When you are facing the prospect of a divorce, it is natural for you to want answers about what will happen to your money and property. The divorce process can be complicated, especially between spouses who have been financially intertwined for many years.

A dedicated marriage dissolution attorney could answer financial questions in a divorce in The Colony. There are many issues to address during this process, and a clear understanding of your assets and obligations is crucial.

What Happens To The Family Home?

One of the most common financial questions at the end of a marriage is determining who gets the family home in The Colony. This is rarely as simple as deciding which party is best suited to remain living there. While a home can bring out strong emotions, it is treated the same as any other asset under the law.

First, it is important to determine if keeping the home is even viable. Often, couples live on property that requires two incomes to pay for. Many divorcing spouses choose to sell the home at an agreed price and split the proceeds.

There can be disputes over real property being a separate asset owned by one of the parties before the marriage. Although there is usually a presumption that a house is community property, evidence could be used to show that this is not the case.

Will All Property Be Divided?

There is a common misconception that state law requires all property to be divided when a couple divorces. In reality, only the assets that are jointly owned by the couple are treated this way.

There is a presumption that everything a couple owns during their marriage is community property. This presumption can be rebutted with evidence, like proof that money was inheritance intended for one of the spouses and never used for the benefit of the couple as a unit.

Judges have the flexibility to address these issues as they see fit. They may consider legal titles for certain assets to determine if one or both spouses are named. It is also common to seek testimony on whether something acquired prior to the marriage was ultimately used by both parties. An attorney in The Colony could answer more questions regarding finances amid a divorce.

What About Debts?

In a community property state, debts are treated the same way as assets. They considered be jointly owned by both spouses if they were acquired during the course of the marriage, and any shared marital debts are subject to division during the divorce process.

Just like with property, there are ways to argue that an obligation solely belongs to one spouse. For example, one party could show that the other took out a credit card in only their name towards the end of the relationship. They could have a viable case that the presumption of marital debts should apply in this situation.

Dividing debts can be especially frustrating in a situation where it was not previously discussed. An experienced lawyer could help a divorcing couple in The Colony resolve these financial conflicts.

Talk to an Attorney in The Colony About Financial Divorce Questions

The end of a marriage can be challenging, especially when it comes to matters of money or property. Getting answers to financial questions in a divorce in The Colony is an important first step. Reach out right away to discuss how a dedicated attorney could help with this process.

Meet Matt Towson

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.

Meet Matt Towson
Meet Matt Towson
Meet Matt Towson