Our Austin Texas family law attorney knows that arriving at an equitable divorce settlement can be a difficult and emotional task for the divorcing parties. Finances are a central part of all marriages and dissolution of the marriage also means a division of acquired property. Regardless of the situation involved in the divorce, our Austin, Texas family law attorney will explain that the courts usually look at disposition of property in three specific areas.
One of the primary assets that many couples accumulate during a marriage is a home, and many families even have multiple homes and real estate that must be divided equitably. This is normally accomplished by one party buying the other party out of their interest in the dwellings or arriving at an agreement on an in-tact division of property. Most property divisions are decided by the divorcing parties, as opposed to letting the court make the final decision on property disposition. This is usually accomplished through negotiations by your family law attorney with the spouses’ legal counsel or through mediation. The same situation can be true with family-owned businesses. Of course, the value of a business is calculated much differently than the value of a home, as a business’ value also includes the income generation potential of the operation. Automobiles are also considered community property assets.
In the event of a buy out, the actual worth of the items is combined to determine a financial asset value for each divorcing spouse. This is not always necessary when the spouses agree on a reasonable division of property. However, equity is not always an easy determination, as values of items can be contested during the divorce mediation or negotiation. Intense negotiations are common in many divorces, and having an experienced and effective Austin family law attorney can make a major difference in the outcome of a divorce settlement. A solid attorney can use previous experience as guidance of how to arrive at a fair and equitable settlement value for each divorcing party, as well as offer advice on how the court will probably rule when an agreement cannot be reached.
Divorces are not always centered around dividing property. In many ways the final disposition of assets and liabilities is similar to dissolving a business. While all marriages contain a major emotional component, the fact is that the state views marriage much like a business. Each spouse has an ownership interest in every financial issue, including assignment of responsibility for specific debts. Actually, debts are often more difficult to divide than property when one spouse is also looking for a fresh start on the remainder of their life. Our Austin, Texas family law attorney can help with ensuring that division of debt is as equitable as the division of clearly owned assets accumulated during the marriage.