Property Division In A Community Property State
When your marriage ends, it is more than the end of a relationship and a change in how you relate to the other parent of your children. The property and assets shared during the marriage will also be divided between you both. This process often generates as much tension as conflicts over child support payments or custody plans. The Eggleston Law Firm, PC, assists couples in finding common ground in the property division facet of divorce. If this is not possible, our lawyers are prepared to fight in court for a division of assets that is fair to you and allows you to move forward into a positive future.
Reasons To Hire A Property Division Lawyer
Texas is a community property state, which generally means several things:
- The property each spouse brings into the marriage is considered separate property, owned entirely by that person.
- All assets and property acquired between the date of marriage and the date that the couple separated with the intent to divorce are considered marital property, owned jointly by both members of the couple.
- Marital property is divided equally (50-50) in a divorce, regardless of who purchased it or in whose name it is titled.
In practice, the division of property can be far less straightforward, especially if one or both spouses have sizeable retirement accounts, own a business, or receive executive-level bonuses. Additionally, the judge may consider the principle of equity in awarding property based upon factors that include:
- The age and health of each spouse
- The occupations and earning power of each person
- The value of each person’s separate property
- The needs of any children impacted by the divorce
- If either spouse wasted assets or engaged in martial fraud
Simply put, there is far too much at stake, both materially and emotionally, to leave the division of assets to the whims of your ex. Our firm will educate you about your property rights and fight for an optimal resolution for you.
Confused About Who Gets What In A Divorce? We Can Help You Understand
Our attorneys handle marital states of every size and level of complexity. We can answer your property division questions and fight for optimal settlement solutions for you. Call us in our Bee Cave, TX, offices at 512-590-3585 or email us. We serve clients in nearby Austin and across Central Texas.