How Asset Division Really Works
Divorce can be an emotionally and financially difficult time. One of the biggest concerns for many going through a divorce is wondering if they will lose everything they've worked so hard for in the division of marital assets.
If you are experiencing a divorce or need support with family law issues, don't hesitate to contact our family law attorneys at Bastine Law Group at (281) 240-7979.
How Assets are Divided in Texas
Texas is a community property state, which means that most assets and debts acquired during the marriage are considered community property that is owned equally by both spouses. This includes:
- Income earned during the marriage
- Houses, cars, investments, and other property purchased with community funds
- Retirement benefits accrued during marriage
- Credit card debt and other debts incurred during marriage
So in a Texas divorce, the starting point is that community property will be divided equally between the spouses. However, there are some exceptions.
Separate Property
Separate property, which is property owned before marriage or received as a gift or inheritance during marriage, is not considered community property. Separate property remains the sole property of the spouse who owns it and is not divided in divorce.
Factors that Influence Division
While Texas law starts with a 50/50 split, there are factors that can lead to an unequal division, such as:
- Custody arrangements for minor children
- Disparity in income and earning capacities
- Fault in the breakup of the marriage
- Wasting of community assets by a spouse
So while community property is divided equally in most cases, the division can be adjusted based on these kinds of circumstances.
Protecting Assets in Divorce
If you want to protect assets in your divorce, here are some key steps to take:
Trace Separate Property
- Thoroughly document any separate property you brought into the marriage or received during the marriage through inheritance, gift, or personal injury settlement. Being able to clearly trace and prove separate property is essential.
Avoid Commingling Separate and Community Property
- Keep separate property accounts, assets, and records completely separate from community property. Commingling can make tracing difficult.
Discuss Asset Division Early On
- Have frank discussions with your spouse early in the process about an equitable division based on Texas law and your unique situation.
Consult an Experienced Divorce Lawyer
- Work with a divorce lawyer in Texas experienced in asset division to understand and protect your rights through the process. Negotiate or litigate strategically.
Will I Lose Everything in My Divorce? How Asset Division Really Works
Divorce can be an emotionally and financially difficult time. One of the biggest concerns for many going through a divorce is wondering if they will lose everything they've worked so hard for in the division of marital assets.
Don't Lose Hope
Divorce and asset division can certainly be challenging. But working with an experienced divorce attorney, being prepared with good records, and negotiating reasonably based on Texas law can help you achieve a fair outcome without losing everything. With good legal guidance, you can gain confidence, protect your rights, and build a new financial future.
Asset division in a divorce difficult but you do not have to navigate it alone. If you need support and want to connect about divorce, please contact our team of experienced attorneys at Bastine Law Group at (281) 240-7979.