Property Division

Property & Asset Division Attorneys in Denton County, Collin County, & Tarrant County

At Coker, Robb & Cannon, Family Lawyers, our attorneys have the experience and knowledge necessary to guide you through each step of the divorce process, including the division of assets and property. This area of divorce proves to be one of the most complicated and time-consuming as it requires an ability to thoroughly investigate and analyze all property, organize its monetary value, and negotiate an arrangement that works for each party.

In such an emotionally-charged situation, it can be extremely difficult for both parties to cooperate and make rational decisions. This is where we come in. Our role as your advocate is to provide you with the practical legal guidance and counsel that you need to protect your interests. With more than 110 years of experience among our team, we understand what it takes to avoid a disproportionate award and attain a favorable resolution.

The Importance of Protecting Your Property Rights

Divorce can be a complex and emotionally challenging process, especially when it comes to dividing assets and property. It is crucial to protect your property rights during this time to ensure a fair and equitable outcome. At Coker, Robb & Cannon, Family Lawyers, our experienced property division attorneys understand the intricacies of Texas family law and can provide the guidance and advocacy you need.

When it comes to property division in Texas, it is important to note that the state follows community property laws. This means that any property acquired during the marriage is generally considered community property and is subject to division. However, there are exceptions, and certain assets may be classified as separate property.

Contact us today at (940) 293-2313 to schedule a consultation and discuss your case. We offer financing to help with retainer fees. Click here to see your options.

Why Hire A Family Attorney?

We have helped families just like yours through all types of divorce and family law-related matters. Find out how one of our Board-Certified Family Law Specialists can help you.

UNDERSTAND THE BENEFITS

How Is Community Property Divided in Texas?

Texas is a community property state. All income and property acquired during the marriage is considered "community property" and belongs to each of the spouses equally. This income and property needs to be divided equitably upon a divorce.

Texas statutes grant the courts the right to divide community property in whatever way the believe to be fair. Judges will consider the needs, interests, and rights of both parents and any children involved to determine a fair and reasonable property division arrangement.

Community property in Texas could include:

Bank accounts
Debts
The marital home
Cars and other vehicles
Any co-owned real estate
Other assets and property acquired during the marriage

Additional assets that will be considered include:

Pensions
Stock options
Savings
Retirement plans
Bonuses
Insurance policies

When navigating the process of asset division, it is important that each party is open and honest about the property that they own. Any discovery of hidden assets may sway a judge’s opinion of you, which could negatively impact the ultimate decision. Furthermore, if assets are discovered after the divorce is finalized, you will likely find yourself back in court.

Property Division & Taxes in Texas

When going through a divorce in Texas, it's essential to understand the tax implications associated with the distribution of assets.

Several aspects of property division can have tax implications:

Capital Gains Tax: When selling assets, such as real estate or investments, capital gains tax may apply. This tax is calculated on the profit made from the sale. In a divorce, if a property is sold as part of the division, both spouses should be aware of their potential capital gains tax liability.
Retirement Accounts: When dividing retirement accounts, such as 401(k)s and IRAs, the transfer should typically occur without immediate tax consequences. However, withdrawals or distributions from these accounts post-divorce may incur taxes, depending on the circumstances.
Spousal Support: Spousal support, also known as alimony, is typically taxable for the recipient and tax-deductible for the payor. Understanding the tax implications of spousal support is crucial when negotiating the terms of a divorce settlement.
Child Support and Property Division: Child support is not deductible for the payer, nor is it taxable income for the recipient. It is essential to distinguish between child support and property division to avoid unintended tax consequences.

To minimize the potential tax burdens during property division in a Texas divorce, here are some strategies to consider:

Offsetting Assets: Rather than selling assets and incurring capital gains tax, consider offsetting the value with other assets. For example, one spouse may keep a valuable piece of real estate while the other receives an equivalent amount in cash or other assets.
Qualified Domestic Relations Order (QDRO): When dividing retirement accounts, a QDRO can be used to specify how the assets will be transferred, allowing the receiving spouse to roll over the funds into their retirement account without immediate tax consequences.
Consider Tax Basis: When deciding which assets to retain or sell, consider the tax basis. Assets with a lower tax basis may result in higher capital gains when sold.
Professional Advice: Consult with financial advisors and tax professionals who specialize in divorce-related issues. They can help you navigate the complexities of property division and taxes.

What Is Considered Separate Property?

In Texas, "separate property" is any property that was acquired or owned before the marriage and was kept separate throughout the marriage, as well as some types of property that were acquired during the marriage.

Separate property that can be obtained during a marriage and is not divisible in a Texas divorce include:

Gifts
Inheritances
Compensation from personal injury claims (unless it is intended to compensate for the loss of earning capacity)
Property gifted from one spouse to the other

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Worked with Lauren and Nicole. The entire process was seamless and moved quickly. They kept me updated throughout the process and answered any questions I had. I could not have asked for a better experience! Would definitely recommend!

