Property and Debt Division
Divorce Property Division Attorney
Dividing debts and assets is an important and often-complicated step, whether you are filing for divorce, a legal separation or an annulment. If a couple has little or no debt and few assets, deciding on a fair distribution is simple. On the other hand, the greater the assets, the more complex the matter of equitable distribution becomes. For example, some couples own real estate, a closely held family business, a brokerage account, 401K, pension or other retirement accounts, as well as cars, boats, or art collections. In these types of sophisticated cases you will need a lawyer for each party who is knowledgeable in the areas of business valuation, appraisals, forensic accounting and taxation.
With the assistance of their respective attorneys or a neutral mediator, couples are generally able to decide how to divide their property on their own. However, in the event a couple cannot reach a mutual agreement, a judge will render a decision in accordance with Texas law.
Community/Separate Property
Because Texas is a community property state, all property acquired during the marriage whether real or personal or wherever situated, is community property. There may also be separate property, which is defined as property that was inherited or specifically gifted or acquired by one or both spouses prior to their marriage or after the date of separation.
The Home
For many couples, the home may be the largest asset, and they will have to decide whether to sell the property immediately or wait. The issue is further complicated when children are involved in the divorce and need the stability of the home environment. An equitable balance must be found, if one parent chooses to remain in the marital home with the children and possessions. Often, the parent remaining in the residence will buy out the community interest of the other spouse. At other times, the couple may work out an arrangement to delay sale of the house until the children are older. At the Law Office of V. Wayne Ward, we will assist you in determining the best course of action for you and your family.
Legal Help
When you seek our legal help, attorney Wayne Ward will guide you through the process of managing property division and debt by:
- Valuing marital assets
- Assessing net income and worth
- Preparing balance sheets of marital and non-marital assets
- Tracing separate property assets
With an extensive legal background and a Master’s degree in business administration, Mr. Ward is particularly adept at evaluating financial statements, oil and gas royalties, pension plan distributions, tax situations and valuations of businesses.
After a thorough assessment of your assets, we prepare final settlement agreements and other legal documents such as quit claim deeds, titles and ownership of pension and 401(k) plans related to the division of your assets.
When disputes arise, we employ mediation whenever possible, to arrive at a practical and amicable resolution. However, when alternative dispute resolution does not meet our client’s objectives, we proceed to trial as necessary and present evidence to the court with regard to your entitlements to certain assets.
When you need expertise and trusted legal advice for complex property and debt division, call the Fort Worth Law Office of V. Wayne Ward at (817) 332-1172 to arrange a confidential consultation. We will ensure that your rights and best interests are protected.