Division of Marital Property After Divorce in Texas
When you and your spouse are going through a divorce, the division of property and debt may cause contentious disputes. It is critical to secure an experienced family law attorney with a reputation for success in order to ensure a fair outcome.
Assets and Debts Divided
In Texas, the law requires that both the assets and debts acquired from the date of marriage and the date of divorce be divided and distributed between spouses regardless of the name the property is held in. This division of property may include:
- Bank accounts
- Homes and other real estate
The Texas Legislature requires that the marital estate be split in a just and right manner, which typically results in one half going to each party. In many circumstances, however, this may be unfair. The law allows for deviations from the standard surrounding the division of property. Our family law attorneys will work with you to ensure your best interests are maintained throughout the division of your marital property.
Fair Property Division Settlement
Equitable distribution in Texas is extremely complex and requires constant monitoring of the ever-changing law. Determining the division of property and equitable distribution is a technical and often complex process for couples at any income level. Those with extensive or complex marital assets such as executive compensation packages, family-owned business assets, investment portfolios or multiple real properties, however, often face additional complications in determining a fair property division settlement.
Marital Property FAQs
What is marital property?
Marital property is any asset or property that you acquired while you were married as a couple. Real estate, cars, bank accounts, retirement funds are just a few examples of marital property.
How is property divided in a divorce in Texas?
In Texas, all property obtained during the time you were married as a couple is considered equally owned by both partners despite which earned the income or whose name you chose to put on a title or deed. The court strives to divide marital property fairly between both of you. But that doesn’t mean it will get divided equally. Contact us directly for an evaluation of your unique situation.
What gets divided in a divorce?
During divorce, marital property and debts are divided between you both. It can range from your home, furniture, appliances, cars, 401K, valuable jewelry but also credit card debt, mortgages and personal loans.
Do you have to split everything in a divorce?
No, this isn’t necessarily true. Couples who are divorcing can reach their own agreements about property division and the court will generally honor that agreement. But, if you and your spouse are unable to reach an agreement, the court will step in.
The Nilsson Legal Group team has extensive experience representing clients of high net worth or those with complex marital estates. We provide the level of expertise and discretion clients appreciate, striving for resolutions that protect their immediate and long-term interests.