DEDICATED TO YOUR
FAMILY'S FUTURE:
Comprehensive Family and Immigration Law
Services tailored to your needs.
.webp)
Helping Clients Fight For A Fair Outcome
Determining which spouse gets which assets and debts is among the most challenging aspects of divorce. After all, no one wants to part with the items they worked hard for over the years. When both spouses are hoping to keep the same assets as their marriage ends, it's essential to consider the laws regarding property division in Texas.
When you consult with us for your divorce case, you will have caring attorney helping you fight for what is most to you while ensuring you adhere to the state's division guidelines. Whether you and your spouse end up in court or decide to attend mediation to compromise on this matter, you will need legal support until end of the case. Contact our Houston, TX law firm to get answers to your questions today.
How Does Property Division Work In Texas?
Texas is a community property state when it comes to divorce. This means the assets and debts you and your spouse accumulated during your marriage belong to both of you equally, so they must be divided fairly. Note that you are only expected to community property, not your separate assets that you had before you were married. Your lawyer will help you determine which items are community property and which are separately owned by you. In fact, this is usually the first step of your Texas division case, followed by the process of valuing the assets you will be sharing. You will also have to identify and value the debts you share as a couple so you can equally distribute thoseOnce it is clear what property and debt you will share with your spouse and what it is worth, you can start negotiating to determine who gets what. If there is a chance you and your spouse can come to an agreement, you can work on this together outside of court or consider going to mediation if you need help from a neutral third party. If you can't agree on the division of property, a judge will decide for you based on the community property guidelines in Texas. Either way, you need to consult with a skilled Houston property division attorney who can walk you through the legal steps.
What's The Difference Between Separate And
Community Property?
Before you and your spouse can fairly distribute your community property during divorce, you should understand what falls into this category. In short, any assets you or your spouse acquired during the marriage count as community property. For most couples, this includes:
Real estate, including the marital home and vacation properties
Money in checking and savings accounts
Investment accounts, including stocks and bonds
Cars and boats
jewelry
Household furnishings
Retirement benefits, such as IRAS and 401 (k)s
History of domestic violence or abuse by either parent.
Even if an asset is only in your name, it can still count as community property if you acquired it while married to your spouse. Of course, the same is true for debt. Any debts incurred during your marriage can be divided fairly during divorce. This includes credit cards, car loans, mortgages, student loans, payday loans, lines of credit, and other financial obligations.
On the other hand, separate property is anything you owned prior to getting married. So, if you owned a car, condo, jewelry, or other assets before the date of your wedding, you will likely be allowed to keep them after the divorce. However, there are some exceptions. For example, if you used your separate property to earn money during the marriage, such as renting out your condo, that income could be considered community property.
Another example of separate property is a gift given solely to you while you were married. Similarly, if a family member left you an inheritance, you can typically keep that after your divorce since it's your separate property. If you have questions about this, ask your lawyer for legal advice so you know what to expect as you divide your property.
What Factors Affect Property Division?
Even though you're expected to share your assets fairly with your spouse, a judge in your divorce is unlikely to divide them evenly. Instead, they will consider factors to determine if one spouse should get more than the other. For example, they will take the following into account regarding each spouse:
Their health and age
Their financial situation
Their earning capacity in the future
Whether they have custody of the children
Whether they receive alimony
Their tax consequences
Their legal fees
Whether theyre at fault for the divorce
In general, if one is worse off financially than the other or has more expenses due to child custody, the judge might give them a more significant share of the assets when determining property division. If you're concerned about this part of your divorce case, contact your property division attorney for legal advice before the divorce is final.
How Can A Property Division Attorney In Houston, TX Assist You?
If you have specific assets in mind that you'd like to keep or are worried that your spouse has hidden assets, you need a lawyer to represent you. Getting divorced should not mean you lose the items you worked hard for or get left with all the debt that your spouse helped accrue. You deserve a fair of property, and a committed lawyer can help with this.
When you hire Kamal Law Firm, PLLC for your division case, you will have a legal professional by your side to answer your questions and provide reassurance, so you don't spend months feeling anxious about your case. If you're ready to learn how our caring property division attorney can help you.