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Dividing Property During Divorce
When two people get married, they usually combine all of their assets and property. Depending on their age and life stage, this could be as simple as combining a couple of checking accounts and maybe some student loans. Or, it could be as complicated as combining ownership of multiple homes, vehicles, retirement accounts, business ownership, investments, credit cards, and more.
If those two people get divorced, they need to figure out how to separate not only the assets and debt that they brought into the mortgage but also anything that they have acquired during the marriage. Finances can be confusing for many people in the best of times, and divorce can make that much worse without a Texas division of property lawyer.
Property Division Lawyer in Texas
In determining how to separate property during a divorce, courts think of there being two different kinds of property: separate property and marital property. Separate property is anything that the two individuals brought into the marriage. For example, if one partner had paid in full for a vacation home, that vacation home is considered theirs entirely. Marital property is anything that was acquired during the marriage, whether assets or debt. Most states aim to equitably divide marital property. By doing this, both parties are able to move forward in their lives with financial stability after the divorce.
Many factors are considered by courts when determining how to divide marital property. These include the duration of the marriage, the age of the spouses, the employability of both partners, any relevant child support, time either parent put into homemaking and childcare, and even if one partner committed marital misconduct that led to the divorce.
Community Property Division
Texas is a community property state, but it has some different rules than other community property states. That’s why it’s essential to have a good Texas community property lawyer on your side as you sort out the division of property in a divorce.
Texas allows property to be divided in any way that the judge considers to be “just and right.” This means property does not have to be divided 50/50. All sorts of things can lead to the division being unequal, including child custody, a disparity in earning capacities, and time out of the workforce in support of the other spouse’s career. Judges will also usually try to keep the children in their home if possible, which means that the custodial parent will usually retain the family home if it’s financially possible.
Retirement plans are often divided down the middle, regardless of which spouse earned them. Investment accounts and pension plans can both be divided. This is because, in situations where one parent has stayed home to raise children, it’s usually assumed that the other parent could not have achieved the same level of success without that support at home.
Family owned businesses are particularly challenging to divide since their value needs to be determined by a CPA or business appraiser, one of the spouses may continue to run the business, or the former partners may even choose to continue to be business partners moving forward.
In divorces where children are not involved, property division can be the most stressful and difficult part of the divorce process. It can result in both parties feeling angry if they do not think they are receiving what they deserve. You should be sure to get a good Texas property division attorney on your team so that you can be confident that the division of property works out in a way that leaves you capable of moving forward without financial problems. Give us a call today for help with your property division case.
