Galveston County Property Division Attorney

Galveston Property Division Lawyer Serving Galveston County

If you are planning to get a divorce, there are many different issues that you will need to address, and many of the most important issues are related to your property and finances. As you and your spouse take an inventory of your assets and debts, you will need to determine how ownership of marital property will be handled, and you will also want to make sure you will be able to maintain control of any assets you owned before you got married. With the help of an experienced divorce attorney, you can make sure you will be able to address these issues correctly and take steps to maintain financial security as you move on following the end of your marriage.

At Daniel R. Bacalis, P.C., we work to help spouses complete the divorce process successfully. We make sure our clients fully understand the laws that apply to them, the best ways to resolve disputes, and the steps they can take to ensure that they will have the financial resources they need in the future. Whether you expect to have a contested or uncontested divorce, we can advise you on the best approach to take, and we will advocate for your interests as you work to resolve disputes related to your property and assets.

Dividing Different Types of Property During Divorce

The property owned by married spouses will usually be categorized as either community property or separate property. Community property includes assets or debts that were acquired by either spouse during their marriage. Separate property consists of assets owned by spouses before they were married, as well as gifts or inheritances received by one party at any time. While each spouse will be able to retain ownership of their separate property, community property will need to be divided between the spouses in a fair and just manner.

During a divorce, multiple different types of community property will need to be considered, including:

• Furniture and other household items - Spouses may be able to reach agreements on who should own the different items that are kept in their family home. Disputes may sometimes arise over items that may have sentimental value for one or both spouses, and determining the monetary value of these items can sometimes be difficult.
• Vehicles - Each spouse may have a vehicle that they primarily use, but a couple may need to account for differences in value between vehicles as they determine how to divide their property fairly.
• Real estate - In addition to the marital home, a couple may own other properties, such as vacation homes or other residential or commercial properties. While selling a property may be an option during divorce, one spouse may wish to retain sole ownership of their home. When doing so, they will need to make sure they will be able to cover the costs of ongoing mortgage payments and other expenses.
• Business interests - A family-owned business may be one of the most valuable assets a couple owns, and it may also be a source of income for one or both spouses. In some cases, a couple may choose to sell a business during the divorce process. However, maintaining ownership of a business may be preferable, and one spouse may "buy out" the other spouse's share of the business, or the spouses may choose to continue co-owning the business after their divorce.
• Financial accounts - A couple may be able to divide any funds they have in joint bank accounts, as well as any stocks or other investments they own. If either spouse owns a retirement account or will be entitled to pension benefits, these assets may need to be divided. When doing so, a couple can use a qualified domestic relations order (QDRO) to ensure that taxes or penalties will not apply to funds that are withdrawn or transferred.

Contact Our Dickinson Asset Division Lawyer

Gaining a full understanding of your assets and debts during your divorce can be a complicated process. Our firm can advise you on how to proceed as you determine how you and your spouse will divide your marital property. We will work with you to negotiate a workable divorce settlement, and we can advocate on your behalf in court if necessary. Schedule a free consultation today by calling us at 409-392-1511 or contacting us online. We assist with asset and debt division and other divorce-related issues in Hitchcock, Brazoria County, Texas City, Galveston, La Marque, League City, Galveston County, and Dickinson.