Property Division Helps Set Your Financial Foundation Going Forward
Texas family law regarding the division of property requires divorcing couples to divide assets into community property and separate property. All assets that were acquired during the marriage are presumed to be community property unless a spouse can produce clear and convincing evidence that an asset should be characterized as separate property.
Property that either individual owned prior to the marriage or property received as a gift during the marriage is considered separate property. A court settlement received by either spouse as part of a personal injury lawsuit may also be considered separate property.
In addition to properly characterizing assets, it is critical — and sometimes difficult — to accurately value community property and debt. If a couple has substantial community property, proper valuation can be complex. The attorneys at Mackoy, Hernandez, Jones and Woods LLP have extensive experience representing clients with complex assets. We are prepared to protect your interests and put you in the best possible position financially to begin your post-divorce life.
How Property Is Divided
Once community property has been identified and properly valued, it must be divided. Marital assets are not split 50-50. Rather, they are divided in a “just and right manner.” The courts consider a number of factors when resolving property disputes, including:
- The length of the marriage
- Each spouse’s education and earning capacity
- The health of each spouse
- Whether one spouse has primary custody of the children
- Whether one spouse was at fault for the breakdown of the marriage (adultery or abuse)
- Benefits that a spouse who was not at fault for the breakdown of the marriage would have received if the marriage continued