If you are considering a divorce in Texas, one of the first things you will need to decide is how to divide your property. This can be a complicated process, and there are several factors that you will need to take into account. In this blog post, we will discuss some of the most important things to keep in mind when dividing property in a divorce in Texas.
When it comes to dividing property in a divorce, the first thing you need to do is determine what is considered marital property or, as it is called in Texas, community property. Community property is any property that was acquired during the marriage. This includes things like homes, cars, furniture, and bank accounts. Any property that was owned by either spouse before the marriage or that was acquired as a gift or through inheritance, is considered separate property and cannot be divided in a divorce.
Once you have determined what property is considered community property, the next step is to determine how to divide it. There is a misconception that in Texas, community property is divided equally in a divorce. In fact, Texas law provides that community property will be divided equitably in a divorce, rather than equally. This is an important distinction since dividing the property equitably means that it will be divided in a manner that is fair and just, considering all of the relevant factors.
The court will consider several factors when making a decision about how to divide community property, including:
-The length of the marriage
-The health and age of each spouse
-The earning capacity of each spouse
-The education and training of each spouse
-The contribution of each spouse to the acquisition, preservation, or increase in value of the community property during the marriage
-The homemaking contributions of each spouse
-The relative needs of each spouse
-The relative debts and liabilities of each spouse
-The relative assets and property of each spouse
-The separate property of each spouse
-The nature and extent of the community property
-The manner in which the community property was acquired
-Any award of spousal maintenance
-The relative fault of each spouse, if any.
As you can see, there are many factors that the court will consider when dividing community property in a divorce. It is important to keep these factors in mind when negotiating a property settlement with your spouse. If you are unable to reach an agreement with your spouse about how to divide your property, the court will make a decision for you.
If you have reached an agreement on how to divide your property, ReliableDivorce can make the divorce process easy, quick and affordable.