The Houston divorce property division lawyers at The Cusic Law Firm are experienced and ready to support you throughout the division of assets in divorce. Divorce is hardly ever easy. Assets and property can only complicate the other issues. The division of assets between spouses most often takes time, negotiation, and legal help. Our experienced property division attorneys in Houston are here to assist you at every step along the way.
The Division of Assets in a Divorce
Ideally, as part of the divorce agreement, you and your spouse agree how to divide your assets fairly. Realistically, your divorce lawyers and theirs negotiate the terms of a property settlement agreement. It may take some back and forth between you and your former spouse, but coming to an agreement in this fashion often produces the best results for both parties. If no agreement can be made, then the court will divide your property in a divorce in the way they deem most fair to both parties.
Community Property in a Texas Divorce
Assets and properties included in a divorce agreement may include real estate, vehicles, boats, businesses, money, retirement accounts, furniture, collections, and other items of significance.
The division of these assets in a divorce in Texas can be especially challenging because Texas is a community property state. This means that almost all assets and properties acquired during the marriage belong equally to both parties and must be divided at divorce. In contrast, assets and properties acquired before the marriage are typically considered to be separate property and not community. This means that each spouse gets to legally keep his or her separate property at the time of divorce. Other separate property, however, typically includes assets acquired either by gift or descent. Most often this means property left to you by inheritance.
According to Texas Law, community property division happens in a manner that is equitable. In this context, equitable means ‘just and right’ and not necessarily equal. This means that when the two parties cannot agree, the court determines how to divide the community property assets in the divorce.
Is Debt Considered a Community Property in a Texas Divorce?
Personal debt in a Texas divorce can be another challenging area of resolution. Some debts may be considered community property, while others considered separate. Consulting with an experienced family law attorney regarding the division of assets in your divorce is always the best way to ensure you are not taken advantage of.
Creating a Property Settlement Agreement for Divorce
In a divorce or marital settlement, both spouses agree to a legally binding contract that divides the property, assets, and debts of their marriage. Additionally, the contract or the “Property Settlement Agreement” also specifies the rights of both parties. It settles all types of monetary agreements (alimony) and issues of child custody, child support, and even visitation.
Texas Property Division Enforcement
Whether through the court order or with a settlement contract, Texas Law enforces property division in all divorce cases. In almost all cases, the court that rendered the final decree of the divorce enforces the property division.
Request a Free Consultation from a Property Division Lawyer
To best address the division of property in your divorce we recommend consulting with a board-certified property division lawyers in Texas. Our Houston family law firm specializes in divorce settlement agreements and property division. We look forward to providing you with the right legal advice and services you need in this challenging time. Call us today for a free 30-minute consultation.