What Are Partitions?
In Texas, each spouse’s earnings and assets are presumed to be community property. This means that if you own community property with your spouse, each spouse is potentially liable for any tax liabilities the other may have incurred. A partition can be an effective means to protect your, or your spouse’s assets. In order to be effective, a partition agreement must be in writing, signed by all parties and must comply with a number of other legal formalities. A tax attorney can be instrumental in helping you develop an appropriate plan to minimize your, or your spouse’s potential exposure to tax liens.
Any property that is transferred in a partition agreement becomes one spouse’s separate property. Any property can be subject to a partition agreement, including real estate, earnings, and future income from property. I can partition all assets, not just real estate. Partitions are also useful to protect the assets of couples that are considering marriage. In every case, you can rely on me to design a partition agreement that protects your, or your spouse’s assets.
Contact Austin Tax Attorney John McDuff
I am Austin tax lawyer, John McDuff. For more than 30 years, I have served businesses and individuals throughout Austin and Central Texas. I offer provide strategic, knowledgeable representation in all types of tax issues. Call 512.457.1177 or e-mail my law firm to schedule a consultation.