A divorce is a stressful time with many moving parts, including the division of property. If you’re considering a divorce, you might be wondering how your marital assets and property will be divided in court. States divide property using one of two methods: community property division and equitable division.
Texas Is a Community Property State
In Texas, property is divided using the community property method. This means that the property acquired during your marriage belongs to both you and your spouse and must be divided equally.
What Is Separate Property?
The only property not eligible for division is separate property—property you or your spouse owned before the marriage. For example, if you receive an inheritance from a family member before the marriage, you’ll be able to keep it. Other examples of separate property include gifts and recoveries from individual legal proceedings.
For any property to be separate, you must prove it belongs to you in court. This may be as simple as providing bank statements or other documentation. In other cases, you may require the assistance of a divorce attorney.
The Division of Community Property
For property that’s considered community property, Texas law requires the court to divide the property fairly and equitably. There are many factors when considering who receives what portion. For example, the court will consider fault in the dissolution of marriage, child custody, employability of each spouse and more.
What About Our Family Business?
If you and your spouse’s business was created during your marriage, it’s eligible for equal division at the point of divorce. If it’s a small business such as a sole proprietorship, you may be able to keep your assets. Yet, if you own a corporation with many assets, it may need to be divided. The court will do what’s best for you and your business.
Allow Us to Help You Through Your Divorce
Property division can be tough, and you shouldn’t handle it on your own. Allow the team at Schneider Law Firm, P.C. help you through. To learn more about your divorce, give our Ft. Worth law office a call at 817-755-1852 or send us a message.