Do More Than Divide Your Property In Half

Texas is a community property state. This means that when you file for divorce in Tarrant County, you are entitled to a portion of all property that was acquired during the marriage. This portion could be 50 percent of all property or it could be more or less than 50 percent.

According to Texas law, the court has the duty to divide the property in a manner that is "just and right." Any assets you acquired prior to the marriage, received as inheritance or were gifted to you personally is considered separate property and is not subject to division.

When you hire Hoppes & Cutrer as your divorce lawyers, we do much more than tally up the total value of assets and divide them in half. We take a unique approach to property division that focuses on long-term financial planning, cash flow issues and debt management.

A few of the many factors we help you consider include:

  • Your stage in life: The share of assets you want often depends on timing. If you are nearing retirement, getting a larger portion of a 401(k) may be important. If you are in your twenties and have time to build a nest egg, retirement accounts may not be a top priority.
  • Cost of maintaining property: You might want the house, but have you considered the cost of living in it, including maintaining the landscaping, making repairs or paying utility bills?
  • Tax consequences: Is the income from the asset taxable? Will you or the other spouse receive a tax benefit in the form of a deduction? Will you owe taxes if you decide to sell the asset or withdraw funds? Every property decision has tax implications especially when a complex you have a complex asset portfolio. We make sure you consider them, whether they are a benefit or consequence.
  • Inflation: When creating a property settlement, you cannot think in terms of today's prices. You need to take into account the future value of your money and cost of goods and services.
  • Unexpected expenses in your life: Many people make the mistake of considering life as is. You also need to make sure the resources you include in your property settlement do more than cover your current situation. Do they leave room for an unexpected financial setback such as job loss?
  • Insuring obligations: Your financial health may rely largely on spousal maintenance or child support payments. What if something happens to your ex-spouse? You may want to consider backing obligations with a life insurance policy.

Don't Leave Yourself In A Financial Situation You Cannot Fix

In Texas, you cannot modify a property settlement after your divorce is final. The court will not alter the terms of an agreement because you did not adequately consider the consequences. You get one chance to get it right.

Call our office in Hurst at 817-864-8594 to schedule a comprehensive consultation with one of our attorneys. You can also send us your information using our confidential form online.