Determining Who Gets What At The End Of A Marriage
Asset division is a major hurdle for many divorcing couples. You and your spouse spent years amassing wealth and financial security that must be separated upon divorce. To ensure you get your fair share, you need experienced legal representation. Let the family law attorneys at The Harris Law Firm in Fort Worth fight for what’s yours.
Fair Is Not Always Equal
Texas is a community property state, which means that property and debts acquired during the marriage belong to both spouses and must be divided when a marriage ends. If spouses cannot reach an agreement, a judge will decide how to divide joint assets. The courts endeavor to divide assets fairly, which is not necessarily a 50-50 split. For instance, a judge may order a lopsided split in situations where one spouse spent time out of the workforce raising a family. Factors contributing to property division during divorce in Texas include, but are not limited to:
- Fault for the failure of the marriage
- Disparity in earnings or earning capacity
- Physical health and age of the spouse
- Size of the marital estate
- Size of separate estates
- Custody of children
- Length of the marriage
- Each spouse’s ability to support themselves
Assets Eligible For Division
Couples may have a plan for dividing assets such as a home or cars, but other monetary assets can be more difficult to split. Funds in retirement accounts, investment funds and savings are all eligible for division under Texas law. Art collections, a business and even digital assets add more complexity to property division. Keep in mind, the courts do not need to divide each asset, so if one spouse kept the home a judge may award more retirement assets to the other spouse.
Remember, a judge’s opinion may not align with your view, so it can benefit couples to utilize other forms of alternative dispute resolution, such as mediation. Additionally, some assets and debts belong to an individual regardless of whether they were accumulated during marriage. It is crucial to understand how marital assets and debts will be divided prior to filing for divorce. To schedule your appointment, please call 682-990-5757 or send us an email.