For many Texas residents who are contemplating a divorce, the prospect of dividing assets will likely seem to be the most daunting part of the process. Whether the marriage has been short or has lasted for decades, most married couples accumulate quite a bit of assets and funds during a marriage. The split of the relationship also means the split of assets.
If the decisions about splitting assets are left up to a court to decide in Texas, the court will divide the divorcing couple’s assets evenly under what is known as the state’s “community property” approach to property division. However, assets that were owned by one party or the other before the marriage and that were not commingled with the other spouse’s assets likely will not be considered “marital assets” and, therefore, will not be subject to a split.
One aspect of asset division that many people fail to consider before they are neck-deep in the divorce case is the fact that the couple’s debt must also be split up as part of the property division part of the divorce. These days, millions of Americans have thousands of dollars of debt to consider, from mortgages and auto loans to student loan debt. Texas residents who are considering a divorce should keep these debts in mind as an important part of the divorce case.
Property and debt division is just one part of most divorce cases, but it can be the most important part of many Texas residents. The impact of the property division part of a divorce case can be felt for years after the divorce is finalized. Getting the right information about how to approach property division issues from a legal standpoint is crucial.