The division of property is one of the most complicated parts of getting a divorce in Texas. The longer a marriage goes on, the more the spouses’ lives are emotionally and financially intertwined. Deciding who gets what is a great source of tension among divorcing spouses, and in some cases, the court has to make decisions about asset division. Cedar Park residents should get to know the state’s property division laws and it’s a good idea to contact a local attorney like Justin M. Jackson as soon as possible after filing for divorce.
Community Property
Like many other states, Texas follows community property laws, which assume that spouses have equal ownership of property acquired during a marriage. However, not everything owned at the time of the marriage or acquired during it becomes a community asset. A spouse can keep certain assets as separate property, and in order to do so, they must prove that:
If a spouse proves that the property is separate, it is not included in the division of assets. The court not only divides property, it divides the debt the spouses accrued as well.
Dividing Assets
During a divorce, spouses may agree on the division of property and submit the agreement to the local court for approval. However, when the sides cannot come to an agreement, the court must step in. It is presumed that community assets should be evenly divided, but the court has the leeway to distribute these assets in any way it deems fair. Some important factors in the division of property are each spouse’s :
Consult a Property Division Lawyer Today
Divorces are stressful occasions, and spouses should not attempt to handle the complexities of asset division without first consulting an attorney like Justin M. Jackson. If there are concerns or questions, call The Jackson Law Firm to schedule a meeting with a property division attorney in Cedar Park, TX. We will sit and discuss your case, and work with you to create a legal plan of action that strives for an outcome in your favor.
For more information on our Property Division Attorney in Cedar Park, please visit our site.
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