Divorce is never easy. However, the uncertainty of how you will divide your assets can feel overwhelming. Who will get your family home? Do you own a business together? If so, how does that work? In a divorce in Texas, who gets what?
The division of assets is a highly contested and often emotional process. Having an experienced divorce attorney on your side can make things easier. Your attorney can advocate for your rights and your future at every turn. This includes dividing assets and property fairly and equitably.
During a Divorce in Texas, Who Gets What?
Texas is a community property state. This means that both spouses share equal ownership of all earned income and property acquired by either spouse during the marriage. As such, the courts require that couples split marital property equally during a divorce. This also includes debts incurred together.
Even if your name is not on property deeds or car titles, the courts still consider these items as community property if you purchased them during the marriage. Unless you had a prenuptial agreement stating otherwise, you and your spouse need to determine how to divide this property fairly and justly.
Retirement accounts and pensions are also considered community property. During the divorce, the court will determine how much of each person’s retirement account should remain separate and which is community property. Typically, the courts consider pre-marriage contributions to retirement accounts as separate property.
The court may sometimes award an unequal division of assets if there is a just and right reason. However, this is not typical.
Some divorcing couples may try to convince the courts that some of the marital property is actually separate property. This means that it was either acquired before the marriage, gifted by a friend or family member to the specific spouse, or received as an inheritance.
Texas courts do have the ultimate say over whether the division of property is fair and balanced. To determine what is equal division, the courts will consider numerous factors. A few examples include, but are not limited to:
- Earning potential of both spouses
- Primary caregiver for the children
- Amount of separate property owned by either spouse
Since so many factors go into the division of assets, it is important to have an experienced divorce attorney on your side throughout the process. Your attorney will need to evaluate your property and help you keep the assets that rightfully belong to you. At Albin Oldner Law, PLLC, our attorneys work with valuation specialists to ensure all assets have been identified and properly valued.
Talk to Our Collin County Divorce Lawyers Today
The Frisco family law attorneys of Albin Oldner Law, PLLC have decades of experience representing Texans during a divorce. We know that the division of assets is a complex process that requires specific legal representation and guidance. Our attorneys have the resources needed to protect your assets, rights and future during all types of divorces. The divorce process is complicated, but we make it easier. Call (214) 225-4325 or send us a message to schedule a meeting.