Divorce is a difficult time on both an emotional level as well as a financial level, which is one of the reasons that it is such a challenging life event to successfully overcome. Especially when it comes to the division of assets, one false move can have a long-term impact on your financial well-being.
If you are facing a divorce in Texas, it is important for you to understand a few basics about how courts commonly view and divide assets and property among ex-spouses. Here are some pointers so you can inform yourself about asset division in a Texas divorce.
Texas is a community property state
There is currently a small group of states in the country known as community property states. This means the law considers all of the assets acquired during the marriage as joint, or community, property between the spouses. In black and white, that means the law splits the assets in half, with each spouse getting 50 percent in theory. In Texas, however, the law divides assets according to what is “just and right”, which can vary. While division of community property may sound straightforward, the truth is that when you get into all the details, it is not as simple as it might look at first glance. There are several factors that play an important role in determining who gets what, including how you file your taxes, where you hold your residence and whether there was a prenuptial agreement in place.
If you are facing a litigious divorce and you and your ex cannot agree on how to divide the property, your case will likely have to go before a judge. If that happens, the judge will ultimately decide how to divide the assets. If you also have minor children, property division will likely take into account the well-being of the children as a consideration regarding where the children will reside.
Because there are so many factors involved in asset division in a Texas divorce, one of the first actions you may wish to take is to consult an attorney who has plenty of experience in family law. A consultation can help you understand your options in terms of how the law determines who gets which assets in a divorce.