Fight For What's Yours
Houston Divorce Attorneys Experienced in Property & Asset Division
Property division is often one of the primary focuses of a divorce. Because of its complexity, this step tends to be the most tedious and stress-inducing part of the process. It is imperative that you have an experienced and determined Houston divorce lawyer who can provide exceptional legal counsel throughout the entire ordeal.
At the Law Offices of Douglas Ray York, P.C., we offer accomplished and experienced Houston divorce lawyers who are capable of helping high-net-worth individuals handle all varieties of intricate asset division matters. We are accustomed to representing affluent Houston executives, professionals, and clients who have unique properties. Our attorneys are ready to meet with you to go over your financial and personal interests.
A Prenuptial Agreement May Not Always Cut It
If you have a marital agreement with your spouse regarding property division, it will likely shape the outcome of your divorce. However, based on your particular situation and the details surrounding the divorce, a marital agreement might not always be held as valid.
Whether you wish to prove or challenge the validity of an existing contract, our Houston divorce lawyers have the skill to thoroughly assess its terms and best represent your interests.
Why Proving the Status of Property is Essential in a Houston Divorce Case
Texas is a community property state, meaning that couples will equitably split any property that is classified as a marital property. By default, courts assume that all property is jointly owned. However, a couple may have previously deemed certain properties, including educational loans or a business, as separately owned.
You will need an assertive, detail-oriented Houston divorce lawyer to help protect your property. If your divorce attorney cannot effectively show that your property is separate through documentation, witnesses, financial expert testimony, and any other evidence presented, your soon-to-be ex-spouse could potentially receive it in the final award.
Our team at the Law Offices of Douglas Ray York, P.C., is capable of providing quality legal counsel when dealing with the following classification, valuation, protection, and distribution of complex assets:
- Multiple real estate properties
- Retirement accounts
- Business interests, stocks, and investments
- Personal belongings, collectibles, and vehicles
The proper classification of your marital and separate properties is critical to ensuring a fair divorce award. Through a combination of identifying all assets–including hidden or undervalued assets–and advocating for your interests, we can offer sophisticated guidance during your unique case.
Asset Division in Contested & Uncontested Texas Divorces
The division of assets is affected by the type of divorce filed: contested or uncontested.
In an uncontested divorce, the spouses come to an agreement on the division of property and assets, as well as child custody. In these instances, the spouses have not sought out an attorney or mediator to aid in this process.
In a contested divorce, generally a third party helps the spouses arrive at an agreement on the division of property. In a contested divorce, spouses may enter into mediation voluntarily or by court order.
Our experienced Houston divorce attorneys can help you to better understand which option is best for your specific situation. We work closely with clients to ensure they fully understand the consequences of accepting a contested or uncontested divorce and help to protect their best interests.
“Will My Spouse Get Half of My Business If I File for a Divorce in Texas?”
In high-asset divorces, businesses generally play a central role in asset division.
Because Texas is a community property state, only business assets or companies that were started during the marriage are subject to division. When one spouse contends this issue and claims a business as community property, the burden of proof is on the spouse claiming it as a separate asset. They will need to provide adequate evidence in court that the business is indeed a separate property.
The division of business assets is also affected by the type of business it is. Small companies or sole proprietorships with little revenue will generally go to the spouse who owns the business.
In situations involving large businesses or corporations with extensive assets, there may be instances where one spouse is awarded the business itself, while stocks are sold for liquid assets that are awarded to the other spouse. In contested divorces involving major businesses, a business valuation is essential in determining the true value of the company.
In a business valuation, the company will undergo a comparative market analysis or the court will examine the company’s assets, debts, existing contracts and stocks to determine value. The intent is to determine an accurate valuation for fairly dividing the assets of the business.
“What If My Spouse and I Own the Business?”
Divorces involving jointly owned businesses, however, can be more challenging when it comes to asset division.
Generally, Texas courts do not want to undermine the financial value of a high-performing business and will work closely with both owners/spouses to arrive at an agreement where the business can continue to function effectively.
A court-ordered agreement for a jointly owned business can take many shapes, including one spouse being awarded the business assets while being responsible for paying the other spouse their community interest via a structured payment plan.
In other instances, profitable businesses may be sold and proceeds split between soon-to-be ex-spouses.
There is also the opportunity for amicable divorcees to continue to jointly own a business even after a divorce is finalized. In this situation, both parties must express their desire to continue running the business as a partnership, and the court may award each a first percent ownership stake. Businesses continue to be run as jointly owned companies in this scenario.
Accomplished Houston Divorce Attorneys Ready to Defend Your Right to Fair Award
With decades of experience in high-asset and complex divorce cases, our Houston divorce attorneys are prepared to help you with all aspects of property division problems and any asset division that may be needed.