Denton County Property & Asset Division Attorneys
Experienced Property Division Legal Guidance in 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.
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
- 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.
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- Jason
Shelby Hart is one of the many reasons to use this firm!! I had a very difficult case which involved children and finances, among other factors. When I first called the law firm I was unsure of what to expect, but was assured Shelby was the right lawyer for my case based on the specifics. They were not wrong. From day one, Shelby, was attentive, specific, empathetic, and worked tirelessly to make sure no detail was overlooked. He was very good at keeping me focused, even when emotions were high. I couldn't be happier with the outcome of my case and I know it was all due to Shelby's impeccable instincts and and experience. I would highly recommend Shelby to anyone. You won't be disappointed.
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I recently had the privilege of working with Shelby for my divorce and custody proceedings, and I am absolutely delighted with the exceptional level of support and expertise he provided. Throughout the entire process, Shelby demonstrated unwavering professionalism and dedication. Shelby listened attentively to my concerns, fears, and wishes, ensuring that I felt heard and understood. He provided comprehensive guidance, addressing all my questions and explaining complex legal matters in a way that was easy to comprehend. The success I achieved in securing international custody of my children stands as a testament to Shelby's expertise and unwavering diligence. His remarkable ability to achieve such outcomes in such a difficult case is a true testament to his capabilities. He also displayed genuine care and empathy throughout the entire process. His compassion and understanding made me feel reassured. I would wholeheartedly recommend Shelby to anyone in need of a family lawyer.- Asif
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Mr. Pax did an excellent job with my divorce from the consult to final disposition. He made the process easier than I expected, since I was moving during the divorce process. He always had time to answer questions and set appropriate expectations. He and the staff worked around my sometimes odd schedule to get things done. I found everyone I interacted with to be friendly, professional and courteous. I would recommend them to anyone else needing a divorce attorney.- Patricia
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Truly one of the most professional & knowledgeable attorneys I have had the pleasure of working with.- Jay Marks
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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.- Jimmy V.
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I will never be able to put into words how Thankful I am for my Attorney Malorie Crosley and Paralegal Toya Brown. They have been there for me every step of the way during this difficult time. Whenever I had a question they ALWAYS responded in a timely matter. If you are looking for a professional team of ladies to have your back look no further! If I could give a million 5 star reviews I would!- Patrice C.
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I recently had the privilege of working with Shelby for my divorce and custody proceedings, and I am absolutely delighted with the exceptional level of support and expertise he provided. Throughout the entire process, Shelby demonstrated unwavering professionalism and dedication. Shelby listened attentively to my concerns, fears, and wishes, ensuring that I felt heard and understood. He provided comprehensive guidance, addressing all my questions and explaining complex legal matters in a way that was easy to comprehend. The success I achieved in securing international custody of my children stands as a testament to Shelby's expertise and unwavering diligence. His remarkable ability to achieve such outcomes in such a difficult case is a true testament to his capabilities. He also displayed genuine care and empathy throughout the entire process. His compassion and understanding made me feel reassured. I would wholeheartedly recommend Shelby to anyone in need of a family lawyer.- Anonymous
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We are from California and we needed a local probate attorney. After calling around and speaking with 3 different attorneys, we settled on Coker, Robb & Cannon, Family Lawyers. Tyler Livingston and his staff were amazing and very efficient. Even though we are in California, he kept us up to date. He settled our case in 5 months and we are extremely grateful for the service we received. If you are looking for a highly-skilled, affordable attorney, this is the firm we recommend.- Helena R.
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.
Retirement Accounts and Varying Circumstances
When it comes to property division, determining how to divide retirement accounts is often an important and complex issue to address. That’s due in part to the fact that there are a number of issues that make the process a case-by-case matter, such as:
- Different rules and procedures – Retirement account division is subject to complicated procedural rules and calculations, which can also vary depending on the type of pension or retirement system involved. For example, federal pensions are subject to different rules and guidelines than those used by local or state governments, the military, large corporations, and other retirement systems.
- Terms of a plan – Certain retirement accounts, such as a 401(k), may have unique and specific terms when it comes to what is allowed and what is not. For example, some terms may allow funds to be distributed at the time of divorce (with tax penalties), and others may require the plan holder to retire before distribution.
- Prenuptial/postnuptial agreements – Marital agreements, including prenuptial or postnuptial agreements, if spouses have one, may impact which assets are to be included in a marital estate during divorce. That may include pensions and retirement accounts.
- Both spouses have a retirement account – When both parties in a divorce have their own respective retirement accounts, Texas courts often choose to award each spouse their own account, if they are nearly equal in value, or use other assets to offset the difference. In these situations it is important to know and be able to prove the real present value of an account because a pension and a 401(k) may have similar cash values, but very different values in the long term.
- Disproportionate division – Because property division is not necessarily equal, division of retirement accounts can be disproportionate. As mentioned above, this may happen when both spouses have retirement accounts of different values, but also when other factors are involved, such as custody of any children, divisible debts, unequal earning capacity, and separate property estates.
The Type of Retirement Accounts
The type of retirement account, pension, or benefit plan is of crucial importance. Different retirement accounts and plans may have different terms enforced by the plan’s administrator and may be subject to different regulations, tax laws, and other rules. The vast differences and intricacies of different retirement accounts require tailored approaches and careful consideration of unique issues and laws involved.
Common types of retirement accounts divided in divorce include:
- Defined contribution (DC) – A defined contribution (DC) plan is one where an employee, or an employee and an employer who matches retirement, makes contributions on a regular basis. This is the case with a 401(k) a person may have through their work, as well as profit sharing, thrift savings, and employee stock ownership plans
- Deferred compensation – Deferred compensation plans are a type of defined benefit plan, or pension, where employers promise a specified monthly payment during an employee’s retirement, or a lump-sum upon retirement based on an employee’s earning history, length of employment, and age. While less common than defined contribution plans, they are still used by some corporations and by various public entities.
- Employment-specific retirement – Certain professions have highly specific retirement benefits that need to be addressed properly during divorce. These may include pensions, funds, and plans for police officers, teachers, firefighters, and others that may be subject to unique tax treatment, federal ERISA law, and other applicable regulations.
- Military retirement benefits – Military pensions and retirement accounts are also subject to unique rules and laws, including the SCRA, or Service-members Civil Relief Act, that can affect how they are division during divorce. Having an attorney with experience dividing military retirement benefits is critical to effectively navigating the process.
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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Video Consultations & Meetings Available
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Voted Best Family Law Firm & Best Law Firm in Denton County
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Working Hard to Achieve the Best Results Possible
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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.
Recommended Reading:
- 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.
