Denton Property Division Attorneys
Texas Asset Division Lawyers Serving Denton, Collin, and Tarrant Counties
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.
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.
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
- 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:
- Stock options
- Retirement plans
- 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.
- Tammy V.
It was a pleasure working with Attorney Sheba George. She was diligent and thorough with each detail on an update of a name change. You can count on her to get the job right.
Duane and I have a mutual friend and business associate. I was well into a legal matter, and Duane very graciously spent over a full hour on the phone with me. He patiently listened and offered superb advice on how to proceed, all without asking for anything in return. I can’t recommend him enough. Very smart, honest, and a genuine nice man.- Chris Hughes
I’ve consulted with Duane L. Coker, and the Coker, Robb & Cannon, Family Lawyers team, on a couple occasions. The team there has always been exceptional and Duane’s advice spot on. Since my experience, I’ve referred several of my clients there for their family law matters and they’ve all reported that they’ve been well-served and that the customer service they’ve received from the staff has been top notch!”- Mary
- Miriam M.
Thank you Mr.Hart for your help. He and his team had great communication. Answered all questions I had and at the end, I was very pleased with my result in my case. I definitely Recommend you use this Law firm.
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.- April Wilkinson
Truly one of the most professional & knowledgeable attorneys I have had the pleasure of working with.- Jay Marks
- Jimmy V.
They made my divorce easy even in a difficult situation. I was stressed but they handled everything professionally and fast. I’m so grateful to the team. If you need a simple divorce they are the perfect choice.
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!!- Karen D
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.
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.
- Protect Your Assets with Marital Agreements
- Property Characterization & Asset Tracing: Proving Separate Property in a Texas Divorce
We promptly return all calls and are ready to speak with you. Contact us today at (940) 293-2313 to speak with a Denton, Collin, and Tarrant County property division lawyer! Video consultations available.