How is Property Divided in a Texas Divorce?

 Posted on October 25, 2021 in Family Law

Divorce can have a massive impact on spouses’ finances. If you are thinking about divorce, you may have questions about how your assets and debts will be divided. Will you get to keep your home? Which spouse will retain ownership of the vehicles? What about retirement accounts and investments? The answers to these questions are not always clear. That is why it is always a good idea to work with an experienced divorce lawyer to receive advice catered to your unique situation. Read on to learn about property division laws in Texas and how these laws may apply to your case.

Spouses May Reach an Out-of-Court Agreement on Property

Both spouses jointly hold property and debts that were accumulated during the marriage - with a few exceptions. Dividing property and debts is often one of the most consequential aspects of the divorce case. If you and your spouse are on relatively good terms, you may be able to reach your own property division agreement. Your lawyer may be able to help you negotiate a property division settlement without court intervention. However, you may need to consult with financial professionals such as appraisers and accountants to ensure that your property division agreement makes sense given your particular situation.

Texas Courts Follow Community Property Laws

Reaching an agreement outside of court is not always realistic. If the court divides property, it will follow “community property” laws. This means that marital property will be divided evenly between you and your spouse. Property that is held by only one spouse, or separate property, is not divided. Of course, identifying what property is marital and what is separate is not always easy. This is especially true of complex assets like businesses, professional practices, and retirement funds.

Texas is a community property state, which means that property is divided evenly. However, Texas law requires courts to divide property in a way that is “just and right” given the spouses’ circumstances. This means that the court will also consider factors such as:

• The reason the marriage is ending and either spouse’s marital misconduct

• Each spouse’s employability, education, and earning capacity

• Each spouse’s health

• Child custody arrangements

Contact a Llano Property Division Lawyer

Texas is a community property state, which means that marital property is divided evenly between spouses. However, there are many different issues that can complicate the property division process. For help, contact Llano County divorce attorney Russ Baker. Mr. Baker has over 15 years of experience helping clients with a wide range of complicated legal matters. Call 325-216-2006 today for a consultation.

Source:

https://statutes.capitol.texas.gov/Docs/FA/htm/FA.3.htm