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Laredo Large Marital Asset Attorney

When you realize that your marriage will be ending in divorce, one of the major questions that need to be answered is how you will unentangle yourselves financially. You will need a large marital asset lawyer in Laredo.  In most marriages, the spouses have intertwined their lives and financial situations by buying property together, making investments, and opening credit cards. When you get a divorce, you need to untie all of those knots, so that you can both move forward as separate financial entities. To make sure this is done equitably, you need a knowledgeable divorce attorney on your side. That’s why you should call Rudy Santos Law to help with your Laredo divorce.

Essentially, two kinds of large marital assets need to be considered in your divorce decree, community property, and separate property.

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Types of Material Assets

Separate property is anything that can be proven to belong to one spouse. This could include a home purchased before marriage, an inheritance received by one spouse, capital gains on separate investments, or money received for personal injuries. Separate debt is debt incurred before the marriage, whether it is a student loan or credit card debt

Separate property and debt will continue to belong to the same person it has always belonged to

A divorced wife cannot be held accountable for the student loan debt that her former husband took out before they were married.

Community property is everything that cannot be proven to be separate property. This could include a home, a business, a vehicle, retirement accounts - basically anything purchased during the marriage

It does not matter who earned the money used to purchase it or whose name is on the title. Community property, according to Texas law, should be divided in a way that is “just and right.” That does not need to mean a 50/50 split. Making that determination is where the challenge lies and why it is so important to have expert representation on your side.
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Retirement Accounts
Generally, retirement accounts and benefits are considered community property, even if they were earned only by one of the partners

These can be a significant source of a couple’s wealth, which is why they must be split in a way that is just and fair

You will need the judge to sign a Qualified Domestic Relations Order in order to divide the benefits – a lawyer can help you with this. If you believe it will be equitable for each party to retain their own benefits, you do not need to sign a QRDO.
Homes and Vehicles
Homes and vehicles are also a major asset that many couples share. If you have purchased property together during the marriage, this property will need to be equitably divided during the divorce

Your marital home is typically the largest property that you share, and you will need to decide if you will sell it and split the proceeds, or if one partner will buy the other out of the mortgage

Consider any vehicles, boats, motorbikes, vacation homes, or other property that you may have acquired when thinking about the items that will need to be divided. If you can come to an agreement, a judge will generally allow you to move forward with the division you agree upon. If not, an agreement will be determined for you by the courts.
Businesses
If you and your spouse started or purchased a business together, splitting this can be legally confusing. Depending on your relationship, you may be planning to move forward as co-owners, or one of you may be buying out the other partner’s interest in the business. Either way, you will definitely need a knowledgeable lawyer to help you navigate the complexities of a business that is intertwined with a divorce.

Keep in mind that a divorce decree does not change other legal agreements that you have entered

For example, if you opened a credit card together and a judge has ordered your spouse to pay that debt, and they do not, the creditor can still come to you for the balance. Or, if you purchased a home together and you will be keeping the home, you need to make sure that your spouse’s name is removed from any legal documents regarding the building or you may lose your right to the property or later be unable to sell. In these situations, it’s essential to have a lawyer on your team to help ensure every loose end has been tied up so that you can move forward with confidence.

Every marriage is unique, and you and your partner will likely have many questions about your rights to various assets and the most effective way to divide your large marital property.

Disagreements about finances are often one of the most contentious aspects of a divorce and are the reason that many couples are not able to effectively use the mediation process. It is also a situation where it is easy for one person – the one who wants to be easygoing and simply get the whole thing over with – to be taken advantage of. To make sure your division of property is equitable and fair, make sure to have a good divorce lawyer on your side. If you are facing a divorce in the Laredo, Texas area, give our Laredo large marital asset lawyers a call today.

marriage can be hard

When you contact Rudy Santos Law, you will be working with a lawyer that helps you navigate the complexities of marriage. Together, we can help discover a legal solution that fits your family.