Dividing Assets in Divorce
TEXAS IS A COMMUNITY PROPERTY STATE
One of the most difficult issues in a divorce is the division of assets. Very rarely does any party lose all of his or her assets, but inevitably both will feel they were left with less than they expected. Texas is a community property state. This means that both spouses share equally in the property that was acquired during the marriage, making the process of dividing assets in the divorce especially important. Property that was acquired before marriage or from gift or devise will remain the property of the acquiring spouse. The court is mandated to insure an equitable division of community property. However, what is “equitable” may be skewed somewhat by certain factors such as fault in the divorce, adultery, disparity of incomes and more.
it is your lawyer’s job to make sure that all of your separate property is properly identified. In addition, your share of the community estate will depend on your lawyer’s ability to pursuade the Judge that certain factors demand a greater portion of assets.
STEPS IN DIVISION
Normally all assets and debts are identified through an inventory and appraisal. Through the discovery process, your lawyer should be able to identify any additional assets. Each asset will then need to be characterized as either community or separate property. The court will try to give each spouse the exclusive right of possession of the specific property awarded to them. As a result, one spouse might be awarded the home while the other is given an equalizing share from a retirement account. The division of assets and liabilities will be determined by the value of assets and debts rather than quantity.
Division of marital assets is tricky. Even if both spouses agree on how the assets should be divided, it rarely takes place as planned. This is why it is so important to obtain the service of a qualified divorce lawyer. It is best to have quality representation at your side in case your spouse insists they should be granted a greater share of community property. Early intervention by an attorney can make sure you understand your rights and no advantage is gained by your soon to be ex-spouse. Please call us today.