Within the course of your marriage, you have probably built a sizable estate or even a flourishing business, but what happens when you decide to go separate ways? You may probably be wondering how property will be divided between you and your ex-spouse following a divorce.
If you cannot reach a mutual agreement on how to go about it, the courts will do that for you, guided by the state laws. Texas is a community property state, which means that assets and debts equally belong to both parties in most cases. However, only community property is up for division between you and your ex-spouse. Separate property such as inheritance or gifts outside marriage is off the table.
Factors the court may consider
While community property states divide property equally, Texas law allows some alterations in the interest of justice. Property division should be just and right to both parties. For instance, the spouse with custody of the children may keep the marital home while the other keeps their retirement benefits.
The judge may also consider:
- The income levels of both spouses
- Their age and health
- Any special needs of either spouse, among others
Protect your legal rights
Your financial plans are likely to be affected, which is why you need to ensure that you get your fair share of marital property. Be wary of your ex-spouse hiding assets or undervaluing them to shortchange you. It is against the law to hide any financial information following a divorce, and you may need to take action against them.
While navigating a divorce may drain you emotionally and physically, it is crucial to protect your legal rights. Learning more about the aspects of family law that could affect your case will put you in a better position and help you anticipate any issues along the way.