6 Steps to Dividing Your Property with a McAllen Divorce Attorney

Dividing property in a divorce requires careful consideration, negotiation, and the help of a skilled McAllen divorce attorney. Dividing property in a divorce typically involves six main steps. These steps include

  • Identifying a couple’s assets
  • Determining the value of assets
  • Classifying community or separate property
  • Negotiating a property division agreement
  • Finalizing the agreement in court
  • Executing the Agreement

Our divorce attorneys in McAllen are well-versed in family law, particularly divorce, child custody, and child support matters.

Identifying All Assets

The first step in dividing property is identifying the couple’s assets. This includes real estate, bank accounts, retirement accounts, investments, vehicles, and personal property. Creating a list of your assets will help ensure that everything is accounted for and can be divided fairly.

Determining the Value of Assets

Once all the assets are categorized, the next step is determining their value. Valuing assets requires an appraisal, financial analysis, or other methods to determine a fair and accurate value.

Classifying Community or Separate Property

It is essential to classify assets to ensure they are divided appropriately correctly. In Texas, assets are classified as community or separate property. Community property includes property gained during the marriage, while individual property includes assets acquired through inheritance or gift.

Negotiating a Property Division Agreement

Once assets are identified, valued, and classified, negotiations can begin on how to divide them. The couple can work together to come up with an agreement or can seek the assistance of a mediator or divorce attorney to help facilitate negotiations. This agreement should be fair and consider the couple’s unique circumstances.

Finalizing the Agreement in Court

After a property division agreement is reached, it must be formalized and finalized in court. The agreement is typically presented to the judge for review and approval. Then the judge will approve and incorporate it into the final divorce decree.

Executing the Agreement

Execution of the agreement may involve transferring ownership of property, closing accounts, or other actions to ensure that the property is divided as agreed upon.

Key Takeaways

  • A court judge determines their value, classify them appropriately, negotiates a fair agreement, and guides clients through the court process to ensure that the property division is legally enforceable.
  • Dividing property in a divorce requires careful consideration and the help of our divorce attorneys in McAllen.
  • The six main steps in the process involve identifying all assets, determining their value, classifying them, negotiating a property division agreement, finalizing it in court, and executing the agreement properly.
  • A divorce attorney can guide clients through each step and ensure that property is divided fairly and in accordance with Texas law.
  • By seeking the guidance of our skilled divorce attorneys in McAllen, couples can ensure that their property is divided fairly and by Texas law.

Contact our McAllen Divorce Attorney

If you are undergoing a divorce, our divorce attorneys in McAllen can assist you in securing a fair settlement and protecting your legal rights. Contact us today for a FREE consultation.

Leave a Reply

XHTML: You can use these tags: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>