Property division in divorce is a process that determines which assets are going to be split up and how. This can often be an involved and complicated process, as considerations must be made regarding separate property, community property, the value of certain assets, the amount of debt incurred during the marriage, and more. If you need help or have any questions about property division, The Moffett Law Firm can help. Contact us today for an initial consultation.
Property Division in a Divorce Case
Property division is the process of dividing marital assets and liabilities between the divorcing parties. This can be a difficult task, but it is essential to protect each party’s interests. The spouses’ marital assets and liabilities are divided according to what is just and equitable. It’s important to understand that equitable doesn’t mean equal – therefore, community property and liabilities are not always split evenly. The judge will make this determination.
How Does the Court Decide?
In Texas, the judge will look at several factors to determine what is a fair and equitable division of property. Some of the factors the court takes into account include the following:
If children are involved, how many, and who generally takes care of them: If one partner will have primary or sole custody of the child, they will likely need more financial support than the other. Therefore, the judge may decide that it is fair and equitable to give that partner more in the division of property and assets.
Education and employability of each spouse: If one spouse has a Ph.D. and the other hasn’t graduated from college, it’s generally reasonable to say that the spouse with the Ph.D. has a higher earning capacity. Therefore, the other spouse may be entitled to more property, especially if that spouse was taking care of the children while the other spouse worked. It’s going to be much easier for the higher educated spouse to get a job in most cases.
Whether the divorce is fault-based: If the divorce was filed on the grounds of fault, such as adultery or cruel treatment, the court is more likely to award more property to the partner who is not at fault.
Whether a spouse used separate property to help pay for some type of community property or liability: if this is the case, the judge will provide reimbursements to the spouse who used separate property. For example, a spouse owned a property before the marriage. They sold that property and helped their partner pay off debt. The money they contributed to their partner’s debt should be reimbursed, so they may end up receiving a larger portion of property during the division.
The Moffett Law Firm is Here to Help
With a combined 30 years of experience, the attorneys at The Moffett Law Firm will handle your case with competence and care. We understand how important property division can be, and we want to make sure you’re getting everything that you are entitled to. If you need assistance, please call us at (713) 333-5800 or contact us online to schedule an initial consultation.