Texas Property Division Attorneys

Divorce can be a challenging and emotional time, especially when it comes to dividing assets and property. In Texas, the process of dividing marital property is guided by specific laws and principles. This page aims to explain what happens during property division and provide insight into the types of assets that are commonly split between spouses. For those navigating this process, knowing what to expect can be crucial for ensuring a fair and equitable division of property.

The Basics of Property Division in Texas

In Texas, property division during divorce is governed by the principle of “community property.” This means that most assets and debts acquired during the marriage are considered joint property and should be divided fairly between the spouses. Community property includes anything earned or bought during the marriage, from salaries to real estate. However, property owned before the marriage or received as a gift or inheritance may be considered separate property and not subject to division.

The Texas courts strive to divide community property in a manner that is just and right. This does not always mean a 50/50 split, but rather a fair distribution based on various factors, including the needs and financial situation of each spouse.

Common Assets Divided in Divorce

Several types of assets are commonly split during a divorce. Real estate, such as the family home, is often one of the largest assets in a divorce. Deciding whether to sell the home or have one spouse buy out the other’s share can be a complex decision. Another significant asset is retirement accounts, including pensions and 401(k)s. These are typically divided based on contributions made during the marriage. For example, if one spouse had a 401(k) before marriage but continued to contribute to it during the marriage, the amount accrued during the marriage is considered community property.

Vehicles are also commonly divided assets. This could mean one spouse keeping the family car while the other keeps a different vehicle or reaching a financial agreement to compensate for the value of the cars. Personal property such as jewelry, art, and collectibles can also be divided, though these items might be more challenging to value and divide fairly.

Factors Affecting Property Division

Several factors can influence how property is divided in a divorce. The length of the marriage is a key factor, as longer marriages may result in a more equal division of assets. The earning potential and financial contributions of each spouse during the marriage are also considered. For instance, if one spouse contributed significantly to the household income while the other took on domestic responsibilities, these contributions may be weighed differently in the division process.

The needs of each spouse post-divorce are also important. This might include considerations for the care of children, the health of each spouse, and the standard of living established during the marriage. Courts aim to ensure that both parties can maintain a reasonable standard of living after the divorce.

Handling Debts During Divorce

In addition to dividing assets, debts acquired during the marriage are also divided. This includes mortgages, car loans, credit card debts, and other financial obligations. Like assets, debts are typically divided according to the principle of community property, meaning both spouses are generally responsible for debts incurred during the marriage. The court will aim to divide these debts fairly, considering each party’s financial situation and ability to manage the debt.

Legal Assistance for Property Division

Navigating property division during a divorce can be complex. Having experienced Texas property division attorneys can be invaluable in ensuring that the division of assets is handled fairly and in accordance with the law. Attorneys can assist in valuing property, negotiating settlements, and representing your interests in court if necessary. Their guidance can help you understand your rights and options, making the process less stressful and more manageable.

Mistakes to Avoid When Dealing with Property Division During Divorce in Texas

When facing divorce, especially when dealing with the division of property, it’s crucial to avoid certain mistakes that could impact your future. Understanding these pitfalls can make the process smoother and ensure a fair division of assets.

Not Knowing Your Assets and Debts

One of the most common mistakes is not being fully aware of all your assets and debts. During a divorce, it’s essential to have a clear picture of what you own and owe. This includes bank accounts, retirement funds, real estate, and any outstanding loans. Without this information, you might end up with an unfair division of property or miss out on assets that should be included in the settlement.

Hiding Assets

Some individuals might be tempted to hide assets to avoid sharing them during the divorce. This can include transferring money to secret accounts, undervaluing property, or not disclosing certain assets. Such actions can lead to serious legal consequences and may harm your case. Full transparency is crucial for a fair property division.

Ignoring Legal Advice

Attempting to handle property division without proper legal advice can lead to mistakes that might be costly in the long run. Understanding Texas divorce laws and how they affect property division is important. Legal guidance can help you navigate these complex matters and ensure that your rights are protected.

Overlooking Future Financial Implications

It’s important to consider how the division of assets will affect your financial future. For example, taking a larger share of retirement funds may seem beneficial now, but it could have tax implications later. Similarly, owning a home might be desirable, but it comes with maintenance costs and mortgage obligations. Weighing these factors is key to making informed decisions.

Settling Too Quickly

Divorce can be emotional and stressful, leading some to rush into a settlement just to get it over with. This can result in an unfair division of property or missing out on important details. Taking the time to thoroughly review and understand the terms of the settlement is vital.

Texas Property Division Client Story

This client story is for educational purposes only.

In a quiet suburb of Johnson County, Jackie faced a daunting challenge. After years of marriage, her life was turning upside down. She and her husband owned several rental properties, which were their most significant assets. As the divorce proceedings began, Jackie felt overwhelmed and unsure of how to divide these properties fairly.

Jackie’s worries seemed endless. How would she ensure she got her fair share of the rental properties? The thought of negotiating such a complex issue on her own was intimidating. She knew she needed someone who could help her navigate this tricky situation with care and skill.

That’s when Jackie found Bria Larson of McCarty-Larson, PLLC. From the moment Jackie walked into Bria’s office, she felt a glimmer of hope. Bria greeted her with a warm smile and a reassuring tone. She listened carefully to Jackie’s concerns and took the time to understand the full picture of her situation. Jackie felt a sense of relief knowing she was in capable hands.

Bria Larson wasn’t just a lawyer; she was Jackie’s guide through a tough and confusing time. With patience and determination, Bria carefully reviewed all the rental properties and other assets. She explained each step of the process clearly, helping Jackie understand her options and what to expect. Bria was dedicated to ensuring that Jackie received a fair and just division of the properties they had accumulated over the years.

Throughout the process, Bria worked tirelessly, negotiating with Jackie’s soon-to-be ex-husband’s lawyers and addressing every concern that arose. She was relentless in fighting for Jackie’s rights, always keeping Jackie’s best interests at the forefront. Bria’s attention to detail and commitment made a world of difference, turning what seemed like an impossible situation into something manageable.

When the final agreement was reached, Jackie was overjoyed. She had received her fair share of the rental properties, and the weight of uncertainty had lifted from her shoulders. Jackie was grateful for Bria’s unwavering support and experience. With Bria’s help, Jackie was able to move forward with her life, knowing that she had been treated fairly and with respect.

Contact our Texas Property Division Attorneys at McCarty-Larson, PLLC for Help

If you or a loved one is thinking about getting a divorce in Texas and needs guidance with dividing assets and property, McCarty-Larson, PLLC is here to help. Our team of dedicated Texas property division attorneys are committed to working hard to protect what matters most to you. We understand that dividing your assets can be challenging and emotional. That’s why we are ready to provide the support you need through this difficult process.

At McCarty-Larson, PLLC, we will focus on ensuring that your rights are upheld and your interests are safeguarded. Our goal is to help you navigate the complexities of property division with as much ease as possible. By working closely with you, we will strive to achieve the best possible outcome for your case. Contact us today for a free consultation to see how we can assist you in protecting your assets and moving forward with confidence.