PROPERTY DIVISION IN DIVORCE
In Texas, it is very important to be sure all marital asset division issues in your divorce case are thoroughly analyzed and investigated before dissolving the marriage and the settlement agreement being finalized. If you believe that your spouse is hiding assets in contemplation of divorce, has established procedures to make it appear that a business or professional income is substantially less than it is, or has failed to identify property that is under his or her sole control, you need to hire an attorney who is knowledgeable, experienced and capable of identifying and bringing these issues to light. An attorney who will get you what you are entitled to according to the law.
Divorce and property division attorney Ellen Schutz has been practicing family law exclusively for more than two decades. She also has a Master of Law degree in federal income tax, which enables her to provide informed guidance for property division. She can review your assets and debts to determine appropriate classification.
Talk to a lawyer about your property division questions and concerns: Call 214-340-8515.
Property Classification in Divorce
Married couples seeking divorce will be faced with the task of classifying their estate and dividing assets. Attorney Ellen Schutz possesses sophisticated knowledge of Texas community property laws. She will thoroughly analyze and investigate issues to ensure your divorce settlement is fair and equitable. The firm is also experienced in handling complex property divisions and high net worth divorces.
In Texas, property is divided into three categories:
- Separate property. Assets owned before you married or received as a gift or inheritance during the marriage.
- Community property. Assets owned or acquired during your marriage, regardless of how the assets are titled.
- Co-mingled property. Assets that fall into both categories, such as separate property that was co-mingled with marital assets during the marriage and used to purchase additional assets during the marriage.
Separate property is not subject to division in divorce. The Law Office of Ellen Schutz can help you understand Texas community property laws, identify proper classification of your property, and advise you through the process of negotiating a fair property settlement or aggressively representing your interests in trial.
Texas Alimony Guidance
Contractual alimony payments are intended to provide limited support for the spouse after the divorce. It is provided to protect long-term homemakers, disabled spouses, spouses who care for disabled children and spouses affected by family violence.
Parties requesting alimony must have been married for more than 10 years. There must be insufficient property for requesting individuals to support themselves, or they cannot support themselves because of a disability, a child’s disability or a lack of earning capacity. The amount cannot exceed $2,500 per month or 20 percent of the paying spouse’s average monthly gross income. Additionally, receiving spouses may be eligible for spousal support by proving the other spouse was convicted of or received deferred adjudication for a criminal offense that constituted an act of family violence. Until recently, the general rule was that the duration of alimony was limited to three years. However, Texas alimony laws changed in 2011. Duration of alimony is now based upon many factors, including the duration of the marriage.
In some cases parties may negotiate property in lieu of alimony or alimony in lieu of property. Typically, alimony is classified as taxable income and tax deductible whereas marital transfers of property in divorce are not taxed. However, when alimony is awarded in lieu of property, it is not taxed either. Careful consideration and consultation with an experienced lawyer should go into any negotiations regarding alimony and property division in divorce.
Please contact The Law Office of Ellen Schutz today to discuss your legal issue. The firm provides phone consultations at 214-340-8515 or you can send an e-mail. Se habla español. The firm is centrally located in Dallas.