Top Family Law & Divorce Attorney Daryl Weinman Explains Why Property Division Can Be Tricky – Austin, TX

Highly recommended divorce attorney Daryl Weinman, founding partner of Weinman & Associates, P.C. in Austin, TX, discusses how couples should untangle assets when working through a divorce. For more information please visit https://www.weinmanfamilylaw.com

Austin, TX, United States – February 28, 2021 /MM-REB/ —

In a recent interview, highly recommended divorce attorney Daryl Weinman, founding partner of Weinman & Associates, P.C. in Austin, TX, discussed how couples should untangle assets when working through a divorce.

For more information please visit https://www.weinmanfamilylaw.com

When asked to elaborate on how couples should approach some of the trickier aspects of a divorce, she advised that they adopt an honest and balanced approach to dividing money, personal property, stocks and shares, and accumulated debts.

One of the most significant issues to handle is dividing the family home. If one owns it outright before embarking on a relationship, marriage and eventual cohabitation with a person, they may have a right to ask the spouse to move out.

However, when it comes to holding joint property titles, the partner that provides primary care for the couple’s children usually stays in the family home. This is to provide stability for the children during the separation. However, it does not mean that same spouse will end up with the property at the time of final divorce.

If both are childless and hold joint titles, then a mutual decision can come into play as to the one who retains the property. “It is always advisable to come to an agreement that is acceptable to both parties, but if there is any dispute, they can turn to a local divorce court to rule for them,” advised Weinman.

When it comes to dividing financial assets, she advises couples to draw up an agreed checklist of value items, come to a mutual, sensible decision on the value of each item, and then decide which of them should have an item.

“Couples should try to establish a balanced and fair approach, and avoid one having more than the other,” she advised, noting that couples could utilize professional mediators to minimize further tension and argument.

A balanced approach will ultimately have to be approved by a judge to be legally enforced. “Spouses will likely be retaining a lawyer for representation in court, and a judge is more likely to be inclined to approve an agreement without further investigation.”

When matters are contested, a judge will utilize a state’s property division rule to split the marital assets. Usually, property division is either based on equitable distribution or community property.

Weinman said equitable distribution is marital property equitably distributed, while community property is where the marriage assets belong 50/50 to each spouse. The former is used in many states, especially in the northeast and midwest, and entails a judge splitting all the assets between the spouses equitably in the judge’s eyes.

In some states, including Texas, they follow the community property system. In this approach, everything owned prior to marriage, everything inherited, and all gifts are separate property and cannot be divided by a court. Only community property will be divided.

Everything that is classified as community property is divided equitably (but not necessarily equally) between the spouses. In order to equitably divide the estate, a court will consider such factors as fault in the breakup of the marriage, ability of each of the spouses to earn income going forward, expected inheritance, contributions to the creation of community property, wasting of assets, etc.

When it comes to valuing and dividing community property, it is advised to engage a lawyer on such complexities, especially with more complicated assets such as a family business or unusual employment benefits, concluded Weinman.

Source: http://RecommendedExperts.biz

Contact Info:
Name: Daryl Weinman
Email: Send Email
Organization: Weinman & Associates, P.C.
Address: 8200 N Mopac Expy #230, Austin, TX 78759
Phone: 512-472-4040
Website: https://www.weinmanfamilylaw.com

Source: MM-REB

Release ID: 88998630