How Divorce Impacts Your Home And Your Assets
Untangling assets during divorce can be a significant undertaking and a potential source of contention. For many Texas couples, their biggest assets are their home and their retirement accounts. As part of the divorce process, you will have to address how to divide those assets.
This can be an emotional issue. You may have worked hard for years or decades to build up your retirement account. Or perhaps you supported the household so your ex could work. When it comes to the home, you may have a significant emotional attachment. It might be the home your kids have always known. You may have countless memories there in addition to a big financial interest.
Attorney McKnight at Lisa E. McKnight, P.C., understands the importance of these issues. She helps people from varying income levels and backgrounds navigate the hurdles of divorce in Texas, including property division.
Determining What Will Happen With The Marital Home
In some cases, the parties agree – or the court orders them – to sell the home and split the proceeds. In many cases, however, one party keeps the house and buys out the other’s equity. Determining a fair buyout price may involve getting an appraisal.
Disputes frequently erupt over who gets to keep the house. Having a strong lawyer by your side is critical for protecting your interests.
Dividing Retirement Accounts
When one or both parties have retirement accounts, they will have to address who is entitled to what portion of those accounts. If those accounts were started before marriage, that adds another layer of complexity, since the premarital portion won’t be divided.
Retirement account divisions are accomplished through a qualified domestic relations order (QDRO), which must contain specific and detailed language in order for retirement plan administrators to implement the division. Here again, a knowledgeable attorney can help ensure that you receive the portion you’re entitled to, and that the division is properly accomplished.
Any other marital assets – vehicles, investment accounts, business interests and the like – must be valued and divided during divorce. Sometimes, one spouse tries to hide assets. Attorney McKnight knows how to uncover all assets and address complicated property division issues.
Protect Your Financial Interests With The Guidance Of An Award-Winning Family Law Attorney
Don’t jeopardize your financial interests by trying to navigate property division alone. Attorney McKnight is a board-certified specialist in family law through the Texas Board of Legal Specialization, which means she is well equipped to address your case. She has more than 25 years of experience protecting the financial interests of clients in divorce.