With the exception of marriages in which children are involved, the primary concern that many people have when going through a divorce involves how the marital property, assets, and debts will be divided. If you are facing divorce and need legal advice regarding the division of property, you need a lawyer who is experienced and knowledgeable about the laws in this area.
Under Texas divorce law, assets and debts acquired during a marriage are community property. When a couple gets divorced, their property is divided in an equitable manner.
Marital assets can include:
- real estate;
- 401(k) plans, pension plans, and other retirement funds;
- personal property;
- stocks, both vested and unvested;
- businesses; and
It is important to note that “equitable” is not the same as “equal”. Under some circumstances, one spouse may get more than 50% of the marital property.
In addition, assets that existed prior to the marriage are attributed to the property of the spouse who had the asset, with some qualifying characteristics. Inheritance assets may also generally be excluded from the community property, as long as there is proof and the assets can be traced back to their origin.
In addition, assets that existed prior to the marriage are generally considered the separate property of the spouse who had the assets, with some adjustments for various factors that might affect the increase or decrease of the value of the property.
Jane-Ashley McMillan practices family law, mediation, and Collaborative Divorce in Plano, TX.