How Are Marital Assets Divided in a Texas Divorce?
When marriages fall apart and divorce ensues, deciding how to distribute the house, the cars and other marital property can be daunting. The situation can often be complicated even further by the community property laws in Texas. How does the court allocate real and personal property under the Texas community property approach?
The Community Property Approach to Marital Property Division
The state of Texas, like eight other states, takes a somewhat different approach to the allocation of the debts and assets of a marriage, applying what is commonly referred to a the “community property” standard. Though the principle theoretically seeks an equal distribution of all of the assets accumulated during a marriage, the reality is a bit more complex than that.
How Is the House and Other Property Allocated in a Texas Divorce?
Under Texas law, the first step in any marital property determination involves identifying assets as either community property or separate property. Community property includes anything that has been earned, acquired or purchased after the marriage ceremony, but prior to the divorce. Property that meets this definition will be considered community property regardless of how it is titled. Separate property, on the other hand, includes both assets owned by one of the parties before the marriage and certain property obtained by one of the parties during the marriage, typically through a gift, inheritance or as a settlement/judgment in a personal injury claim.
It’s important to note, though, that the community property standard still mandates a “fair and just” division of assets, which does not necessarily mean an even split. The court may consider other factors, such as earning capacity, custody of minor children, and health and age of the parties, when identifying what is “just and right.”
Contact DTX Family Law for Sound Advice Regarding Modification of a Divorce Decree in a Texas Divorce
At DTX Family Law, we built our reputation and practice by focusing on the needs and best interests of our clients. We have an extensive knowledge and understanding of Texas divorce laws and procedures. We’ll carefully explain your rights and options, as well as your chances of success, so that you can make good decisions for you and your family. Chrysandra is board-certified by the Texas Board of Legal Specialization, an honor earned by less than one of every ten family law attorneys in the state. To schedule an appointment with a proven and effective Texas family lawyer, visit our website or call our offices at 940-566-0606.
Handling Divorce and Family Law Matters throughout Denton and the surrounding communities, including Denton, Collin, Wise, Tarrant and Cooke counties and the municipalities of Keller, Euless, Hurst, Colleyville, Bedford, Crowley, Lake Worth, Benbrook, Haslet, Saginaw, Watauga, Richland Hills, White Settlement, River Oaks, Forest Hill, Kennedale, Westover Hills, Lakeside, Pelican Bay and North Richland Hills