The division of marital property is often one of the most stressful, emotionally charged, and controversial components of a divorce. Property obtained by either spouse during a marriage is considered to belong to both of them, regardless of whether or not they both hold the title.
During divorce proceedings, speaking with a skilled family attorney to ensure you understand your rights and responsibilities is a wise decision. Consult a dedicated Frisco property division lawyer for legal guidance and more information.
All property, assets, or earnings of both parties accumulated throughout the course of a marriage are considered community property under Texas law. The court does not consider which spouse earned the income, holds the title, or paid the bills between marriage and divorce dates.
The statute only considers these properties and assets as separate:
The family court prefers couples work together to agree on the division of marital property. In situations where agreements cannot be reached, the family court judge will divide the property based on fairness and not necessarily equally. A Frisco property division attorney could review the complete list of assets and answer questions during the consultation.
When a couple does not agree on a fair agreement to divide property, assets, and debt, the family court judge will consider the arrangement based on what is just and fair. The final settlement is not always split down the middle. Under the Tex. Fam. Code § 7.001, the family court may consider:
The court also does not automatically split debt equally; it will consider whether one or both spouses should be responsible for paying it. While the court will award alimony in some situations, it is uncommon.
Some examples of potential elements that may allow one spouse to collect spousal support include disabilities or a marriage that was longer than 10 years. A property division attorney in Frisco could provide legal advice and help draft a fair settlement agreement.
The court views a family business as community property. The most significant challenge to overcome is the valuation of the business, since this is a hard-to-value asset. The divorcing couple may need to hire professional appraisers or accountants to estimate the current value of the business.
Family courts in Texas consider the property, assets, and debt a couple acquires during the course of their marriage as community property. While all aspects of the divorce proceedings are challenging, the division of property and debt can be among the most complex.
To protect yourself and your assets in a divorce, it is essential to know your rights. A caring Frisco property division lawyer could help you throughout the process. Our firm is ready to fight for a fair settlement for everyone involved. Call today to schedule an appointment and review your case.
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.