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Property division can be one of the most difficult aspects of a divorce. It is important to fairly divide the assets obtained during your marriage, as well as claim anything that you brought into the marriage.
Because Texas is a community property state, many technicalities can occur during property division, so being fully informed on the legal proceedings is vital to obtaining what is rightfully yours. You do not have to go through this alone; take advantage of our personalized counsel to put you in the best position to be financially secure post-divorce.What is Considered Community Property?
Community property includes everything that was earned in marriage, along with the acquisitions of those earnings. Debts are also considered community property.
It is important to note that when brought before the court, all property within a marriage is assumed to be community property. If you feel that you have separate property, it is necessary for you to adequately prove this to the court.
Community property can involve complex assets, including retirement accounts, a small business, business ownership interest and numerous other potential assets.What is Considered Separate Property?
Whatever was owned by a spouse before the marriage is considered separate property. Like community property, separate property includes all assets and liabilities such as jewelry, income and the marital home.
Separate property is defined by the courts as:
- Anything owned preceding the marriage
- Anything obtained by inheritance
- Anything acquired as a gift
As defined by Texas law, the division of community property must be "just and right." Before dividing the property, the court will consider things like harmful conduct by either spouse and economic misconduct, as well as the length of the marriage and earning capacities.
The court will then place a monetary value on the community property and debt and allocate the assets evenly between each spouse. Pension and retirement benefits are often divided equally in Texas, with the exception that the higher wage earner may receive a more significant amount. The marital home is generally left with the spouse who has primary care of the children. In Texas, however, the marital home is usually something that creditors undertake responsibility for.Schedule Your Case Evaluation Today
We want you to receive the property that you rightfully deserve after your divorce. Lauren Powell, the family law attorney from our firm, can assess your situation and guide you through the legal process. Our confidentiality makes us the clear choice for assistance in your property division matter.
Don't wait to take control of your divorce. Reach out to us today for your consultation!