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Dividing Property During Divorce
When two people get married, they usually combine their assets and property. If those two people get divorced, they need to work with family law lawyers to figure out how to separate the assets and debt they brought into the mortgage and anything that they have acquired during the marriage. This is how divorce becomes complicated and why you need a divorce lawyer in Houston, TX, to help with this process.
Understanding Property Division
Property division is a huge part of a divorce. When determining how to separate property during a divorce, courts consider two different kinds of property: separate property and marital property. Separate property is anything that the two individuals brought into the marriage. Marital property is anything acquired during the marriage, whether assets or debt.
Many factors are considered by Texas courts when determining how to divide marital property. These include the duration of the marriage, the age of the spouses, and the employability of both partners. It can also include child support, time either parent put into homemaking and childcare, and even if one partner committed marital misconduct that led to the divorce. Your Houston divorce lawyer will argue for your needs.
Community Property Division
Texas is a community property state, but it has some different rules than other community property states that your divorce lawyer in Houston will be familiar with. That’s why it’s essential to have a knowledgeable Houston divorce lawyer on your side as you sort out the division of property in your divorce.
Texas law divides property in any way that the judge considers to be “just and right.” This means the property does not have to be split 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. A Houston divorce attorney will ensure you know all the reasons you deserve to retain your property. Judges will also try to keep the children in their home, which means that the custodial parent will usually retain the family home.
Retirement plans are often divided down the middle, regardless of which spouse earned them. A court can divide investment accounts and pension plans, especially when one parent has stayed home to raise children. The assumption is that the other parent could not have achieved the same level of success without that support.
Family-owned businesses are challenging to divide since a CPA or business appraiser needs to determine their value. Typically, 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.
Property division can be the most stressful and difficult part of a divorce. If you have property in Houston or Tomball we can help guide you through this proces as It can result in both parties feeling angry if they do not think they are receiving what they deserve. You should have a knowledgeable lawyer on your team to be confident that the division of property works out in a way that leaves you capable of moving forward without financial problems. Call our Houston family law firm today for help with your property division case.