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I have used Duane Coker for several legal issues over the past seven years. Each time he was always honest with his advice and very aggressive in pursuing my best interest in the situation. I would highly recommend him to anyone.

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Coker, Robb & Cannon, Family Lawyers helped us with our first Will document 15 years ago and helped us to update it recently. We were leaving the country and needed the documents done quickly. They asked all the important questions and completed the documents in a timely manner. We would trust Coker, Robb, & Cannon with all of our family concerns.

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Ms. Killebrew and those I interacted with in her office were very professional. Yet, I felt they knew who I was when I would contact the office and treated me with respect. I felt heard when I expressed concerns and was given answers to my questions when I didn't understand what was being presented. I appreciated the time and options given to me to help move my case forward to the desired outcome.Very professional, honest and knowledgeable.

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Coker, Robb & Cannon, Family Lawyers made my divorce process easy even in tough circumstances. The whole team was professional and quick, which really eased my stress. So grateful.

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Very professional and attentive staff. Chasity and Nicole did a great job. Chasity especially, who kept in communication with me the most was very easy to work with, provided great communication and proficient follow up when I had any questions. She made this process so seamless and showed much care and concern. I would highly recommend their services.

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“Professional service, while taking time to know your case personally!”
I had the opportunity to work with Kimberly Killebrew at Coker, Robb & Cannon, Family Lawyers. She, as well as those who were on her legal team, treated me with understanding as I went through a time when I needed legal representation. I was not familiar with all steps that was needed to move through the legal process, but was able to feel comfortable and given the chance to ask questions until I did feel comfortable with what was needed to reach an acceptable outcome for my case. I appreciate the service I received at Coker, Robb & Cannon, Family Lawyers and would recommend their legal representation to anyone who may find themselves in need of legal direction. Thanks so much, Kimberly!!

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Valuing and Dividing Retirement Accounts in Texas

In Texas, like many other states, retirement accounts are typically considered community property subject to division when a marriage ends. This includes retirement accounts like 401(k)s, IRAs, and pensions that were funded or earned during the marriage.

The first step in dividing retirement accounts is determining their value. The value is often calculated at the date of marriage and the date of divorce, and the increase during the marriage is considered community property. Accurate valuation may require the assistance of financial experts, such as actuaries or financial advisors, to ensure fairness.

To divide a retirement account, including pensions, a Qualified Domestic Relations Order (QDRO) is essential. This court order outlines how the retirement plan should be divided between the spouses. A QDRO must be approved by the plan administrator and the court to ensure that it complies with federal and state regulations.

It's crucial to consider the tax implications of dividing retirement accounts. Transferring retirement assets between spouses through a divorce is typically a non-taxable event. However, taxes may apply when funds are withdrawn or distributed later on, depending on the type of account and the circumstances.

Business Ownership & Divorce

Business ownership is considered community property if the business was established or substantially grown during the marriage. Determining the value of the business is the first step in the property division process.

Valuation methods can vary depending on the nature of the business, but they often include assessing assets, cash flow, market value, and the business's earning potential. Hiring a professional business appraiser or financial expert is often necessary to ensure an accurate valuation.

Once the business's value is determined, couples must decide how to divide this asset. Several options can be considered, including:

One spouse buys out the other: If one spouse wants to retain the business, they can buy out the other's share, either through cash payments, the exchange of other assets, or a structured payment plan.
Co-ownership or partnership: In some cases, couples may choose to continue co-owning the business, even after the divorce. This can be a viable option if they can maintain a working relationship.
Selling the business: If neither spouse wants to continue running the business, they can opt to sell it, and the proceeds are divided between them as part of the property settlement.

Why Choose Coker, Robb & Cannon, Family Lawyers?

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Working Hard to Achieve the Best Results Possible
Deeply Committed to Listening & Helping You

Let Coker, Robb & Cannon Be Your Advocate

Our team understands the difficult nature of property division and wants to help you protect your interests. When you meet with our attorneys during an initial consultation, you can voice your needs and concerns. Should you choose to retain our representation, you can trust that your needs will be exhaustively pursued.

The Benefits of Working with Coker, Robb & Cannon, Family Lawyers

Our Texas asset division lawyers are well-versed in the specific laws and regulations surrounding property division. We will work closely with you to understand your unique circumstances and develop a personalized strategy to protect your rights and maximize your property division outcome.

Why choose Coker, Robb & Cannon, Family Lawyers?

Extensive experience in family law and property division cases
Proven track record of successful outcomes for our clients
Personalized attention and tailored legal strategies
Compassionate and understanding approach
Strong advocacy and negotiation skills

At Coker, Robb & Cannon, Family Lawyers, we prioritize client satisfaction and strive to provide the highest level of legal representation. Our team is dedicated to protecting your rights and ensuring a fair and favorable property division outcome.