Going through a divorce means dividing everything you shared with your spouse during your marriage. This means not only figuring out a way to share custody of your children but also go through the process of dividing marital property, which can take some thorough investigation if you are a high-asset household.
If you are worried about whether the property division process will be beneficial for you, it is important to note that only marital assets are subject to division at divorce. This means that the assets that you acquired before the marriage will not be subject to division, and neither will inheritances you were bequeathed, gifts that you were given and damages from lawsuits that you won.
The following is a general overview of how Texas property division laws might apply to you. For information specific to your situation, it’s best to contact an experienced family and matrimonial law attorney.
Community property is recognized in Texas
Texas is one of the few states that recognizes the legal theory of community property. This means that marital property is divided equally between spouses, regardless of the circumstances. This can be especially frustrating if you believe that you contributed more to the marriage or that you were responsible for acquiring the vast majority of the assets. While this is frustrating, there are some options that you have.
Equitable distribution applies to some assets
Marital property that was acquired by a spouse in another state will be distributed equitably between spouses in Texas. This means that the courts will consider a number of factors in deciding the fairest way to divide these assets.
Asset categorization is important
Since, for the most part, you cannot control the way that marital assets are divided in Texas, it is important that you are able to correctly categorize marital and separate assets.
Texas also has a separate property law called inception of title that affects the determination of separate versus community property. A great percentage of divorce cases have some type of inception of title component to them. It’s also important to note that Texas has a law for hidden assets under which the court can divide those assets after a divorce.
If you are going through a divorce in Texas, make sure that you take early action to start planning your divorce strategy. Preparing now can help make your new life that much better.