How Does Division of Property Work in Texas?
Separating from your spouse is never an easy decision. The process of getting a divorce can be highly complicated, both legally and emotionally, and even if you remain on friendly terms with your former spouse, there is still potential for conflict when it comes to making difficult decisions like custody, property division, and more. The best thing to do under such circumstances is to hire an experienced attorney to handle your asset division so that you might avoid any unnecessary stress associated with the process. A skilled property division lawyer can help divide assets equitably and help you get your fair share when it comes to asset division. Property division is a highly complex process, and the laws governing asset management and division vary between different states in the United States. Let us take a brief look at how the division of property works in Texas.
Texas: A Community Property State
Texas is one of the nine total states in the United States that follows the community property law. Under this law, the property of both spouses, regardless of their actual share in the income or acquisition, is divided equally between the partners. Although the terms equitable and equal might sound similar, unlike equal division, equitable division depends on several factors that might provide one spouse some benefit over the other. By opting for an equitable model, this divide is eliminated. There are multiple factors that the division of assets depends on. That includes education level, earning capacity, income inequality, and custody status. These factors help the court decide how to divide everything up as equally as they can.
Determining Community Property Value
Before the assets can be divided equitably between the partners, the court determines the value of the property with the assistance of a professional property appraiser. Multiple factors are considered, including the present condition of the property, its location, and more. After the community property has been professionally valued, the court divides the assets in a way that is ‘just and right,’ or, in other words, equitable. These details are important to keep up with to avoid any sort of confusion. The courts want to make sure the process is as fair as it can be between two people. A Texas property division lawyer will be able to keep track of all those details and make sure things are going smoothly.
Drawing Lines for Separate Property
In community property states, the process of property and asset division is often contentious because of the blurred lines that do not consider the individual contribution towards the property. In cases where there is a need to trace separate property to avoid commingling with the community property, professional tracing experts can help you establish a paper trail to accurately appraise the value of the separate property. They can do this before, during, and after marriage. It is essential to have a lawyer throughout this process to safeguard your legal rights and ensure the righteous division of assets.
Division of property is one of the most crucial parts of any divorce or separation process. It is important for couples living in Texas to become familiar with community property law since the process might not be as straightforward as in other states. It can be tedious to keep track of all these details. To avoid unnecessary stress and anxiety and ensure justice, you should consult an experienced property division attorney and explore your legal options. They will help you with the entire process and keep you at ease.