In many divorces, the most contentious negotiation concerns the division of property. Everything that belongs to your marriage will have to be divided between you and your spouse, from small items like photo albums and furniture to the biggest items, such as homes, automobiles, and investments. You and your spouse must reach an equitable division of the property, which may be difficult if the relationship is no longer on the best of terms.
Austin property division attorneys have a wealth of experience helping our clients get the property division agreements they need. We have decades of combined experience to put on your side, and we would like to hear from you. To learn more about what we may be able to do for you, contact us today.
Division of Assets
Coming to a divorce agreement can be a long, drawn-out, and extremely contentious process. One of the most hotly contested aspects of a divorce is the separation of marital assets. Considering the fact that each person in the couple may state their case for ownership over specific properties, this legal process can be extremely difficult for quarreling couples.
Major Parts of Property Division
The division process for a couple’s marital property can include a range of different factors that may grant certain properties to one person instead of the other. Additionally, certain properties may be considered for a division that otherwise might not be considered a part of the marital, or community, collection of property. The following types of property may be applicable for the division process:
- Joint real estate and buildings
- Wages and bonuses
Perhaps one of the most important distinctions to make in property division arguments is whether or not that property is a part of what is known as “marital property”. This kind of property is, in most circumstances, the only property that can be divided in a divorce agreement. If a piece of property was acquired prior to or, in certain circumstances, outside the confines of the marriage, it is most often not considered divisible.
Division of Debt
While a couple may enjoy the benefits of a shared household during the marriage, financial problems and debts that are generated during the marriage are considered an equal burden in the event of a divorce. This means that settling a shared estate takes into consideration the successes and the failures, allowing marital, or community, property to consist of both valuable assets and debts.
Debt Division in Texas
In the state of Texas, debt is divided in much the same manner as property, which means that it is classified as either community or separate property. If a piece of property or a particular debt is found to be under the separate ownership of one spouse, he or she will retain the right or responsibility to keep that property or debt. On the other hand, if the debt is considered community property, the sum may be broken apart to be handled by the divided spouses. Debt division works accordingly in Texas:
- Debts acquired prior to marriage are often considered separate property
- Debts acquired using shared funds may become community property
- Other debts acquired during the marriage are often community property
- Community property is often divided in half and assigned accordingly
There is a middle ground of ownership, which may apply to debts taken out prior to marriage. Known as comingled property, debt that was acquired using money from both spouses’ estates may be considered community property at the time of a divorce, depending on the determination of the court.