If you are contemplating a divorce and are wondering how the assets and debts of your marriage are going to be distributed, you may want to contact a professional who can help you.
When you get a divorce, the truth is that the court will divide your property and your debts up between the two of you in what the court believes is a fair and equitable manner. The process of this division is sometimes easy with the house, cars, accounts and credit cards being simply divided between the two parties without dissention.
However, some spouses have complex financial portfolios, and this can make the division much more intricate. Stocks, deferred compensation, retirement accounts and whatever you and your spouse earned during the marriage comes into play, as well as valuable belongings that are important to both of you.
The property that is owned by both parties is called community property in Texas. Both people in the marriage are considered one by the court and any money earned or property acquired is considered owned by both people.
Separate property is defined as those assets owned by both parties involved in the divorce that is individually owned before the marriage or acquired through inheritance or by a gift after the separation or divorce.
In Texas, the court encourages couples to try and resolve all asset and property division issues before going before a judge. The court may go beyond simply dividing the property into a 50/50 issue.
Having someone who can assist you in getting what is rightfully yours is a valuable asset at a time like this. We welcome you to learn more about the dissolution of marriage on our divorce webpage.
Source: Bohlerlaw.com, “Bohler Law Web Site” Sep. 15, 2014