One of the largest areas of divorce that is widely contested is that of property division. The question of who gets what is one of the first aspects of the marriage that is picked apart by spouses who each want a piece of what marital property they deem to be rightfully theirs.
At Marx, Altman & Johnson, we believe that both sides of the divorce need to understand the Texas laws regarding what constitutes marital property, what can impact division and other important factors before going into the divorce.
What Constitutes as Marital Property?
In Texas, we have a community property status. This however, does not mean that the court has to divide marital property equally between the spouses. In order to understand what constitutes marital property you must know that difference between community and separate property. Property acquired during the marriage is generally considered community property unless it is separate property for one of the reasons below.
Separate property consists of four factors:
- Property owned before a marriage
- Inherited property
- Gifted property
- Recoveries related to personal injury claims
What can Impact the Division of Property?
In a divorce, there are several factors in Texas that can impact how property is divided up. Some of these factors include:
- Physical Health
- Size of Separate Estates
- Size of the Community Estate
- Gifts Between Spouses
- Property in Other Jurisdictions
- Fault in Failure of the Marriage
Of course, there are many other issues that can end in a disproportionate division of marital property, but by working with a fair family law attorney, you will have the opportunity to be guided through what can be a very complex process.
Mistakes to Avoid
When discussing the division of marital property, one of the biggest mistakes someone can make is to insist on being the one to ‘keep the house.’ Spouses need to consider the long-term game instead of making a decision out of animosity.
Taking the house, for example; the home is an asset and requires upkeep that may or may not be viable for one parent to undertake. Also, when the time comes to sell the home, the spouse who wanted full ownership may end up getting less than they would have, had the asset been properly assessed as a division choice during the divorce proceedings.
Marx, Altman & Johnson Helps with the Division of Marital Property
If you are having trouble dividing marital property in your contested or uncontested divorce, reach out to Marx, Altman & Johnson. We are a divorce attorney team that practices family law, and we will be able to help you hash out what rightfully belongs to each member of the process. Call us today with your questions on Texas divorce law, and let us help you get your divorce granted with the confidence that you are working with a team that is Dallas-Fort Worth’s leading value firm.