The Law Offices of Kary L. Key
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Weatherford Property Division Attorney

Palo Pinto Asset Division Lawyers for Community Property and Debts

Parker County Property Division Lawyer Serving Weatherford, TX

Getting a divorce is hard, whether you go through an amicable negotiation process or have to litigate. One of the most common sources of conflict involves dividing up the marital assets and debts. There are often disputes over who gets to keep what and who is liable for any debts accrued during the marriage. Texas is a community property state, meaning that any assets acquired - or debts assumed - during the marriage belong equally to both spouses, with a few notable exceptions.

The Law Offices of Kary L. Key is skilled at helping those struggling through a divorce achieve a fair and reasonable division of property and debt. Whether your spouse is willing to play nicely or not, our lawyers will fight to get you the best possible outcome.

Mineral Wells Lawyers for Dividing Marital Assets

In Texas, it is irrelevant who the primary wage earner was, even if only one spouse worked for pay during the entire course of the marriage. Marriage is presumed to be an equal partnership. A spouse who does not work outside the home, or only works part-time, is determined to have made equal contributions to the marriage through unpaid homemaking or childcare work. Therefore, marital property -including retirement accounts - is to be divided 50/50.

Marital property to be divided during a divorce does not include each spouse's separate property. Anything you owned before you got married is still yours. Any gifts or inheritances you received during the marriage are yours alone. So are any winnings or settlement funds from a personal injury lawsuit you received, aside from any portion meant to compensate you for lost wages.

In dividing assets in a "just and right" fashion, the court will consider things like each spouse's earning capacity, who has custody of the children, and fault in the breakdown of the marriage.

We are committed to helping every client receive their just share of all marital assets.

Attorneys for Division of Marital Debt in Palo Pinto

Generally, both spouses are presumed equally liable for debts assumed during the marriage. However, like assets, debts are considered separate property if they were accrued by one spouse before marriage. Courts may order the spouse who accrued the debt to be solely responsible for it, but if your spouse is financially irresponsible, this order does not prevent the lender from coming after you as well if your name is also on the debt.

One possible solution involves selling joint property to pay off the debt in full if this is possible for you. If you fear having an irresponsible spouse default on their share of the debt, you can also agree to shoulder the burden of debt yourself in exchange for keeping a greater share of marital assets, such as the home or a larger portion of your spouse's retirement account.

These solutions can financially protect you during a contentious divorce. Our lawyers are skilled at creating agreements or seeking court orders that do not leave you unfairly burdened with debt.

Call a Palo Pinto Divorce Lawyer

If you are facing a divorce and have concerns about how your marital assets and debts will be divided, The Law Offices of Kary L. Key can help you achieve a fair resolution. Our attorneys are skilled at negotiating where possible and litigating when necessary to help you receive what is yours without taking on debt that is not. Call 817-599-6969 or contact us online to arrange a free consultation.

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