Are you in the midst or the negotiation stage of your divorce? Texas courts must come to a judgment about how your property or estate should be divided, likely, you might have many concerns over the decision-making process. Judges strive to come to a decision about what is fair to both partners and any children, with respect to their legal rights, or what is considered “just and right.”
What Is “Just and Right” Equitable Distribution?
Texas law differentiates between the property that the married couple shares, and the property that belongs solely under one of the spouses. Separate property includes the assets owned before marriage, including any inheritances that are named to that spouse only. Community property, on the other hand, means that either spouse obtained the assets while married.
The following factors might be considered in “just and right” equitable distribution:
- You and your spouse’s individual incomes
- You and your spouse’s level of education
- You and your spouse’s overall health and age
- The type and value of the property
- The difference between how much one spouse makes versus the other
- How each spouse has managed to handle the finances
- The amount of time you and your spouse were married
Community property also encompasses the debts incurred during the marriage. So, let’s say one spouse applied for a loan on a vehicle. Under the laws of community property, both spouses are considered financially responsible for paying back that debt. The same would apply for debts such as credit cards, mortgages, and other similar financial matters.
Are There Any Exceptions?
Some properties may be excluded from being regarded community property, even if they were obtained during marriage. We mentioned previously that inheritances are one example, and this might also include gifts, meant for only one spouse to receive. Additionally, if one spouse purchased an item using funds under separate property.
To preserve your right to hold onto separate property, you must present to the judge any supporting evidence that proves that your property should be exempt from community property. You can mitigate the issue even better if you and your spouse can work out an agreement on what items will be considered separate or not.
Hire a Respected Divorce Lawyer to Assist You!
As property division laws can often be confusing, you will want to a Killeen divorce attorney to help you make informed decisions and clarify any unclear presumptions about the laws. At the Law Office of Brett H. Pritchard, our founding attorney has had a proven record of obtaining successes for his clients and is highly regarded in Killeen and the surrounding areas.
Attorney Brett H. Pritchard has helped thousands through honest and dedicated legal counsel. If you would like legal assistance, contact the firm for a free consultation!