Divorce can be an emotionally trying time in anyone’s life. One of the most difficult decisions that needs to be made during a divorce is how to divide your property between you and your spouse.
The good news is that you don’t have to do it alone. With the help of an experienced Bryan, Texas divorce attorney like our team at C.E. Borman, property division can be a straightforward and fair process that respects your needs at all costs.
Texas is a “community property” state, which means that certain assets and debts that you acquire during your marriage belong equally to both you and your spouse. If you decide to end your marriage, you will have to come up with a plan for who gets what.
Other property and debts, however, are considered “separate property,” which means they belong to either you or your spouse alone. You will not be asked to give up any separate property in your divorce.
But the challenge comes in determining what counts as community property and what counts as separate property.
In general, all income and big purchases made during the marriage tend to be considered community property. In contrast, separate property mostly includes things that you owned before the marriage, things you acquired as a gift, and anything that you and your spouse agree belongs to you.
At C.E. Borman, we use all of our experience and dedication to protect your rights and help you get the settlement that’s best for you and your family. Here’s how we do it:
We’ll learn more about your situation and discuss your options for moving forward.
Together, we’ll get to work resolving your issues – representing you through mediation and, if necessary, in court.
Texas follows community property laws, meaning assets and debts acquired during the marriage are typically divided between spouses, while separate property remains with its respective owner.
Community property includes income, real estate, vehicles, and retirement accounts acquired during the marriage. Separate property encompasses assets owned before marriage, gifts, inheritances, and property agreed upon as separate by both spouses.
When spouses cannot agree, a judge will review the facts to determine a fair distribution of assets. Judges typically consider various factors including each spouse’s age, health, earning capacity, education, custody arrangements, separate property ownership, and fault in the divorce, if any.
Just because certain assets are determined to be “community property” doesn’t mean they have to be divided 50/50. A judge will take the factors described above into consideration to make a fair determination of how the assets should be distributed.
Yes, property division can be settled outside of court through negotiation facilitated by attorneys, or third-party mediators, to reach an agreement that satisfies both spouses’ needs and preferences.
Having ownership of your property is essential to your financial and emotional health after a divorce. Contact C.E. Borman today to schedule a free consultation and find out how we can help you.
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