If you are getting a divorce, you should take a moment to understand how state law divides marital assets and debts since this will likely be one of the most time-consuming matters in this process. Texas is among the few community property states in the country and distributes marital property to both spouses as equally as possible. Continue reading to learn more.
Classifying Property in a Divorce
One of the most complex aspects of property division is the classification of property. Your spouse may think something is marital property, but you may think it is separate property and should not be subject to division.
In Texas, separate property includes:
- Property that was owned by either spouse before they got married
- Property either spouse acquired during the marriage through inheritance or a gift from a third party
- Compensation from a personal injury claim
Marital property includes all other assets acquired throughout the marriage, regardless of whose name is attached to it, including bank accounts, retirement assets, investments, valuables, cars, and homes.
That said, some complications may arise when marital and separate property mix together and commingle. Under these circumstances, forensic accountants and other financial experts may be necessary to trace where they became intertwined. An experienced divorce attorney will be able help protect your interests and ensure property that should be considered separate does not land on the chopping block.
Discuss Your Divorce with an Experienced Family Law Attorney Today!
If you are ending your marriage, one of the most contentious issues you will encounter during this process involves asset and property division. To ensure you receive your fair share of marital assets, it is essential to hire an experienced attorney to handle your case. At Garza Law Firm, LLLP, our family law team has the experience and insight necessary to help you smoothly navigate your case and overcome any obstacles that may arise. We understand how important these legal matters are, which is why we are committed to providing knowledgeable representation and guidance.
Reach out to our law firm today at (214) 225-4344 to set up a complimentary one-hour consultation with a member of our team to get started on your case.