Colleyville Division of Marital Property and Debt Lawyer
Couples who are planning to cohabitate or marry should consider working with an attorney to draft a premarital or cohabitation agreement to establish a framework for handling financial and property issues that arise during marriage, sometimes referred to as a “pre nuptial agreement.” By addressing these issues early, you may avoid conflict in the future. To find out how our firm can work with you to address your family law needs, contact us to schedule a consultation and case evaluation with and experienced attorney.
Texas Divorce Lawyer Serving Clients in Tarrant, Dallas and Denton Counties
Regardless of whether you’re contemplating divorce or you have already filed for divorce, understanding how marital property and debt is divided is essential in preparing for life after divorce. In the state of Texas, there is community property – assets and property acquired by either spouse over the course of a marriage; and separate property – assets or property owned before the marriage or inherited, gifted, or awarded in a personal injury lawsuit to either spouse before or during a marriage. In dividing marital property, the court will determine an “equitable division” of the community property in question, taking into consideration each spouse’s work history, income, health, education, standard of living, and other factors.
The Law Office of Mark E. Wewers, P.C. works closely with clients in matters related to the division of marital property, consulting accountants if necessary to ensure that both assets and debts are calculated accurately and that our client receives a fair share of the marital property.
If you have questions regarding how to split up marital property or marital debt, contact divorce attorney Mark E. Wewers today and schedule an appointment to discuss your case. From our centrally located law office in Grapevine, we serve clients in Tarrant, Denton, Dallas, and the surrounding areas, including Southlake, Colleyville, Keller, Trophy Club, Hurst, Euless, Bedford, Flower Mound and Fort Worth.
Dividing Marital Debt – How to Protect Your Credit
When you and your spouse borrow money, take out a credit card, or co-sign a loan, each of you have entered into a contract with the creditor. As such, the contract between you and your creditors is a separate legal arrangement that cannot be affected by other contracts that you enter into. Consequently, the terms you and your spouse agree to for settling outstanding marital debt, do not affect your legal obligations to your creditors.
If, for example, your ex-spouse fails to pay off a car loan or credit card for which you co-signed, the creditor can – and will – initiate collections against you. Even if your divorce settlement indicates your ex-spouse is responsible for the debt in question, if he or she doesn’t pay, your creditor has the legal right to demand payment from you. If your ex-spouse defaults on a loan or credit card bill in your name, your credit could be impacted.
As your attorney, Mark E. Wewers explains the legal options available to you in dividing marital debt and protecting your credit.
Retirement Funds and Pension Benefits
Contributions to a pension fund, IRA or 401k account which are made during the marriage are subject to division upon divorce. The court must first determine the extent to which a spouse has an interest in a pension, retirement, or profit-sharing plan before an amount can be determined. The court may award more to a stay-at-home spouse who chose to forego a career in order to help raise children as compared to a working spouse who has an employee benefits plan of his or her own.
Mr. Wewers works with financial experts to evaluate each client’s situation, obtain accurate valuations of any pension or retirement accounts, and negotiate or litigate a division which is fair to his client. He can then obtain a Qualified Domestic Relations Order (QDRO) in order to ensure benefit and pension plan funds are divided appropriately and paid out to the correct spouse.
If You or Your Spouse Owns a Business
The value of a business must also be determined when one or both spouses own a business at the time of their divorce. Accurately determining the worth of a business can be difficult and will impact the division of marital property. In certain cases, the value of a business may be over- or underestimated, depending on the motives of the persons involved. For instance, a spouse interested in convincing the court to award him or her more assets in a divorce settlement, may claim the business owned by his or her spouse is worth more than it actually is. In cases involving closely held businesses, Mr. Wewers is able to consult forensic accountants and licensed CPAs to determine the value of a company AND protect the interests of his clients.
Contact Divorce Lawyer Mark E. Wewers Today
The division of marital property can be confusing and contentious. Working with an experienced attorney who understands how to protect and assert your rights can mean the difference between a divorce settlement you can live with and one you will regret for the rest of your life.
To protect your interests and rights, contact family law attorney Mark E. Wewers today and schedule an appointment to discuss your case.