Every state has their own laws pertaining to shared property and the division of assets in the event of divorce. First and foremost, Texas is a community property state. Meaning, any property or assets obtained by either person during the marriage is thereby considered community property and will be divided 50/50 in the event of divorce.
What is considered separate property?
Conversely, property or possessions held by either side before the marriage will remain as separate assets and are not subject to split in the event of divorce. This distinction may become convoluted when one party has contributed to an increase in value of a previously held asset, such as a pre-existing business that became more valuable over the course of the marriage.
Property Valuation Attorney – Austin, TX
An property valuation attorney in Texas can recommend various ways for you to demonstrate an increase in value of a previously held asset over the course of marriage due to your direct contribution or your auxiliary contributions at home that have afforded the asset holder more time to focus on growing the value of their business, or other asset.
Tracing Separate Property
Similarly, what property is separate and what property is community may become unclear after an extended marriage. An attorney experienced in property tracing will help you prove which assets are separate through legal records of ownership and personal accounting documents. This will then protect those assets from division during the divorce.
Texas Law Firm – Evans Family Law Group
The Evans Family Law Group has practiced family law in Austin and Central Texas for over 17 years. Our divorce attorneys have years of experience dealing in complex cases of property valuation and tracing. We understand how intermingled property gets during a marriage and work hard to sort everything out and maintain ownership of your previously held assets.
Contact our Austin Law Office today to find out more about property valuation and property tracing following a divorce.