Property Division Is Critical To Your Future Wellbeing
When you think about divorce, your first concern is likely the custody of your children, if you have any. The second thing you probably think about is how your marital assets will be divided. Who will get the house? Will you have to move? Will you have enough money after the divorce?
These are all valid questions, and you deserve answers from a knowledgeable divorce lawyer. At Lisa E. McKnight, P.C., in Dallas, you will receive the experienced, caring divorce representation you need. Lisa E. McKnight has helped thousands of people with questions like yours. She understands your concerns and can examine your case to determine how the court is likely to view your circumstances.
Texas Is A Community Property State
Many people do not know what community property entails. In Texas, it means that the assets you and your spouse obtained during the marriage, whether jointly or individually, are community property. In some cases, assets you received prior to the marriage, or that you inherited or were given as a gift, are considered separate property. It is possible, but rarer, that these separate assets can be considered community property. We will explain how this applies to you if it is a factor in your divorce.
The court looks to divide community property equitably, which means fairly, not necessarily 50/50. Each case is unique and it is important to have a lawyer to protect your interests. The considerations in dividing community property may include:
- How long you were married
- Any separate (individual) assets owned by each of you
- Your earning capacity
- The costs associated with childrearing
These are just a few important facts the court will consider. In addition, it will divide the marital debts. This may include:
- Credit cards
- Mortgage and home equity loans
- Auto loans
- Personal loans
Receiving an equitable share of marital debts is just as critical as receiving an equitable share of the assets. Your attorney must address this issue and work hard to ensure that you do not bear the burden of the marital debts alone.
It Is Time To Get Started
The sooner we begin discussing your specific case, the better we can prepare for asset and debt division. Please call us at 214-306-7588 or toll free at 866-586-5149 to arrange a phone consultation. We offer a 30-minute consultation for $75. You can also fill out our online form.