Going through a divorce can be frustrating and emotional, especially when it comes time to divide your marital assets. The properties and possessions you’ve accumulated during your time together are more than just objectively valuable, they probably carry a certain amount of sentimental worth in your eyes. The family house is more than a piece of real estate, it’s your home, and the vacation property is more than just a source of revenue, it’s where your daughter lost her first tooth. Regardless of how you feel about your divorce, dealing with asset division can be a challenge.
As difficult as a divorce can be, it’s important to understand how the property division process works before you begin, that way you can take the necessary steps to protect your interests.
Texas Property Division Laws
Texas is a community property state, which means all property accumulated during the marriage is subject to division when the couple divorces. However, that does not necessarily mean all assets will be divided equally. Instead of distributing property 50/50, the court aims to divide assets and debts in a way that is fair, depending on each couple’s situation. Some assets, called separate property, are not subject to division because they are owned by one spouse, not both. Separate property could include inheritances, gifts, or assets the individual owned before the marriage took place.
Understanding the Courts
If your case goes to court, and it will unless you and your spouse agree to your own terms independently, the judge will be left to decide how to split your assets equitably.
Texas courts will consider the following factors:
- Each spouse’s mental and physical health
- The earning capacity of each spouse
- Each spouse’s education
- Each spouse’s income
- The responsibilities of each spouse, especially in regards to children
- The duration of the marriage
While these factors could influence the way in which your assets are divided in court, it’s important to remember that each case is different. In order to find out what you can do to protect your assets or retain possessions that are dear to you, make sure you discuss your options with an attorney. Our divorce lawyer can provide you with the individual attention and legal guidance you need when you need it most.
Contact The Law Office of Robert E. Luttrell III to discuss your case with our Johnson County divorce attorney.