the funds used to purchase the property in question. If the source of the funds cannot be traced, courts usually label the assets as community property.
The attorneys at Conner & Lindamood, P.C. are familiar with both methods of property identification and so ensure that our clients are able to provide the court with all financial documents and valuations necessary to ensuring that your assets are not labeled community property by default.
Contact an Experienced League City Complex Marital Estates Attorney Today
If you and your spouse each own high value assets and are considering a divorce, please contact the law firm of Conner & Lindamood, P.C. by calling 281-942-6475 and we will do our best to help you obtain a fair and just property settlement.