When two people make the decision to end their union, they are not only separating themselves from one another but also all of their belongings. The process of asset distribution in Missouri City divorce cases is often long and complex, especially if the couple was together for a lengthy period of time. The number of items that people naturally obtain from living together can be quite extensive; and when divorcing, it can be quite the challenge to divide up.
For help with splitting up your property, reach out to a capable divorce attorney. Our diligent lawyers at Angela Faye Brown & Associates could review the circumstances of your separation and work to protect your valued assets during a divorce. Contact us today.
Assets Categorization In A Divorce
When a couple decides to dissolve their marriage, their assets must be split up. This is done by determining what is community property (belongs to both parties) and what is separate property (belongs to one party only). Legally, there is a presumption that all property the parties own is community property; however, rebuttable is possible if one party provides clear and convincing evidence that they have sole ownership of a specific asset or assets.
Community Property Or Debt
Anything that was acquired or incurred during the marriage is considered a community property or debt, unless they have prenuptial or postnuptial agreement that states otherwise.
For an asset to be considered separate property, there must be proof that it was accumulated or titled prior to the marriage.
How A Prenup Impacts The Distribution Of Assets
A prenuptial agreement is a contract that is drafted and signed prior to a marriage. This legal document determines how property, assets and debts are divided during a marriage or in the event of a divorce. The prenup lists out everything that would be acquired during the marriage and defines what is community property and what is separate property.
In the event of a divorce, this agreement often saves couples a lot of time that might have been spent arguing over asset distribution, because everything is already laid out and agreed upon by both parties. A skilled lawyer could help a couple draft a prenup to protect both individuals’ property if their marriage were to end.
How A Postnup Impacts The Distribution Of Assets
A postnuptial agreement is a document that is established after the marriage has already begun, though it serves the same purpose as a prenuptial agreement in safeguarding each person’s assets in the event of a divorce. Because a postnup is drafted after a couple is married, there are additional legal requirements to make the contract official. Both parties must sign the document and present it before a court for approval.
If you and your partner signed a postnup during your marriage and now are seeking a divorce, an experienced attorney could review the document and ensure that it is executed properly during the process of asset distribution in Missouri City.
The Division Of Debt In A Missouri City Divorce Case
During a divorce, many couples often wonder who gets stuck with the debt accrued during the marriage. If there is no prenuptial or postnuptial agreement that establishes how to divide it up, then it will be split equally – 50% to each party.
Get Help From A Committed Attorney With Asset Distribution In Missouri City Divorce Cases
For assistance with asset distribution in Missouri City divorce cases, trust an accomplished attorney with Angela Faye Brown & Associates. Our team of loyal legal professionals are prepared to get to work and help you obtain what you are entitled at the conclusion of your marriage. Give us a call today at 713-714-3710 in Houston or at 512-572-1207 in Austin so we can get started on your case.