Division of Assets in Texas
Our Dallas Attorney Can Expertly Guide You Through Asset Division in Divorce
In Texas, community property laws serve as the guiding principle in the division of assets during divorce proceedings, establishing a framework that aims to achieve equitable outcomes for both spouses. Under these laws, all income and property accumulated during the marriage are deemed communal, belonging jointly to both partners. This means that regardless of individual contributions or ownership titles, assets acquired throughout the marital union are subject to distribution between the spouses upon divorce.
This approach underscores the shared nature of marital property, emphasizing that assets and investments during marriage belong equally to both partners. In divorce proceedings, the court considers factors like marriage duration, financial contributions, and agreements for a fair division of assets.
Adhering to community property laws, Texas promotes transparency and fairness in the division of assets in divorce. It acknowledges the complexities of marital finances, facilitating a smoother resolution of property disputes.
The division of property and assets is often extremely complex without proper guidance from an experienced Dallas lawyer. At the Law Office of Bryan Fagan, PLLC, our firm can navigate this process on your behalf and ensure that you capably seek the assets you deserve during your divorce.
Family law matters can be very personal. Put your trust in the Law Office of Bryan Fagan. Call us at (713) 338-2709 to learn more about your case.
Who will divide the property?
In the process of division of assets in divorce proceedings, a judge is tasked with allocating property and assets in a manner deemed “just and right” by the court. It’s crucial to understand that this principle does not always translate to an equal split; rather, the division aims to achieve fairness and equity based on various factors such as each spouse’s contributions to the marriage, their financial needs and capacities post-divorce, and the duration of the marriage. Moreover, during the marriage, debts incurred are also subject to division as community property, indicating that spouses will share any liabilities accumulated. This approach ensures fair distribution of assets and debts, acknowledging financial responsibilities accrued during the marriage.
In the division of assets in divorce, separate property is significant. Assets acquired before marriage remain under the ownership of the individual. Tracing assets and debts is crucial in the division process. This maintains integrity, acknowledging each spouse’s contributions and financial status.
Recognizing the difference between community and separate property is crucial in the division of assets during divorce proceedings. It ensures fairness and transparency, allowing for a comprehensive assessment of assets and debts to safeguard the interests of both parties involved. This approach fosters clarity and integrity, promoting a sense of justice and equity for all parties.
Before diving the community property, a judge will consider the following factors:
- Fault in the breakup
- Disparity of earning power
- Each spouse’s health
- Who has custody of the children
- Dividing Property in a Texas Divorce – The Just and Right Division
- What Wikipedia Can’t Tell you About Texas Divorce and Marital Property Division
- Texas Divorce and Retirement & Employment Benefits by the Numbers
Schedule Your Free Consultation Today
Going through any complex family law matter can be extremely stressful without the help of a trusted legal advocate by your side. At the Law Office of Bryan Fagan, you’ll find representation that is dedicated and focused on prioritizing your needs throughout every step of your legal process. Our approach relies on the quality relationships we maintain with our clients and your case will be no exception.
To learn how we can help, contact us and request your free consultation.
