The question of property division is one of the most common issues to come up during a divorce. If you and your partner are unable to agree about property division, a court will have to intervene. If you’re going through a divorce or are about to, contact The Moffett Law Firm today for an initial consultation. We can ensure that you get what you are entitled to.
How Property Is Divided in Texas Family Law
Texas is a community property state, meaning just about anything that a couple purchases or owns throughout the marriage belongs to both of them. This goes for debt as well. It doesn’t matter whose name the assets or the debt is in; if it was obtained during the marriage, it’s community property (with a few exceptions). When dividing property and other assets during a divorce, Texas law states that the division must be equitable. It’s really important to understand that equitable does not mean equally. If a judge must get involved, they are required to divide property in a way that is fair and equitable.
Some of the factors a judge will consider when dividing marital property under Texas law include the following:
Whether there was domestic violence involved in the marriage
Whether one of the spouses or children has a disability
How to Prepare
The first step in any property division process is determining what property and assets exist. Make a list of all known assets, including property, bank accounts, retirement accounts, and any expenses you have incurred throughout the marriage.
Once both parties have a complete list of everything they own – individually and together – the next step is to try to determine how much the items are worth. For example, a property that was purchased 10 years ago likely isn’t worth the same amount as the purchase price. It’s important to determine what it’s worth at the time the divorce is initiated.
If you and your spouse agree on what you are each entitled to and how much everything is worth, the process will be much simpler. While it’s still advisable to hire an attorney to help you with this, avoiding going to court for property division will save everyone a lot of stress, time, and money.
When going through a divorce, it’s important to keep a couple of things in mind. First, make sure you always have a solid plan. Before beginning any legal proceedings, it is crucial to have a plan of action. Developing a plan will help you stay calm during difficult times and avoid making rash decisions that could compromise your case or future well-being. Second, protect your rights at all times. An attorney is the most capable to help you do this. They know local and state laws, and will be able to ensure that you receive what you are entitled to.
Contact Moffett Law Firm Today For Help
If you are in the process of going through a divorce or are about to be, property division is going to be an important aspect. At The Moffett Law Firm, we have been helping people with property division in Texas for almost two decades. Our family-owned law firm will treat you with the compassion you deserve, and we will handle your case aggressively and effectively. When you hire us, you’re hiring a firm who cares about your case as much as you do. To schedule an initial consultation, call our office at (713) 333-5800 or contact us online.