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TX divorce lawyerIt is not uncommon during a divorce for the parties involved to get so caught up in the emotional aspects of dissolving their marriage that they fail to focus on coming up with a property settlement that serves the best interests of both spouses. This can end up costing both parties a significant amount of time and funds, while also making it much more difficult to prepare for post-divorce life. In fact, divorcing spouses may not even realize the full value of the marital assets that they are surrendering to the other without any attempt at negotiation. This is especially likely in situations where one or both spouses own unique assets, such as collectibles that are hard to put a price on, but could be extremely valuable. For help ensuring that this doesn’t happen to you, please contact a member of our dedicated high asset divorce legal team for assistance.

Valuable Collectibles

Although when many people think about valuable collectibles, they imagine antiques or coin collections, the reality is that there are a number of different kinds of valuable assets that a person can collect that fall under this category, including wine, jewelry, and art. In other cases, a person’s collections may only be of interest to a certain group of collectors. However, that doesn’t mean that these types of items don’t have value. In fact, odd items, such as antique medical devices can bring in large sums on auction websites, where collectors from all over the world can search for particular rare collectibles.

Marital Assets

Collectibles, like any other type of asset, is considered community property when it is obtained during the course of a marriage, and as a result, will be subject to the state’s marital property distribution laws. Many find it difficult to part with collectibles purchased or received during marriage, so it is often in these individuals best interest to use these items as leverage in a trade-off for another asset that the other spouse would rather receive.

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TX divorce lawyerDuring Texas divorces, a couple’s marital property is subject to division. In most cases, this means that divorcing spouses must grapple with who will retain a variety of assets ranging from houses and vehicles to financial assets, such as bank accounts and pensions. Of these types of assets, financial property is often the most difficult to divide. This is especially true for pensions, the status of which depends on when the pension was acquired and whether a pre-existing agreement is in place. For help determining whether your own pension qualifies as marital property and whether you can expect a portion of those payments upon divorce, please contact a member of our high asset divorce legal team today.

Community Property States

Texas is one of only nine community property jurisdictions, which means that almost all assets acquired by a couple during their marriage are considered to belong equally to both parties if they later decide to divorce. The assumption in most cases is that these assets will be divided 50/50 between the parties. This rule applies to physical property, such as real estate and personal possessions, as well as financial assets like retirement accounts and pensions.

Marital vs. Separate Property

In general, retirement assets earned during a marriage are treated as marital property, including:

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