During the divorce process, many couples are concerned with how to divide their assets fairly. They also want to protect their own personal assets acquired before the marriage. In Texas, all money, property, or other assets acquired during a marriage is considered community property and is subject to equitable distribution. The court will weigh factors to determine what is fair under the circumstances. Marital property could include money, stocks, bonds, houses, cars, and retirement accounts.
A couple must reach an agreement regarding dividing marital assets in an uncontested divorce in Frisco. Issues may arise, and legal guidance could be an important part of the process for both sides. A skilled uncontested divorce attorney could help memorialize the couple’s intentions regarding their marital property in a settlement agreement.
Texas applies a community property approach to the division of marital assets. When dividing marital assets in an uncontested divorce, the couple should first identify all their assets and categorize the property as either community, separate, or mixed.
If the parties have an agreement as to what is equitable, the court will not disrupt it. Otherwise, all community property is subject to Texas’ laws on equitable distribution. This means that all assets and liabilities during the marriage are shared equally by the spouses. If the couples do not have an existing agreement on the division of their marital property, the court will make a decision. Relevant factors include:
When dividing marital assets in an uncontested divorce, be sure to consult an experienced Frisco attorney and discuss which factors may be relevant.
Property that is not acquired during the marriage or is otherwise considered to be owned by an individual is not subject to Texas’ laws on equitable distribution. Generally speaking, if one spouse owned a certain asset prior to their marriage, it remains theirs after the divorce.
This scenario often applies when one spouse owns a home individually. Even if this house was where the couple lived together, if it was bought prior to the marriage by one of them, it would not be part of the marital estate. If one party challenges the classification of an asset prior to the marriage, the court will require the spouse who owns it to prove, by clear and convincing evidence, that they came into the marriage with the asset.
Likewise, inheritance and gifts that one spouse receives are not subject to division during divorce. This holds true whether they were acquired before or during the marriage. Complicated issues could arise when a retirement account is partially marital and partially separate. In these cases, a Frisco attorney could work with the couple to offset the portions of the marital assets that are not distributed in their uncontested divorce.
The division of marital assets is one of the most difficult parts of a case. Even in an uncontested divorce, the former spouses may not agree on what is fair for distribution. For example, one spouse may argue they are entitled to the home based on their contributions during the marriage. While the court will look at this, it is not the only consideration.
At the Towson Law Firm, PLLC, we practice family law the right way. We are never looking to create fights where there are none, and we handle separation issues with the sensitivity they deserve.
Contact our office for a consultation when you have questions regarding Texas laws on marital property or want to discuss the divorce process. Our dedicated attorneys advocate for you and help reach a solution with your spouse when dividing marital assets in an uncontested divorce in Frisco.
Our Law Firm’s approach to your case is based on individual circumstances. Whether it is a simple negotiated settlement, or it requires an aggressive approach, we will protect and defend your best interests.