Property Division in Carrollton
How is Property Divided Following a Divorce in TX?
When a couple gets divorced in Texas, its community property laws dictate how marital assets are divided, unless certain assets are characterized as separate property. Understanding the differences between separate and community property can be complex and create a great deal of confusion when trying to determine how to split property in a divorce. At Malik & Associates, PLLC in Carrollton, our experienced attorneys are here to educate and guide you through this difficult process, and make sure you receive all the property to which you are legally entitled.
What is Considered Community and Separate Property?
According to the Texas Family Code, there are two categories of property: community property and separate property. Community property is the property acquired during the marriage by either spouse and belongs to both spouses. Separate property is recognized as property acquired by one spouse prior to the marriage and remains that spouse’s separate property in a divorce. In some cases, the acquisition of certain items of property during the marriage can be considered separate. Additionally, there are exceptions to both of these rules, which may further complicate the division of property. Property that is classified as either community or separate may include any of the following:
- A family home(s)
- Real estate
- Retirement plans
- Bank accounts
- Vehicles, Boats, etc.
- Personal property, such as jewelry, furniture, etc.
Potential Complications with the Division of Assets
Community property is divided equally between spouses, and separate property remains with the original owner. This division is complicated, however. For instance, one spouse may use his or her separate property for the benefit of the marital home or property, or both parties may spend community funds on separate property for one spouse. These examples are only two of many situations that add to the complexity of asset division in a divorce.
Alternatively, spouses are free to decide how their property should be recognized and subsequently divided in a pre-marital or post-martial agreement, should they both agree that the law’s prescribed division does not fit their personal situation.
Schedule a Consultation with a Knowledgeable Property Division Attorney!
If you have questions regarding property in a divorce, it will be helpful to meet with an attorney skilled in the division of assets. The lawyers at Malik & Associates, PLLC in Carrollton are highly experienced in settling separate and community property cases and are here to help you.
Contact our law office today at (214) 881-2100 to schedule a consultation with a property division attorney.