The Colony has two main types of assets, which follow the same property rules as the rest of Texas—marital property and separate property. Marital property—also known as community property—refers to most property acquired during the marriage. Both spouses share an equal interest in this.
Separate property refers to a partner’s property before the marriage and some property acquired during the marriage—usually through a gift or devise.
Understanding the nature of property can help people anticipate the division of assets in a divorce. A skilled property division attorney could help with asset distribution issues during the breakdown of a marriage. Call today to schedule a meeting.
Assets refer to anything of value, including the following:
Each of these assets has value and will be subject to division during a divorce.
Many people are surprised to see that pets are considered assets in Texas. Most people have very personal relationships with their pets and may even consider them more like children than property.
However, Texas law does not treat pets uniquely; it treats them like any other type of asset in The Colony. Understanding this can help people tailor their approach to asset division and may assist them in securing possession of their pet.
According to state law, all assets acquired during a marriage are community property unless they fall into an exception category. The rule is that community property should be divided equally between the spouses.
This differs from some states’ approach, which may focus on equitable distribution rather than equality. In cases where ex-spouses cannot reach an amicable agreement, the court will determine what constitutes an equal distribution of property.
Any property either spouse brings into the marriage is separate property. This includes any gifts or inheritances that a person receives during the marriage. Depending on an individual’s wealth when they marry or the size of any gifts, they make a massive difference in the division of property during a divorce.
The spouse who wants to claim that an asset is a separate party has the burden of proving that it is separate. The burden of proof is clear and convincing evidence. A person may need to trace the property back to separate income to establish that it is separate. If unable to prove the item is separate, a court in The Colony will assume the asset is community property.
Dividing property begins with identifying and classifying each asset. The parties should first try to pinpoint their assets and see if they agree on the classification. It is almost inevitable that people will disagree about the nature of some assets.
If classifying property into types of assets in The Colony seems daunting, it is important to seek the help of a seasoned family attorney. They could provide legal insight into the nature of property and connect you with the experts you need to unwind complicated financial transactions.
Schedule a consultation with our legal team today to learn more and ensure a fair division of your assets.
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.
