When you get married, you are often focused on building a life together. And this life often includes purchasing a home, creating a family and planning for retirement. With each marital life event comes more purchases and the accumulation of assets. As such, you have literally built a life of events, memories, property and savings.
Undoing the life you built with your spouse is not only emotional, but it can also be complex and difficult. Divorce is not an easy process to go through; however, if you are facing that fate, it is important to understand the process as well as your rights.
Property division
At The Law Offices of Marilyn J Belew, P.C., our attorneys understand that property division can be one of the most contentious divorce issues. Each spouse has their wants and needs when it comes to specific property. Additionally, one spouse may be under the impression that they are entitled to certain property and assets. Understanding the laws in Texas as well as your rights and options to negotiate or litigate the matter is imperative, as this can help you obtain a favorable outcome.
Community property basics
Texas is one of the nine community property states in the U.S. This means that there are designated rules when it comes to the distribution of property in a divorce. There is an automatic presumption that all property is shared in a marriage; thus, making it up for division unless either spouse can prove that it is personal property.
Once the marital property and assets are assessed, the court will consider how to split property as fairly as possible. At this point, it is important to bring forth important factors that can establish what fair or equitable means in this divorce. These factors can include the age and health of each spouse, each spouse’s earning capacity, the value of the property being divided and the needs of the children, if any minor children are involved.
Each divorce is unique, as each marriage comes with its own unique details and specific needs and wants of each spouse. The process can quickly become confusing and overwhelming; however, you have resources and resolutions available. A legal professional can help answer any questions you have regarding property division or any other divorce issues. This can help ensure you move forward with the process informed and take steps to protect your rights and interests.
