Texas divorce requires the equitable division of marital property. While this can mean an equal split, it does not always. Instead, the unique circumstances of the marriage and divorce guide the fair division of assets. Property division is one of the most hotly contested divorce terms, and these cases tend to be quite challenging. An experienced Waco property division attorney at The Law Office of Brett H. Pritchard is well prepared to skillfully advocate for your financial rights.  

A Just and Right Division

The State of Texas calls for a just and right division of marital property. This means fair, given the specific circumstances that apply. 

Marital Property

Marital property refers to all those assets that you, your spouse, or you and your spouse together acquired over the course of your marriage. The only exceptions include the following:

• Anything that was purchased with separate funds and was kept separate during the marriage
• Any gifts or inheritances in either spouse’s name alone
• The pain and suffering component of a personal injury claim initiated during the marriage

Separate Property

Separate property refers to anything that either spouse owned prior to marriage and kept separate throughout. When marital and separate assets are commingled, the line that separates the two can fade.

It’s important to note that the court begins with the presumption that all assets are marital. This means that you will need to prove that an asset belongs to you alone in order for it to qualify as separate. Separate property remains the property of the original owner.

Negotiating Property Division between Yourselves

Ultimately, most Texas property division cases are resolved out of court. In fact, most divorcing couples are very motivated not to hand over their decision-making authority on matters of this significance. 

You will look to your dedicated property division lawyer to engage in skilled negotiations on your behalf, and there is also the option of mediation. This involves you and your divorcing spouse, along with your respective property division attorneys, coming together with a professional mediator who acts as a neutral third party.  

Factors that Affect Property Division in a Waco Divorce

Texas courts take wide-ranging factors into consideration when determining property division in divorce, including all the following:

• The length of the marriage
• The size of the marital estate and the size of each spouse’s separate estate
• The age and overall health of each spouse
• Whether either spouse’s wrongdoing caused the marriage to fail, which can have an effect even in a no-fault case
• Each spouse’s income and earning power, as well as each spouse’s level of education and marketability 
• Each spouse’s contributions to the marriage, including in terms of homemaking and childcare
• The tax implications of the proposed division

Consult with an Experienced Waco Property Division Lawyer Today

Brett Pritchard at The Law Office of Brett H. Pritchard is a savvy Waco property division attorney who dedicates his imposing practice to tirelessly championing the financial rights of our valued clients, and he’s on your side. Learn more by completing our online form, or by calling us at 254-781-4222 today.