A retired ophthalmologist previously owned several real estate investments through a limited partnership with a licensed real estate broker. The broker represented the eye specialist in several previous real estate transactions. However, the relationship turned sour when a dispute arose. The dispute was over a sale of a property the two parties jointly held.
The broker claimed that he was a victim of fraud, breach of fiduciary duty, and dissolution of partnership among other claims. The eye specialist sought the recovery of the equal share of the property sale. The two parties were in court to divide the proceeds of the property.
When two parties are in a disagreement over property, it can cause strife between the two. A Houston family attorney will be able to help individuals regain peace during this moment of conflict. A dispute can arise over property including houses, cars, investments and proceeds from business or employment. When two parties have equal portions before a divorce happens, it requires a mediator to sort out who gets what. A qualified Houston family lawyer can assist individuals who desire to divide portions of shared property.
What Can Be Divided?
Numerous things can be divided when a family undergoes divorce procedures. An experienced Houston family attorney can answer any questions concerning how property can be divided. When dividing property, there are several ways to do so without a serious fight. In Texas, only community estates can be divided. A community estate involves property and debts that were incurred during the marriage. However, separate property may be sold to repay debts created by the divorce. A Houston family lawyer will be able to fully explain what can be divided in a community estate. Below you will find more information about the difference between community and separate property.
• Community Property – Includes all property and income that was earned by the couple while they were married and during the divorce procedures
• Separate Property – Includes all property owned by a party prior to the marriage or property received as an inheritance or gift during the marriage
Peacefully Solving Property Division
There are certain rules of engagement that will need to be followed when attempting to peacefully divide property. A friendly Houston family attorney will be able to help you to avoid conflict when deciding upon who gets the furniture and other personal property. Some rules to follow include permitting only the immediate heirs into the division process. It is also important to commit toward a shared goal and agree not to take anything from the home prior to the property division procedures. A Houston family lawyer can also assist individuals by:
• Helping both parties create a list of key property that carry sentimental value
• Researching and compiling all items of property
• Establish a statement of intent for desired property