One of the main concerns during divorce is property division – who gets the house, car and other valuables. In complex property cases, additional issues arise — how to divide stocks, family-owned businesses, real estate property and other sophisticated assets.
An experienced divorce attorney is invaluable when dealing with property division. Your property-division lawyer can answer all of your questions and address concerns about what will happen to your assets and property during divorce.
A basic understanding of property definitions is a good starting point when tackling property division.
The state of Texas defines property in two different categories:
Separate property can be:
Normally, each spouse keeps his or her own separate property in a divorce.
Community property is all other property acquired during marriage or acquired with marital assets. During divorce, community property is subject to an equitable division between spouses.
Some people believe wages earned by a spouse are that spouse's separate property. That is incorrect. A spouse's wages acquired during marriage are community property.
Let’s say that during marriage, you buy a boat. You make all the payments on the boat until it is paid off, using money from your wage earnings. Your spouse never makes any contribution whatsoever to pay for the boat. These facts do not make the boat your separate property. For purposes of division in a divorce, the boat is community property and subject to equitable division.
The fact that the boat is community property (subject to equitable division) means that either you or your spouse could receive the boat in a property division. However, the situation above sets out persuasive reasoning that because you paid for the boat, you should receive it in a court-ordered division. However, if you receive the boat, you likely will have to give up some other item of property or possibly cash so that the ultimate division of the community property is just and equitable. You and your spouse may agree to these matters, or the court will force a division upon you if you cannot agree. It is possible that the court would order the boat sold and the proceeds divided.
The above is just one example of many issues addressed during property division. At Tackett Legal, P.C., we employ a wealth of knowledge and skills to determine how to divide assets, whether your issues are complicated or straightforward. We will review your finances, answer your questions, explain how the Texas Family Code relates to your property division concerns and advise the best course of action.
We also offer family law services in the areas of spousal support, child custody and collaborative law.
For trusted legal guidance in family law issues, arrange a consultation with family law attorney Brian Tackett.
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Tackett Legal, P.C. handles division of assets in a divorce for clients in Lewisville, Denton, Decatur, Plano, Frisco, McKinney, Carrollton and surrounding communities.