Besides child custody, one of the most contentious issues during a divorce is usually the division of the marital property, especially if the couple did not sign a prenup.
Each state has laws regarding the division of marital property during a divorce. And Texas, like nine other states, recognizes what is known as community property laws.
Understanding community property
Under Texas law, any property that is acquired by either party or jointly during a marriage is known as community property. In the event of a divorce, the court presumes that all property and debt owned by the couple at the time of the dissolution of the marriage is community property and, thus, eligible for 50/50 division unless there is convincing evidence to prove that the property in question is separate or should be divided equitably in some other way. This presumption often creates difficult questions especially where debt is involved.
How is community property divided in Texas?
While Texas is a community property state, this does, however, not automatically mean that each party will leave the marriage with 50 percent of their marital property. Here are some of the factors the court will take into account when dividing marital property in Texas:
- Each party’s needs
- Each party’s earning capacity
- Each party’s age and health
- The spouse who will be living with the children
It is, therefore, important to strategize carefully if you are seeking a divorce and you suspect that you and your spouse will not be able to settle your differences out of court.
Safeguarding your rights
Property division can be potentially stressful, especially where high-net-worth assets are involved. Seeking legal guidance to learn more about Texas property division laws can help you safeguard your rights and interests when identifying and dividing marital property.