One of the roles the judge takes on in divorce proceedings is the division of marital property. This part of the process can lead to conflict, as each spouse might feel differently about what would make for a fair distribution.
If you are facing the prospect of a divorce, a skilled family attorney could advise you on the division of assets. While you have certain rights under the law, the court has broad leeway in determining how this property is to be divided. The Colony property division lawyers could help ensure that you are treated fairly during this process.
The goal of the court is to divide all marital property as part of the dissolution of a marriage. However, not everything that the couple owns is considered marital property. For example, property that one spouse brings into the marriage is generally considered to be their own individual property.
Individual property—as the name suggests—is owned by only one spouse, not the couple as a whole. Any individual property remains with the spouse that owns it and is not subject to distribution through a divorce. In addition to property that was owned prior to marriage, other examples of individual property include personal injury settlements and family inheritance.
It is worth noting that over time individual property could become marital property. By combining their individual property with marital property, a spouse could put those assets at risk of distribution during a divorce. One example is if, instead of keeping the funds separate, a spouse used their inheritance to purchase a family home. The home would be considered marital property despite the source of the funds.
There are agreements that could alter the rules of individual or marital property. Known as marital agreements, these contracts could designate specific property as either marital or individual. A property division attorney in The Colony could explain how a prenuptial agreement might impact this aspect of a divorce case.
Unlike many other jurisdictions, there is a presumption that property held by a married couple at the end of their marriage is community property. As with any legal presumption, it is possible to rebut it. However, a spouse must have clear and convincing evidence that the property in question is not a marital asset. This is a high burden that can be difficult to meet but might be possible with legal assistance.
The Colony is located in one of only nine community property states in the country. Most jurisdictions divide property on an equitable basis, meaning that the courts will split property based on what is fair.
Community property states like Texas are different. In a community property state, the courts treat both parties as having equal rights to all marital property. This means they must strive to split this property as evenly as possible regardless of what might be fair. A property division attorney in The Colony could explain how community property rules might impact the distribution of marital property.
If you are dealing with the property division aspect of a divorce, you do not have to navigate it alone. State law regarding property division is complex, and attempting it on your own is risky. Let a property division lawyer in The Colony help you protect your assets during your divorce. Call right away to learn more.
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.