Killeen Property Division Attorney

Serving Bell County, Including Gatesville, and Beyond

If you are going through a divorce, one of the many details you will have to decide on is how you will divide your property. There are many factors that go into this decision and many questions that need to be answered. When you are facing this difficult decision, you need a lawyer who will be on your side and fight for your best interests. Attorney Brett Pritchard has the experience and knowledge to help you decide how to divide your property in a way that is fair and beneficial.

Contact our firm today to schedule an initial consultation with our Killeen property division attorney. Contact us online or by call (254) 220-4225 to get started.

How Is Property Divided in Texas?

In Texas, the property division process is straightforward. The spouses are required to submit a property and debt disclosure form, listing all of their separate property and marital property. Marital property is property that was acquired during the marriage, and separate property is property that was owned before the marriage or property that was gifted to one spouse during the marriage. Once the property is divided, the spouses can decide how to divide up their debts as well.

Some of the factors a judge will take into consideration when dividing property include:

• the duration of the marriage;
• the age and health of the spouses;
• the financial and non-financial contributions of each spouse;
• the financial circumstances of each spouse;
• the needs of the spouses and the children; and
• any written agreements between the spouses.

How Is Property Valued?

The first step in dividing property is to value it. This can be a complicated process, and it is important to have an experienced lawyer by your side. The value of the property is determined by how it is classified. Some types of property, such as a 401(k), are not marital property, so the asset is not divided. However, other types of property could be classified as either marital property or separate property.

Some types of property that are considered marital property include:

• property purchased with marital funds;
• property that was acquired during the marriage;
• property that was acquired with separate property during the marriage.

Some common examples of marital property include:

• Real Estate: Homes, rental properties, and vacation properties.
• Bank Accounts and Investments: Savings, checking, and investment accounts.
• Retirement Accounts: 401(k)s, pensions, IRAs, and other retirement plans.
• Vehicles: Cars, motorcycles, and other vehicles.
• Business Interests: Ownership in a business, whether jointly owned or individually owned.
• Personal Property: Furniture, jewelry, collectibles, and other personal items.

Are Assets Always Split 50/50 in a Divorce in Texas?

The goal of property division in a divorce is to divide assets and debts fairly, but not necessarily equally. While Texas law does not mandate a 50/50 split, it requires that the division be just and right under the circumstances.

This means that the division must be reasonable and fair based on different factors as the ones presented above. As a Killeen property division lawyer, we work to ensure that all assets and liabilities are properly identified, valued, and divided.

How Long Does a Property Division Case Take?

The length of a property division case varies widely. Some cases are settled out of court, while others require a trial. A lawyer can help you determine how best to proceed with your case.

In uncontested divorces, where both parties agree on property division, the process can be completed in a few weeks to months. In contested divorces, negotiations or legal proceedings may extend the timeline, especially if the case requires a trial, which can take several months to a year. 

The complexity of the property, such as business interests, retirement accounts, or real estate holdings, can also add significant time, as expert valuations may be necessary. Mediation may speed up the process, but delays can occur if negotiations fail or court schedules are backed up.

Can My Spouse Take My 401(k) in a Divorce in Texas?

If the 401(k) was funded entirely before the marriage, it is considered separate property and generally will not be divided. However, if contributions were made during the marriage, the portion of the 401(k) accumulated during the marriage is considered community property and can be divided between the spouses.

In order to divide the 401(k) during divorce proceedings, the court will typically issue a Qualified Domestic Relations Order (QDRO). This order allows for the transfer of retirement funds from one spouse’s 401(k) to the other’s without incurring penalties or tax liabilities.

Is it Possible to Modify a Property Division Settlement?

In some cases, it may be possible to modify a property division settlement after the divorce has been finalized:

• Fraud or Misrepresentation: Property division can be modified if one party can prove that assets were concealed or misrepresented during the divorce.
• Mutual Agreement: Both parties can agree to modify the property division, and the court can approve the change if agreed upon.
• Post-Divorce Agreements: Spouses can reach an agreement after divorce to adjust property division, which must be formalized by the court.
• Clerical or Mathematical Errors: Courts can correct mistakes in the property division, such as clerical or math errors.
• Subsequent Legal Proceedings: In rare cases, property division may be revisited due to ongoing legal issues like bankruptcy, inheritance, or lawsuits.

A Killeen property division lawyer can help you seek modifications if necessary.

Common Mistakes During a Property Division Settlement

During a property division settlement, several common mistakes can arise that may affect the fairness and long-term financial outcomes for both parties. These mistakes often stem from a lack of understanding of legal principles or the emotional aspects of the process.

Some of the most frequent mistakes include:

• Failing to Fully Disclose Assets: Both parties are required by law to provide a comprehensive and honest inventory of their financial holdings. Hiding assets, whether intentionally or out of oversight, can lead to severe consequences, including legal penalties or the need to revisit the settlement after the divorce is finalized.
• Overlooking the Value of Non-Tangible Assets: Property division isn’t just about physical property like homes and cars. Non-tangible assets, such as retirement accounts, stock options, and business interests, need to be valued and considered. Failing to account for these assets can result in an inequitable distribution, as they often represent a significant portion of marital wealth.
• Not Considering Tax Implications: Property division decisions can have significant tax consequences, especially when it comes to dividing retirement accounts, investments, or the family home. One spouse may receive an asset that appears more valuable on the surface, but it may come with a tax burden that the other spouse avoids.
• Agreeing to an Unequal Division Out of Emotion: Divorce can be an emotionally charged process, and sometimes one party may agree to an unequal division of property out of anger, guilt, or a desire to “move on” quickly. However, these emotional decisions can have long-term financial consequences. It is crucial to remain objective and make decisions based on sound financial advice rather than emotional impulses.
• Ignoring the Importance of Future Needs: Property division should also take into account future financial needs. For example, if one spouse will have primary custody of children, it may be necessary to award them more assets or financial support to ensure they can meet the children’s needs.

Handling property division without legal representation or financial advice can result in overlooking important details. Many individuals make the mistake of trying to settle matters on their own to save money, but this can lead to unfavorable outcomes. A Killeen property division attorney can help navigate the complexities of Texas law, ensuring that all property is properly identified, valued, and divided.

Protect Your Property Rights with an Experienced Killeen Property Division Attorney

When it comes to property division in Texas, it is crucial to have a knowledgeable and experienced attorney on your side to protect your rights and ensure a fair outcome. Our Killeen property division attorney has extensive experience in handling complex property division cases and can provide you with the guidance and representation you need.

Benefits of working with our property division attorney include:

• Expertise in Texas property division laws
• Thorough evaluation and valuation of all marital assets
• Negotiation and mediation skills to reach a favorable settlement
• Litigation experience to protect your interests in court if necessary
• Personalized attention and support throughout the entire process

Don't leave your property division case to chance. Contact our Killeen property division attorney today to schedule a consultation and discuss your legal options.

Contact Our Killeen Property Division Attorney

The property division process can be complicated and is full of potential pitfalls. You need an experienced lawyer by your side to help you navigate the process and make sure that you are protected and represented throughout. At the Law Office of Brett Pritchard, we are committed to serving our clients and helping them reach favorable outcomes. We understand that every client is unique, and we are ready to work with you to reach an outcome that benefits you.

Schedule your initial consultation with our Killeen property division lawyer by contacting us online or calling (254) 220-4225 today.