In an uncontested divorce, spouses must divide their marital property. Many assume that when a divorce occurs in Texas, the couple’s assets and debts will be split 50/50. However, that is not always the case—the division of marital assets is based on equitable factors.
While dividing assets may seem straightforward, it can prove to be a highly contentious aspect of divorce. If you need help dividing marital assets in an uncontested divorce in The Colony, consider speaking with an experienced attorney from our firm. Seasoned legal counsel could ensure your assets are divided fairly and that your legal rights are respected from start to finish.
When it comes to dividing marital assets in an uncontested divorce, The Colony follows the community property approach. This means that all marital property acquired by the spouses during the marriage is considered part of the marital estate and, thus, subject to equitable division. Tex. Fam. Code § 3.002. This holds that even if the property is held in only one of the spouses’ names, the presumption under the law is that it is considered a marital asset if it was bought during the couple’s marriage.
Some examples of marital assets subject to distribution include bank accounts and income earned during the marriage, retirement benefits and accounts, long-term investments, and real property. Similarly, the couple is also responsible for debts incurred during the marriage.
Property that was owned by one of the spouses before the marriage or acquired by gift, inheritance, or settlement is considered separate property and is not subject to equitable division in the event of a divorce. Tex. Fam. Code § 3.001. While it can be challenging to determine if assets fall under community or separate property, an attorney serving The Colony is here to assist with the process and help divide a couple’s assets just and equitably.
When dividing marital assets in an uncontested divorce, courts in The Colony consider many different factors. Ultimately, the court needs to divide property in a just and equitable way. However, this can look different depending on the specific circumstances of a divorce. Each spouse will have the opportunity to advocate to the court how they would like their assets divided. Some factors the court considers include:
Although this is not a complete list of all the factors the court considers in an uncontested divorce, it is helpful to understand how assets are typically divided. For many couples, the marital domicile is one of the primary concerns in a divorce. Some couples sell the home and divide the proceeds equitably, while others buy out their spouse’s interest in the home and remain there. There is no perfect formula to divide marital assets equitably, but an uncontested divorce attorney serving The Colony could help couples make these important decisions.
Couples may think they can divide their assets without an attorney in an uncontested divorce. While this can be true if a couple agrees on all aspects of their divorce, reviewing the distribution of marital assets with a lawyer is still crucial to protecting your legal rights. If you and your spouse need help dividing marital assets in an uncontested divorce in The Colony, reach out to our firm today.
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.