Texas courts consider any property acquired during the marriage to be owned equally by both spouses. When it comes to divorce, the court will generally divide any assets, debts, and property equally between both spouses. Even though Texas is a community property state, a judge does have discretion to divide marital property in a “just and right” manner if a 50/50 split does not seem fair.
Our property division attorneys at Cook Law in San Antonio, TX, provide an overview of how property is distributed in a Texas divorce. To discuss your matter further, feel free to reach out to our team of property division professionals.
Texas is a Community Property State
As a community property state, any assets, debts, or real property acquired during the marriage are considered jointly owned by both spouses. Property division in a divorce only applies to marital property, not separate property. Separate property includes any property that either party owned before marriage. Some major exceptions to property that remain separate even if acquired during the marriage are gifts or inheritances. If you place a gift or inheritance in a joint account, things can get murky, since you will have the burden of showing that the money was given to you alone.
Can Spouses Come to Their Own Agreement on Property Division?
Although the Lone Star State has specific laws when it comes to distributing assets in a divorce, spouses can come to their own agreement. This agreement may be made through mediation or negotiation.
During mediation, a neutral third-party (the mediator) will attempt to facilitate a conversation between the divorcing couple to resolve. If the spouses can determine, the mediation agreement will be submitted to the court for approval. The mediation agreement does not become final until approved by the court. If the spouses are at an impasse, then the court will issue a ruling, making its own decision regarding marital issues.
Texas Law Regarding Property Division in Divorce
Texas courts base the division of community property on the parameters outlined in the law. The Texas Family Code provides guidelines to judges on what is considered marital and separate property and how property should be treated when a marriage is dissolved. The law protects you from being stripped of property rights due to your spouse moving to another state, and vice versa. If you are concerned about property allocation upon divorce and what property you have a claim to, you should speak with our San Antonio property division attorneys.
Speak with a San Antonio, TX, Property Division Attorney Today
While there is no disputing that dissolving a once-happy union is often devastating, emotion has no part in decisions regarding property distribution. This is easier said than done, making it essential that you hire knowledgeable counsel to represent your interests. If you are considering divorce or are currently in negotiations with your spouse, our San Antonio, TX, property division attorneys are here to help. To schedule a meeting with a lawyer, contact Cook Law online or by phone at (210) 740-0281.