Dividing Property In A Divorce
No matter the length of your marriage, typically you and your spouse will have accumulated assets and debts. Those assets and liabilities will be divided as part of your divorce. The attorneys at Travers & Travers will work with you to understand property division in Texas.
How Does Property Division Work In Texas?
Texas is a community property state. This means that initially all property of the marriage is considered “marital property” and is subject to division in a divorce. Property division is rarely subject to later modification after your divorce is final. This means it is essential to make certain it is done correctly the first time.
Two Types Of Marital Property
In Texas, property may be characterized as either community property or separate property and this characterization has a great impact on how the marital assets and debts will be divided. The lawyers at Travers & Travers can help you determine the best way to present your property issues in court.
Community Or Separate?
Community property generally consists of all property or income obtained by either spouse during the marriage. The court will determine whether certain property is the separate property of one spouse and is not subject to being divided during a divorce. Some property may even be considered as being mixed character because the property has elements of both separate and community. The attorneys at Travers & Travers can help provide experienced guidance on these issues.
Your community property includes any property acquired by either spouse during the marriage. Typically your community property will be divided equally. But, under certain circumstances, a court may find that an equal division would not be appropriate with due regard for rights of each spouse and of any children of the marriage.
Your separate property includes property that you owned before your marriage. Also, without regard to when you acquired the property, your separate property includes any gifts, any inheritance, or any recovery for personal injury (except for an award of lost wages.)
If you have separate property, like a family business or inheritance that you do not want to risk becoming community property, our attorneys can explain how a prenuptial or postnuptial agreement can help.