Asset Characterization

Asset Characterization

Property Division in Richmond & Sugar Land TX

At the Law Firm of Lester Van Slyke, Jr., we have the knowledge and resources to gather evidence that will demonstrate to the court whether a particular asset is separate or community property. Our firm proudly serves Fort Bend County, TX and is committed to gaining a larger portion of the marital estate for our clients.

Texas recognizes two different types of property: community property and separate property. Community property is when each partner owns 50 percent of the assets within their marital “community”. Separate property are any assets that are not part of the community.

Examples of Community Property:

Each spouse’s salary
Income derived from separate and community property
Assets purchased during the couple’s marriage
Assets the married couple bought on credit
Assets that are available while the couple is in the process of terminating the marriage

Examples of Separate Property:

Assets one spouse owned prior to the wedding
Assets one spouse acquired as an inheritance or a gift during the marriage
Assets one spouse bought with money that is not considered to be community property

While Texas has clearly defined community and separate property, divorcing couples often disagree on this matter. When these characterization issues arise, the services of a lawyer are necessary. To complicate matters even further, some assets can be classified as both community and separate property.

In addition to separating your assets, Lester Van Slyke, Jr. can also help you sort out child support, child custody and visitation issues if children are involved in the divorce. Contact the Law Firm of Lester Van Slyke Jr. today to understand how Texas law is applicable to your divorce and division of assets.