League City Trust Fund Assets Attorneys
One of the most complex issues in any divorce proceeding is how property will be divided between the parties. Texas law requires that couples divide community property, or assets obtained during the marriage, equitably. This applies to income, real estate, and personal property, but can also include the contents of retirement accounts and trusts. If you are a resident of League City and are considering a divorce, it is important to ensure that your assets are protected. An experienced trust fund assets attorney can advocate on your behalf and take all necessary steps to ensure a fair property settlement. At Conner & Lindamood, P.C. our League City trust fund attorneys have decades of experience negotiating property division and can clearly explain how all assets, including those contained in a trust, may be divided in a divorce.
Dividing Trust Fund Assets
The community property laws in Texas apply to all assets obtained during marriage, including trust accounts, which means that trust assets must also be divided equitably between the parties. However, if a trust was established before the marriage took place, its contents may be considered separate property. Even when a trust was established prior to a marriage and designated as separate property, it may still be subject to division if any of the funds were commingled with marital property. For example, if one spouse deposited assets from a trust fund into a marital checking or investment account, the assets have become commingled with marital property and may be subject to division. If a party uses funds from a trust account to make a down payment on the family home, or even to make repairs, those funds will cease to be considered separate property for purposes of property division.
The division of a trust during a divorce can be an extremely complicated issue. Whether the assets are defined as separate property or community property will largely depend on the date the trust was established and whether the income from the trust was commingled with marital assets. This means that to establish that a trust is either separate or community property, a party will need to trace the origin of the funds. This in turn can require an in-depth financial analysis by forensic accountants. At Conner & Lindamood, P.C. we work with some of the best accountants and financial experts in the area.
Contact a League City Trust Fund Assets Attorney Today
How property is divided during divorce proceedings can have a significant impact on the lives of all the parties. For example, if a party is expected to pay spousal support, a court will take into account the amount of any assets contained in a trust before determining an amount. If you live in League City and have concerns about whether your trust will be divided during divorce proceedings, please contact the law firm of Conner & Lindamood, P.C. by calling 281-486-6116 or by completing one of our standard contact forms. We’ll have a member of our dedicated legal team contact you as soon as possible to schedule an initial consultation with one of our experienced trust fund assets attorneys.