You will require divorce lawyers in Denton for proper guidance and representation during asset division after marriage dissolution.
How Are Assets Divided In A Denton Divorce
Denton is in Texas, a state that follows the community model of property division during a divorce. The community model dictates that property each party acquired during the marriage is a marital asset. Both parties own the assets equally, and each gets an equal share upon divorce, even if some are held under one spouse’s name. Community assets include the following:
• Financial accounts
• Income earned during a marriage
• Retirement benefits
• Retirement account contributions
• Long term investments
How are assets divided in a Denton divorce when a party came into the marriage with the property? Such assets are called separate property and do not fall under community properties unless there was a conversion agreement. A spouse will retain all separate property upon providing evidence of ownership before marriage.
The law also allows for reimbursements if a marital estate that can be a separate or a community asset contributes towards the marital estate of the other spouse. For instance, a wife moves into a husband’s house and pays the mortgage they use to add or renovate the home. The home remains the husband’s separate property if there is no formal agreement for joint ownership.
However, divorce lawyers in Denton can ask for reimbursement in her pleadings if she provides evidence of payment. The husband’s separate property will reimburse the funds to the community estate (jointly owned home) for equitable division between both parties. Complexity in the legal definition of asset division after Denton marriages makes it important to hire divorce lawyers in Denton.
Call for More Details
Orsinger, Nelson, Downing, and Anderson LLP is a family law firm providing legal services to get the best results for you, your children, and your finances. The firm litigates and mediates complex matrimonial and child custody matters. Visit their website to learn more about the services or book appointments.
