Property Division Can Lead To Disagreements
Most divorcing couples have a difficult time deciding how they should divide their property, and the matter often results in a legal battle. Answers are not always obvious, and may feel unfair to one side or the other. The situation tends to be even more complicated when the couple has a high net worth or owns complex assets. At Moffett Law Firm, we have extensive experience dealing with complicated property division in divorce, and we understand how Texas law will affect the property in your divorce.
Understanding The Texas Community Property Laws
Texas is a community property state, which means that all assets and all debts accumulated during a marriage, with certain exceptions, are considered community property subject to division by the court. Community assets can include income, real estate, businesses, retirement accounts, investments, vehicles and household items, as well as many other types of property. Community debts include credit cards, personal loans, mortgages and other debts incurred during marriage.
Upon divorce, the court must divide the community estate of the parties in a “just and right manner.” This does not mean a 50/50 division. It means that the court may divide the community estate in any manner the court determines to be “just and right” based on the facts of the case. Part of this decision may include spousal maintenance. The court reviews many factors in making this decision, such as the financial situation of each party, past behavior and “fault” for the divorce, and each party’s ability to support themselves, as well as many other potential factors.
Committed To Obtaining The Best Available Property Settlement
The majority of cases, including those involving complex property issues, are resolved through settlement negotiations or specifically through mediation. At Moffett Law Firm, we understand the multiple issues involved in property settlements and have the experience necessary to craft a specialized property settlement that specifically protects your unique interests. When settlement negotiations fall through, however, our attorneys are ready to fight for your interests in court.