If you’re going through a divorce or will be in the future, you know there are many issues to settle. One of those is the division of property. It is not a case of deciding what is yours and taking it, or even splitting everything down the middle. Division of property in a divorce is more complicated than that. This is why you want a qualified divorce lawyer on your side. At Albin Oldner Law, we have the experience you can trust to ensure that you get what is rightfully yours.
Let’s take a look at eight factors that can affect the division of property in a divorce and what you need to do in these cases.
What Impacts the Division of Property in a Divorce?
Judges in divorce cases will look at many factors when deciding how to divide property during a divorce. Here are eight considerations that can affect your case:
1. Duration of the Marriage
A judge will look at how long you have been married when dividing property and assets. Rather than an equal division, the Court will consider a just and right division taking many factors into consideration when making the determination of a just and right division.
2. Children’s Needs
The court will look at the children’s needs in divorce cases. It will consider who the primary caregiver is and how the property division in a divorce may impact the kids. The focus is on providing a safe and consistent environment for the children.
For example, if one parent has physical custody, they may receive the family home to raise the kids. This may be in the children’s best interest, which is why the court would rule this way.
3. State Laws
State laws will also play a role in the division of property during a divorce. Texas is a community property state that refers to equitable distribution principles. This means that assets, including property, will be divided fin a just and right manner, not always equally. The court will weigh different factors and decide what a just and right division of community property is.
4. Prenuptial and Postnuptial Agreements
If you and your spouse signed a prenuptial or postnuptial agreement, it can override the court’s decisions on the division of property in a divorce. If the agreement is valid, it will likely be enforced.
If an agreement appears unfair or was signed under pressure, a judge may reject it. The judge will look at the agreement closely and consider other factors.
5. Future Financial Needs
Courts will also look at each spouse’s future financial needs. They will consider what a spouse’s finances will look like in a single-income household. That includes age, health, and the ability to generate income in the future.
6. Community vs. Separate Property
Texas recognizes both community and separate property. Community property includes assets and debts acquired during the marriage. Separate property consists of assets obtained before the marriage. This can include gifts and inheritances.
Sorting out what is separate property and what is community property can be difficult if the two are mixed. Depositing inherited funds into a joint account is one example.
When this happens, a court may classify those funds as community property. It helps to have clear evidence, such as financial records or legal documents, to prove separate property. If claiming separate property, the courts require clear and convincing evidence to rebut the community property presumption.
7. Marital Contributions
Non-financial contributions to a marriage can affect the division of property in a divorce. If one spouse stays home to care for children or supports the other’s education, that work can be just as valuable as earning an income. The court may consider this when dividing assets. This ensures that both spouses receive a just and right division for their marital contributions.
8. Fault in the Divorce
Texas is a no-fault divorce state. Couples do not have to prove that either spouse did something wrong to file for a divorce. But the courts can still consider fault when looking at the division of property in a divorce. If one spouse committed adultery or caused the marriage to break down, the court may give more assets to the innocent spouse.
FAQ About the Division of Property in a Divorce
Do we have to go to court to settle property issues?
No. Some couples can settle property division by negotiating. If they cannot reach an agreement, they must go to court.
Can my spouse get property that is only in my name?
If the court decides that your spouse is entitled to a portion, they may be able to get property that is in your name only.
What happens if we have business property to divide?
To divide business property, one party can buy the other out, or the couple can sell the company and share the profits. The business must usually be evaluated before either option moves forward.
Are You Looking for Representation in a Divorce? Call Us Today
At Albin Oldner Law, we have the experience you can count on during a divorce. Our team of Collin County divorce lawyers will fight for you so that you get a fair settlement. We will guide you through every aspect of your case, including the division of property in a divorce.
Call us today at 214-423-5100 or contact us online to schedule an appointment. We will review your situation and determine what action to take.