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How Property Division Works
Property division is the legal process of dividing property and assets between spouses. Marital property may include everything from salaries and cars to homes and bank accounts. In Texas, the property of a married person is considered community property, which means you and your spouse have equal ownership. This may be disconcerting to you as you’re going through divorce, but the court does take several factors into consideration.
Factors that may contribute to deciding property division may include:
- Fault in the dissolution of marriage
- Current earnings of both spouses
- Future earning capacity of both spouses
- Health and age of both spouses
- Child custody and support
- Any separate property
- Any inheritance
- Tax liabilities and debts
Separate property is any property a single spouse owned before marriage or acquired as a gift during marriage. It also covers compensation for any personal injuries sustained during marriage. If you want to claim separate property, you must prove the assets belong to you in court.
While the court is obligated to allocate property fairly, it may not always be in your favor. For one, the court may have a different view of fairness when it comes to property division. The property you believe you are entitled to may be split evenly with your spouse. Even more, the court may grant your former spouse more of your marital property due to their financial situation.
Accomplish Your Goals with Our Rockwall County Firm
A divorce should provide you the fresh start you need, but it may not feel that way when you are suffering from unfair property division. Our divorce lawyer at Eaker Law Firm, PC has helped hundreds of families with the divorce process. We’re well aware of what is at stake and the financial pressures, which is why we strive to strengthen your case so you can start the next chapter of your life on the right foot. Begin your case by calling us.