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If you are facing a Texas divorce, the division of your marital property is one of your primary concerns, and the issue can become very complicated very quickly. If you and your divorcing spouse agree on the specifics, this division of property can proceed quite smoothly, but often this is not the case. While there are mechanisms in place – such as mediation – to help you move forward in the process, if you cannot ultimately reach a mutually acceptable division of property, the court will do so for you. (Click here to read frequently asked questions when it comes to the division of marital property)
Your Marital Property
Generally, that property that you obtained together as a married couple is considered marital property, and the property you bring into the marriage remains your separate property. The judge’s task is to divide your marital property in a manner that is just and right, which amounts to a division that is deemed fair – rather than exactly equal. The fact is that the court has vast discretion in the matter but will generally divide marital property nearly equally unless there are circumstances that tip the balance, such as:
One of you owns considerably more separate property than the other
One of you has a greater earning capacity than the other
One of you is more a fault for the divorce
than the other
One of you is considerably healthier than the other
Whether domestic violence played a role in the breakdown of your marriage
The judge can take all of these factors and more into consideration when making the determination about how your marital property should be divided.
Related: Is it Marital Property or Separate Property?
Retirement Accounts
Retirement accounts – and other kinds of financial tools in your portfolio – are another kind of marital property that many people find confusing. If your job and attendant retirement account began before you were married, it may strike you as separate property, but the funds you amass in the account over the course of your marriage are marital property that will need to be included in the division of said property. This can obviously be a complicating factor that requires the skilled legal counsel of an experienced divorce attorney.
Your Family Home
The family home is often a sticking point in the division of marital property. If you will be the primary custodial parent with whom the children live most of the time, the judge will likely take this into consideration. If the court determines that you can afford to do so, it will likely allow you to stay in your family home with your children while providing your ex with assets that offset your property gain.
Related:
Call Us Today to Speak with a Killeen Divorce Lawyer
The division of marital property in a divorce can be extremely complicated and contentious, but Brett Pritchard at The Law Office of Brett H. Pritchard in Killeen, Texas, is a formidable divorce attorney who will aggressively advocate on behalf of your rights and for an outcome that works for you and your children. We are here to help, so please do not hesitate to contact or call us at 254-501-4040 for more information today.
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