Laredo Property Division Attorneys
Providing Clarity on Matters Concerning Rights to Assets in Texas
In the aftermath of a divorce, the courts will decide to divide assets and debts between the parting couple. It's crucial to know your rights to decide how best to move forward. An experienced Laredo property division attorney can explain all relevant laws to your situation, making it clear exactly which assets you can legally claim. When you work with the Law Offices of Rudy Santos, L.L.C., you can feel confident knowing your needs and concerns are addressed correctly. We are committed to helping you move into the next stage of your life with your financial stability intact.
Not sure how to proceed with your case? Get a personalized evaluation when you call (956) 476-3337.
Division of Property: What Are Your Marital Asset Rights?
The divorce process doesn't just impact you emotionally; there can also be a slew of financial implications. In the eyes of the law, a married couple is a single unit. When that unit makes the conscious choice to uncouple, the unraveling of assets and debts requires a great deal of examination. There may be substantial assets that your ex-spouse doesn't want to share with you to which you have a legal right. Our Laredo property division lawyers can help you review the items you shared with your former partner so you better understand your rights and which assets you can claim.
Things to know about the division of property in Texas:
- There's no guarantee of a 50/50 split. The law allows for assets and debts to be split according to what's "fair and just." Depending on the circumstances, that might not reflect a 50/50 split between ex-spouses.
- Inheritance and wages can be included as community property. It's best not to assume your earnings will automatically be deemed separate property. You may have to prove in court that these assets were in your possession before the marriage or demonstrate reasons they shouldn't be shared in the divorce.
Types of Marital Assets
It's important to understand to develop a complete picture of the marital assets so both parties appreciate what's at stake and can come to an agreement as to which party will be leaving the marriage with certain items or debts.
- Separate property is anything that can be proven to belong to one spouse.
- This could include a home purchased before marriage, an inheritance received by one spouse, capital gains on separate investments, or money received for personal injuries.
- Additionally, separate debt is incurred before the marriage, whether a student loan or credit card debt.
- Everything that cannot be verified as separate property. This often refers to items purchased during the marriage. It doesn't matter who earned the money used to purchase it or whose name is on the title.
- This also covers financial obligations or debts accumulated during the marriage.
What Is a Qualified Domestic Relations Order (QDRO)?
Certain assets, such as retirement accounts, represent a significant source of a couple's wealth. Generally, retirement accounts and benefits are considered community property, even if they were earned by one of the partners. As such, assets of this nature must be divided in a manner deemed fair by the court.
You will need the judge to sign a Qualified Domestic Relations Order (QDRO) to divide the benefits.
If you believe it will be equitable for each party to retain their benefits, you do not need to sign a QRDO. In either case, you should retain the services of a Laredo lawyer to help you obtain a fair property split.
Get the Help You Need! Call (956) 476-3337 Today.
It's best to avoid making any assumptions in general. The state of Texas is a community property state, which means that almost everything acquired during the marriage is considered to belong equally to both spouses. Therefore, you need to speak with a skilled attorney to understand where you stand and your options for maintaining as ideal a financial outlook as possible. Reach out to the Law Offices of Rudy Santos, L.L.C. to speak to our caring team of experienced attorneys. We pair compassionate service with a strong work ethic. personalized case evaluations are available.