How are assets divided in Texas divorces?

On Behalf of | Jun 11, 2020 | Uncategorized

If you are going through a divorce, you’ll need to have a good understanding of the state law so that you can ensure that you get the divorce settlement that you deserve. If you intend to file for a divorce in Texas, arm yourself with the knowledge of how Texas laws govern the process.

Completing a divorce means that you will need to find a way to divide the assets that you have acquired during your partnership. If you and your spouse have been married for many years, this can be particularly challenging. The law in Texas controls how assets and debts are divided in Texas divorces. The following is an overview of these laws and their associated implications.

Community property in Texas

In general, there are two different approaches that states can take when it comes to the way that they allow property to be divided at divorce. If states do not recognize community property law, this means that they go through the process of equitable distribution. This is the process of the divorce courts deciding on a fair way to divide marital assets based on the circumstances.

In Texas, community property is recognized. This means that all marital assets tend to be divided 50/50 between spouses. However, in exceptional circumstances, it’s possible for the divorce courts to divide property in a way that is fair for both spouses, as well as the dependent children of the marriage.

How property is classified in Texas

Only marital property is subject to division at divorce. Property that is classed as separate property remains in the possession of the owner. Separate property is any property that was acquired by one spouse before the marriage took place, as well as gifts, inheritances and family heirlooms. Property acquired by a spouse while they were permanently living in another state can also be classified as separate property in Texas.

If you are considering filing for divorce in Texas, you should make sure that you gain an accurate picture of how a Texas divorce will likely affect you financially. This will help you to prepare and potentially can enable you to be strategic in your approach.