During a divorce, the debts and assets that were acquired in the course of the marriage are often divided. Normally, the most valuable asset is a house, and the largest debt is usually the mortgage. If the house is the sole property of one spouse, and one that was acquired before the marriage, it remains their property. However, the other spouse may be compensated for the increase in value they helped it to achieve. If it is a joint asset, there has to be an order of exclusive occupancy from the court, and this is where a property division attorney comes in.
There are three typical choices when it comes to a jointly owned home, and these are:
• The husband can keep it
• The wife may retain the property
• The house may be sold
It all depends on the agreement of the parties. If they cannot concur, the award is left to the law. In case you are involved in a divorce, be certain to understand the laws of your state and find it necessary to work with a property division attorney.
In community property states, the law expects both spouses to receive an equal share of the asset. Despite the spouses being entitled to half of the property, the form may differ. For instance, a home cannot be split. In such cases, it may be fitting to sell it and divide the proceeds. It means that when the couple cannot agree on the division process, the state judge will carefully observe the marital estate and determine the total net value of the asset. Then, he or she will order for each spouse to receive liquid assets in terms of cash.
If you are looking for a property division attorney in Austin, Texas, consult the Jackson Law Firm to protect your legal rights and respect those of your spouse. Understand that violating the rights of your spouse can result in monetary sanctions or other severe penalties.
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