How to Approach the Division of Marital Property in a Divorce
Most divorce cases we see at the Nilsson Legal Group involve the division of marital property that’s been accumulated over the time of marriage. Unfortunately, this topic is one that creates unwanted tension between the divorcing couple and is the source of vitriol throughout the general divorce process.
Getting a divorce is mentally and emotionally taxing. When it comes time to divide marital property, follow our tips to ensure the decisions made are fair and leave the parties walking away from the table as satisfied as possible.
Be Honest About What You Own
Especially during a divorce, honesty is the best policy. Don’t attempt to stow money away in new accounts or lie about anything you have acquired during the marriage.
Your Fort Worth divorce lawyer needs to understand the financial picture as a whole. They will find out anything you’re hiding and this revelation will only hamper the efforts made throughout the process. Being open and honest helps you generate discussions in good faith and create trust within your divorce as a whole.
Learn Local Property Division Laws
Before you begin to negotiate property division, do a little research to help you understand the property division laws in your state. In the United States, the courts divide property based on common law and community property.
According to Texas law, property in question is considered community property. This means that at the time of divorce, any property that has been acquired by the couple is meant to be divided by the courts in a just and right manner. This is a good segway into how to define property in a marriage.
Marital Property
This is the property that’s been accrued during a marriage. Marital, or community property includes:
- Retirement earnings
- Income placed into a joint account
- Earnings made during the marriage
- Physical property (e.g. Homes, Cars, etc.)
Separate Property
Simply put, separate property is mainly assets that a spouse purchased prior to the marriage. Other assets considered separate property are:
- Items that were acquired after the divorce
- Gifts received or inherited during the marriage
Work With Your Divorce Attorney
Your divorce attorney is someone who is there to help with all aspects of the divorce process. They have experience or access to others with experience in negotiating specific terms found during a divorce.
At the Nilsson Legal Group, one of our key focuses is the division of marital property. We understand the laws around your personal and shared property. Our family law attorneys will take you step-by-step through the asset division negotiations process and ensure your bank accounts, 401K plans and physical property, and more are effectively and fairly divided with your ex-spouse.
Not only does an expert approach make the process efficient, but it also helps quell the heated emotions that can arise during property division. Let us help you leave your emotions at the door and settle your divorce specifics with legal fairness in mind.
Divide Your Marital Property in a “Just and Right” way With the Nilsson Legal Group
If the division of marital property is a pressing issue in your divorce, it’s time to turn to the professionals at the Nilsson Legal Group. We are a team of family law attorneys that strive to help our clients easily navigate the divorce process.
Don’t drown in the complexity of marital division. Contact us today to have a team on your side that truly understands fair and just division.