The characterization and division of assets is often the most complicated and conflict-ridden aspect of divorce. Deciding to leave a marriage might be a straightforward decision, but identifying who is entitled to certain property such as residences, businesses, or valuable furniture can be extremely difficult. This process often requires the assistance of a divorce lawyer.
Before fairly dividing the property in a marriage, you will need to characterize it as either separate or community property.
- Separate property is characterized as all property acquired by an individual before the marriage, or property acquired through direct inheritance or as a gift.
- Community property refers to all assets acquired during the marriage. This includes stock, businesses, and material possessions.
It is often difficult to pinpoint whether property was acquired before or during the marriage. For this reason, it is highly advisable to seek professional legal assistance for fair characterization and division of assets.
If you are going through a divorce and have questions regarding the characterization and division of assets in your marriage, a family law attorney can help. The talented legal team at Alexander & Associates has experience in a wide variety of divorce cases. Call our Colleyville offices today at 817-756-4040.