With the exception of child custody, the paramount concern for most individuals contemplating divorce is the division of property and debt. If you are facing a divorce, you need experienced lawyers like Tray Payne and Lori Truitt to protect you and your assets through the divorce process.
Community Property in Texas
Under Texas law, assets and debts acquired during the marriage are community property. Marital property typically includes the following:
- Real Estate (the home, farmland, etc.)
- Retirement Accounts, 401(k), and other pension plans
- Stocks and other Investments
Upon divorce, the Court will divide the community property in an equitable, not equal, manner. Notably, this equitable division does not require a 50-50 division of the community estate, which is why it is important to hire aggressive and knowledgeable lawyers like Tray Payne and Lori Truitt to protect your property interests.
Separate Property in Texas
Property in the marital estate at the time of divorce is presumed to be community property unless it is proven to be the separate property of one spouse. Assets acquired prior to marriage are one example of separate property, and such assets remain the property of the spouse who had the asset prior to marriage, with some adjustment for its growth.
Complex Property Division
As noted above, the distinction between separate and community property can be critical in protecting property rights. Marital property division becomes more complex when the marital estate includes substantial property and assets. Experienced lawyers Tray Payne and Lori Truitt can work to determine the origins and values of various assets: Did an account begin as separate or community property? What is the value of the community estates's contribution to one spouse's separate property real estate? The lawyers with Payne & Truitt will work to answer these and many other property related questions. The Lubbock lawyers with Payne & Truitt will work to trace assets and prove crucial details about ownership regardless of the complexity of the marital estate.
As experienced and knowledgeable attorneys, Payne & Truitt are prepared to manage and protect your property rights. A high asset divorce requires the attention and dedication that lawyers Tray Payne and Lori Truitt can provide. The Lubbock area lawyers with Payne & Truitt will work tirelessly to ensure that your assets are protected and that your marital estate contributions are fully recognized.