“Will I lose everything?”
One of the top concerns many of our clients have about their divorce is property division. We know that a divorce can seem daunting, especially when there are assets such as a home involved. Fortunately, Texas law protects you and your spouse from walking away without your fair share of the property.
How Is Property Divided in a Texas Divorce?
The state of Texas follows the rules of community property. This means that community or marital property must be divided equitably between each spouse. Marital property is property that was obtained while you and your spouse were married. This includes assets such as your home, vehicles, bank accounts and more.
Property you obtained before your marriage, known as personal or separate property, is typically yours to keep in the event of your divorce. Yet, these lines can become blurry when discussing retirement assets and businesses, among many other assets.
The Process of Division
If your divorce heads to court, the judge will have the responsibility of determining which property is separate or community property. Your attorney will be there with you to advocate on your behalf. The process of division will vary depending on the assets you and your spouse share.
Some assets such as personal debt are easy to divide, as many couples simply take their own debt after the divorce. Other assets such as your home may be more difficult, as they may need to be sold to divide properly.
Another difficult asset is often the family business. If you and your spouse own a business together, you’ll need to have it valued first. You and your attorney can then decide if selling the business is the best next step or if sharing interest with your spouse is enough.
Property Division Isn’t Always 50/50
The term “equitable” means fair. Equitable property division doesn’t always mean a 50/50 split in a divorce. There are certain circumstances where the court will allow one spouse to walk away with more. For example, if a spouse has suffered through family violence or adultery, the court may decide to grant them additional assets.
The court will also consider a wide range of factors when determining the balance of property. Factors such as who will have primary custody of the children and who has a higher level of income may affect property division.
Considering a Divorce? Call the Attorneys at Schneider Law Firm, P.C.
If you’re considering a divorce, you don’t have to figure it all out on your own. We’re here to help. Reach out to the Arlington, Texas, divorce attorneys at Schneider Law Firm, P.C. Give us a call at 817-799-7125 or send us a message.