Facing a divorce in Texas can be overwhelming, especially when figuring out what will happen to your home, money, and belongings. You might be anxious about who gets the house, the cars, and your retirement savings.
Dividing assets is a big deal in divorce. After years of building a life together, it’s only natural to worry about losing what you’ve worked so hard for. So, who gets what in a Texas divorce?
The good news is that having a skilled Houston divorce attorney on your side can make a significant difference. Your attorney can help you navigate the legal process and ensure that your assets are divided according to Texas law, all while keeping your future financial security in mind.
In Texas, when you’re married, everything you both earn or buy during the marriage is considered community property. It means that whether your name is on the title or not, all the assets and debts you acquire during your marriage belong equally to both of you.
Unless you have a prenuptial agreement saying otherwise, you and your spouse must decide on a way to divide up your personal belongings, property, and financial assets equally.
As discussed, Texas considers all assets acquired during the marriage to be community property. This property is then split equally between the divorcing spouses. But how do you divide real property equally?
When real property cannot get divided equally, both spouses must determine the true value of the marital home and property. This value is assigned to the home. The spouse keeping the home may get fewer other assets or take on more of the debt to ensure that everything is equal during the divorce.
On occasion, to avoid disputes and conflicts during a divorce, couples make the decision to sell their shared marital home and then split the resulting proceeds equally between them. This approach can help streamline the division of assets, as the home is often one of the most substantial marital assets in many divorces. By selling the property and sharing the proceeds equally, both spouses can obtain their fair share, and it removes the need for further negotiations or disputes regarding who keeps the home.
This method not only ensures an equal distribution of the property’s value but also provides a clean break, allowing both parties to move forward with their lives more smoothly. For those seeking a straightforward and fair asset division in a divorce, this can be a viable solution.
Some divorcing couples may try to argue that certain marital property is, in fact, separate property. This could include assets acquired before the marriage, gifts given specifically to one spouse, or inheritances received. However, it’s crucial to remember that Texas courts have the final say in determining what constitutes equal property division.
Texas Family Code, Chapter 3 addresses the concept of separate and community property. According to Texas law, a spouse’s property is considered “separate” if it was owned before marriage, acquired during the marriage as a gift, or a recovery for personal injuries sustained during the marriage.
For example, if one spouse is hurt in a car accident and recovers a $1 million award for their pain and suffering, as well as medical expenses, the courts may consider that to be “separate” property and awarded solely to the injured spouse. However, any loss of earning capacity received in that award is considered to be marital property.
While this may seem cut and dry, determining separate property versus marital property is not easy. Given the complexity of these considerations, having an experienced Texas divorce attorney is indispensable. Your attorney will meticulously evaluate your assets, ensuring you retain what rightfully belongs to you.
Retirement accounts and pensions also fall into the realm of community property. When divorcing, the court will assess what portion of each person’s retirement account should remain separate and what should be considered community property. Usually, contributions made before the marriage are categorized as separate property.
Texas divorce can be challenging, especially when it comes to dividing assets. However, the Houston divorce attorneys at Roger G. Jain & Associates, P.C. can ensure that the distribution of assets is both just and fair. Don’t leave your financial future to chance; call our law firm today.
To learn more, call us at (713) 981-0600 or fill out our confidential contact form. We know that protecting your family is most important. That is why we work tirelessly for you no matter what life throws your way. Call us today!