In Texas, community property rules suggest that the division of assets in a divorce will generally be equal. However, while many people believe that community property dictates a 50-50 distribution, it does not.
Instead, the court has the discretion to divide the property in a way that it finds just and equitable. In some scenarios, this will mean a split down the middle. In others, one of the spouses may get a much larger share of the marital property.
The role of the court in The Colony asset division is flexible. If the parties can agree on dividing their marital assets and their designations as community or separate property, then the court will play a minimal part in this process. The court will simply need to approve how the parties have divided their assets.
An experienced property division attorney could explain more about the role of a court in agreed-upon or contested divorces. Call our law office today to schedule an initial consultation.
Texas divorces have two types of assets: separate and community property. Separate property includes those either party had before the marriage and any property received from a gift or inheritance during the marriage. Community property is all other assets either party acquired during the marriage.
Under the theory of community property, both parties contribute to the acquisition of all assets and liabilities incurred during the marriage. When the parties divorce, these assets should be divided between them.
The split does not have to be 50/50 but can be any way that is just and proper. Determining whether a division is equitable can include looking at factors like each spouse’s earning capacity, relative health, type of assets, and the tax consequences of property division.
One factor that The Colony courts consider when dividing assets is the length of the marriage, especially when the spouses have dramatically different earning capacities. If the marriage was short, the court is less likely to see the lower-earning spouse’s contributions to the marriage as critical to the financial success of the other spouse.
However, in a lengthy marriage, a lower-earning spouse may contribute significantly to the higher-earning spouse’s career. Since the higher-earning spouse will retain their earning ability, the court may give the lower-earning spouse a more significant share of the marital assets.
In a no-fault divorce state like Texas, the petitioner does not have to prove bad acts by the other partner. However, establishing fault can influence the distribution of property in a divorce.
A spouse who commits adultery, domestic violence, or other forms of cruelty can expect to get a smaller share of the marital property. Aside from assets, the court may consider fault when dividing debt in The Colony divorces.
A divorce court’s role in asset division in The Colony depends heavily on whether the parties can reach a fair settlement on their own. If they cannot, the court has broad discretion to divide community assets as long as the division is equitable.
Those criteria are subjective, which is an excellent incentive to reach a settlement that is within the parties’ control. To learn more, schedule a consultation with a skilled family attorney.
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.
