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Property Division Is A Key Part Of Divorce
When two people get married, they often merge their finances and possessions. For some couples, this means combining checking accounts and sharing student loan debt. For others, especially those later in life, it can involve a more complex financial picture, including joint ownership of real estate, vehicles, retirement accounts, businesses, investments, credit cards, and more.
If the marriage ends in divorce, these shared assets and debts must be divided. That includes what each person brought into the marriage and what was acquired during it. Navigating this financial separation can be overwhelming, especially without clear guidance. A knowledgeable Texas division of property lawyer can help ensure that everything is divided fairly and in accordance with state law.
How Property Is Divided in Texas
When dividing property in a divorce, courts generally categorize assets into two types: separate property and marital property. Separate property includes anything each person owned before the marriage, such as a fully paid-for vacation home, that remains solely theirs. Marital property, on the other hand, refers to any assets or debts acquired during the marriage, regardless of whose name is on the account or title. Most states focus on equitable distribution, aiming to divide marital property in a way that’s fair, though not necessarily equal, so that both individuals can maintain financial stability after the divorce.
Courts weigh several factors when making these decisions. These may include the length of the marriage, each spouse’s age and earning capacity, contributions to the household or childcare, any spousal or child support obligations, and even whether marital misconduct contributed to the breakup.
Understanding Community Property
Texas is a community property state, but it has unique rules compared to other states that follow the same principle. That’s why it’s crucial to have a skilled Texas community property lawyer on your side when navigating the division of property during a divorce.
In Texas, property is divided based on what a judge deems “just and right,” which means the division doesn’t have to be an even 50/50 split. Several factors can influence an unequal distribution, such as child custody arrangements, differences in earning potential, and the time one spouse may have spent out of the workforce to support the other’s career. Judges often prioritize stability for children, so the custodial parent may be allowed to retain the family home if possible.
Retirement accounts, including pensions and investment funds, are typically divided equally between spouses, regardless of who earned them. If one spouse stayed home to care for children, they are still entitled to a sizable portion of the shared assets, as it’s assumed that effort supported the other spouse’s career success.
Dividing family-owned businesses can be particularly tricky because a CPA or business appraiser must assess their value. One spouse may continue to manage the business, or in some cases, both may choose to remain business partners after their divorce.
In divorces without children, dividing property can often be the most contentious and stressful part of the process. If both parties feel they’re not receiving what they deserve, it can lead to frustration and anger. Hiring a skilled Texas property division attorney ensures that your property is fairly divided, allowing you to move forward without financial strain. Contact us today for expert guidance on your property division case.
