How Are Assets Divided in a Divorce?
In Texas, property and assets are not always divided equally between divorcing spouses. Property is separated into two categories called community property and separate property under a process called equitable distribution.
Keep reading for information about how property is divided during a divorce in Texas.
What is Equitable Distribution?
Equitable distribution is when a judge divides community property between divorcees based on what is deemed to be fair distribution or equitable. This means that there won’t always be a completely equal distribution of assets, such as a 50/50 split during the divorce.
A judge would decide what is fair by the contributions each spouse made during the marriage. This would include property and assets that were only purchased by one spouse. With the equitable distribution process, it doesn’t matter which spouse has more separate property if you made a purchase during your marriage; this is known as community property.
Community Property
Texas is a community property state. This means that the property and assets you and your spouse purchased during the marriage belong to both of you.
One of the most common questions we receive is “who gets to keep the house after the divorce?” Since community property is owned by both spouses, all income, purchases, and property that was acquired by either spouse would belong to you equally, including debt.
However, if there was a big purchase made before the marriage, like a house, then that could possibly be considered as separate property.
Separate Property
In Texas, separate property includes property that belonged to each spouse prior to getting married and was kept separate even during the marriage. Separate property can include inheritances, gifts given to only one spouse before or during the marriage, and property or debt acquired before the marriage.
An example of separate property is if you had a relative leave you an inheritance or home, then that property would belong to you, and your spouse would likely not be given a portion of it during your divorce.
Divorce and Property Division in Texas Bobby Dale Barina, Attorney At Law
While our blogs are always a good source of information, our divorce attorney can offer more insight into your divorce case regarding property division. Bobby Dale Barina, Attorney At Law is here to help guide couples through the tough and rigorous process of divorce, while offering legal advice in a caring and inviting environment.
Schedule your divorce consultation today at (254) 323-5506!