Are you facing a divorce from your spouse? The risk of losing certain assets adds more stress during this difficult time. The process of dividing marital property can sometimes become messy, especially when you have a cunning and clever partner or when you are in a high-net-worth divorce.
With the help of Bolton Law’s The Woodlands marital property division lawyers, you can move towards an equitable outcome in your divorce. We will fight aggressively to protect your interests. Contact us at 281-351-7897 to schedule a consultation with a top divorce lawyer in The Woodlands, Texas.
What Is Property Division in Texas?
In Texas, a divorce property division is determined using the concept of community property. This means that when a marriage is terminated, any assets accumulated by either spouse during the union are treated as belonging equally to both spouses and must be divided between them fairly and reasonably.
If a piece of property was purchased during the marriage, it is generally regarded as shared property, even if it is only in one spouse’s name. Other things include bank accounts, money made during the marriage, retirement account contributions, and long-term investments.
Assets obtained before the marriage or outside the marriage are considered separate property. Examples include inheritance or gifts from others.
What Are Community Property and Separate Property?
Separate property and community property are the two types of property in Texas:
Anything acquired by either spouse during the marriage that is not their specific property is considered community property. This is true no matter who the property’s legal owner is. A title, deed, or other document bearing only one name does not necessarily indicate that person named is the sole owner. The couple’s assets must be distributed fairly, though not necessarily equally.
Items you possessed before getting married, gifts or inheritances you received at any time, the money you received for an injury (other than lost wages), and items you exchanged for any of the items above are all considered separate property. The owner is entitled to keep this property after the divorce. The court cannot divide it.
Joint property is also understood to include income from many properties. If you had a company or a rental property before getting married, you still have ownership of them. However, any money you earned while you were married is seen as belonging to both of you.
What Is Equitable Distribution?
Equitable distribution refers to dividing a couple’s shared assets and debts during an uncontested or contested divorce. Although the phrase equitable would lead you to believe differently, equitable distribution does not always imply an even allocation of the marital estate.
Instead, this method examines the possessions, liabilities, wants, and even the amount of money each spouse contributed to the union and the length of the marriage. Additionally, it considers the person’s spending and saving patterns and future employment prospects. In this approach, it makes an effort to allocate assets equitably, if perhaps not precisely equally.
Equitable distribution takes a variety of things into account. One spouse can receive less money in the divorce settlement if they are more employable or educated than the other since they will be able to earn more money after the divorce.
On the other side, that partner might be entitled to less if they were abusive or disloyal and the other blamed them for the split. The financial commitments of each couple, their spending and saving habits, and their ages are further considerations.
How Do We Determine the Property Value?
While the legislation on community property states that you and your spouse own everything, you may fail to receive an equal portion. Instead, the court will consider your financial conditions individually and as a couple to reach an equitable ruling for both of you.
These are a few points to consider:
- How much real estate you each own.
- How much tax you’ll be required to pay on particular assets.
- What the requirements of the children are, and how many of them are involved.
- Your capacity to earn enough money to support yourself.
- How the divorce will affect your finances in the future.
- The value of a business you and your spouse co-own.
What Is the Process of Dividing the Property?
Community property is stock in a business that was founded during a marriage. Stock acquired before or after the marriage and shares received as gifts or inheritances are regarded as separate property. Before the court decides how to divide your possessions, you should follow the following steps:
- Discover all of the things you and your partner own.
- Differentiate the community and separate property.
- Find out if there are any claims for separate or joint property.
- Find out the market value of the common property.
Below is how property is distributed after a divorce in Texas:
- Inception of title: Shares of a company founded during a marriage are regarded as communal property. Stock acquired before or after the marriage and shares received as gifts or inheritances are considered separate property.
- Increase in value: Corporate stock that has increased in value due to market fluctuations or natural growth is still regarded as separate property.
- Capitalization with separate property: Shares will be regarded as separate property if a spouse can show that a corporation in which they own stock was only founded using separate property.
- Cash dividends: Dividends received in cash during a marriage on either separate property or stock in community property are regarded as community property.
- Stock dividends: Dividends given on separate property are regarded as separate property.
To ensure that the division is equitable and complete, the court will consider all forms of income, assets, and benefits. You and your spouse can negotiate on your family issues but consult a knowledgeable marital property division lawyer in The Woodlands for dispute settlement and other divorce aspects such as alimony. The judge will review it to ensure that the divide is fair and appropriate.
How Do I Find the Best Division of Property Lawyer For My Case?
Here are some pointers to help you choose the top divorce lawyer, whether you are in a contested or uncontested divorce:
- Do thorough research: Pick a divorce law firm and verify whether it is reputable. You can visit its website to find out more and gain more knowledge. Look into what clients have to say.
- Arrange your main points: An attorney who understands your needs and how to meet them is the ideal choice for you. Make a list of potential divorce issues, such as spousal support, child support or custody, property division, high-value assets, or other essential things. Then, pick a divorce attorney with experience with similar cases.
- Recognize your financial situation: Determine how much to spend on a particular lawyer by looking at their pricing. The most expensive lawyer on the list is not always the best. Do it carefully, but keep your expectations realistic. Stick to your budget too!
Why Choose Us?
Working with skilled The Woodlands marital property division lawyers will help you learn vital information about the legal aspects of your divorce. You will also get guidance on distributing many of your assets and liabilities.
Our marital property division lawyer in The Woodlands will also help you explore further alternatives for child custody and child support. Here, we are knowledgeable enough to prevent your spouse from taking advantage of you.
Rely On Results-Driven The Woodlands Marital Property Division Lawyers
The court considers several variables while determining how to split assets fairly. Who gets custody of the kids, each person’s age, who was “at blame” for the marriage breaking up, and how each person produces money are a few examples of these topics.
To assist you in fighting for your interests and everything you’re entitled to, talk to a trusted attorney.
At Bolton Law, we have extensive knowledge regarding Texas family law courts and understand how judges rule and how to present your financial demands in court.
Call us at 281-351-7897 to schedule a consultation with our marital property division lawyers in The Woodlands.