Get Answers To Your Property Division Questions

1. Get Answers To Your Property Division Questions When couples divorce, there are always a lot of questions regarding the division of assets and property. Who will get the house? Who gets the cars? What happens to retirement accounts? At Sandoval Law Firm, we will guide you through this uncertain time and help answer your questions. We have the knowledge, experience and resources to thoroughly investigate marital assets and debts (including assets your spouse may be trying to hide). In the end, we strive for a fair and equitable division of property. Simple Explanations On How To Divide Your Property We provide straightforward explanations and recommend a practical approach to dividing marital assets. Too often, we have seen separating couples spend more time and money fighting over assets than the assets are worth. We strive to keep the negotiations productive and peaceful. That being said, we will also advocate aggressively to ensure that you receive the assets that are most important to you. Listed below are some of the key assets and property that are divided in a typical divorce: The marital residence Vacation property, real estate and land investments Motor vehicles Retirement accounts Property with sentimental or heirloom value Marital Property Versus Separate Property Texas is a community property state. This means that almost anything you acquire during your marriage – income, real estate, vehicles – is considered marital property to be split equally in a divorce. The court generally assumes that all property in a

2. marriage is marital property unless there is strong evidence proving otherwise. Things proven to belong to an individual spouse outside of marital property fall into the category of separate property. In general, assets and property that you owned before you got married are considered separate property. There are also a limited number of things acquired during a marriage that can be considered separate property. These include inheritances, family heirlooms and birthday gifts. In some situations, separate property may convert to marital property. One of the most common examples of this is when marital funds are used to improve a house that was owned as separate property before the marriage. In that case, the property would become marital property. What To Do With The House, Retirement Accounts And Debt When determining what to do with the house, we can help you choose the right option for your specific situation. This could be selling, refinancing or trading the house for other assets. We can also help you decide what to do with your retirement accounts. It’s difficult to see the IRA and 401(k) accounts torn apart in your divorce after you worked so dutifully to build them up. We will help protect these investments. By collaborating with financial professionals such as accountants, financial planners and tax professionals, we work to make sure your financial future remains intact. In many cases, it is easy to accidentally overlook jointly held financial debts. Don’t ignore joint debt. Like assets that have accumulated during the marriage, joint debt is the responsibility of both parties in a divorce. We will work to ensure that all debt is divided fairly and equitably.

3. Five Frequently Asked Questions About Divorce Divorce is a complex legal process involving a detailed analysis of each spouse’s finances and an investigation into the history of each spouse’s behavior during the marriage. Most people enter the process with no idea what to expect. Even people who are getting divorced for the second time have questions about dividing assets, making decisions concerning child custody, and all the other decisions that go into divorce proceedings. Listed below are five of the questions we hear most often from our clients. Does the timing of my divorce filing matter? It is not the day that you file for divorce that matters, but the timing of when your divorce is finalized. Newer tax laws mandate that divorced couples file separately in the year that their divorce is finalized. This means that even if a divorce is finalized in December, the IRS requires each spouse to file separately as if they had been divorced since Jan. 1. If you’re not prepared, this fact can have a huge impact on your taxes. What is the difference between contested and uncontested divorce? In an uncontested divorce, couples are able to agree on the division of assets, child support, custody and other issues. Uncontested divorces are generally less complicated, less expensive and move through divorce court more quickly than a contested divorce. A contested divorce involves disagreement between spouses over the terms of the divorce. These disagreements over dividing assets often cause the divorce to drag on for months or even years. If the couple cannot come to an agreement, all issues surrounding finances and children are decided by a judge rather than the spouses.

4. Will my divorce go to trial? Whether you go to trial depends on your ability to come to an agreement with your spouse over the terms of your divorce. Most divorces are settled out of court, sometimes on the day, the divorce trial is supposed to start. Going to trial is expensive and puts control of the decisions about children, assets and support into the hands of a judge. Your divorce will go to trial if you and your spouse can’t agree to terms, but we do everything we can to settle out of court. How much will my divorce cost? The cost of a divorce varies widely based on a number of factors. In general, the more combative the spouses are toward each other and the larger the size of marital assets, the higher the cost of the divorce. Amicable divorces where there are no children and the amount of marital property is relatively small are usually the most affordable. Do I need a divorce lawyer? When filing for divorce in Texas, the state does not require you to hire an attorney. However, divorce laws are very complicated, and you do not get any special treatment in the courtroom if you represent yourself. You will be expected to understand all courtroom procedures and have knowledge of Texas divorce law. Judges are not very patient with people who show up in court unprepared and uninformed. At a minimum, we recommend consulting with a lawyer before you file for divorce. Contact The Divorce Lawyer At Sandoval Family Law, P.C. If you have questions about the legal process of getting a divorce, set up an initial strategy session by calling 512-580-2449 or filling out our online contact form. We will be happy to assist you in Travis County and across Austin, TX.