Updated on August 24, 2022
If you are facing a divorce, an important component is the division of your community property, which includes all those assets that you and your spouse acquired over the course of your marriage. In Texas, these assets are divided equitably, which translates to fairly in relation to the circumstances involved, but you may be wondering which circumstances apply and how.
The fact is that the division of community property can quickly become a hot-button item in divorce, but an experienced Round Rock divorce attorney can help. Schedule a consultation with an attorney today to get the guidance you need for your divorce case.
The Primary Factors
There are wide-ranging primary factors that help guide the division of community property in Texas. Listed below are just a few of the factors that courts may take into consideration when making a decision about the division of marital property.
The number of children you share, any special health or educational needs they may have, and whom they live with primarily can factor into the division of marital assets. The court recognizes how expensive raising children is and takes primary custody into consideration.
Each spouse’s employability will be factored into the division of community property. If one of you is a high-powered executive and the other gave up his or her own career to raise the children, take care of the home, and support the other spouse in his or her employment endeavors, this fact will not be lost in the decision-making process.
For more information about how employability may affect the division of marital property in your divorce, contact a divorce lawyer to discuss your case.
Ability to Pay
A spouse with considerable separate property, or assets of his or her own, will not be considered in as significant need as a spouse who is nearly penniless. In the end, the court is attempting to balance marital assets in a fair manner, and each spouse’s personal financial standing will play a role.
Young spouses are likely to have more earning potential and to be ending shorter marriages. Because age can tip the balance regarding the ability to earn into the future, it can play a determinative role in the division of community property.
Age’s effect on the division of marital property can be complicated. For more information, consult with a Round Rock divorce lawyer.
Debts and Relationships to Creditors
While your separate debts can play a role in the division of your community property, the court will take the creditor and his or her relationship with the indebted spouse into consideration before making such determinations. If, for example, your ex owes a considerable sum to his or her parents, the court is likely to weigh this far less heavily than debt that is owed to a bank.
Generally, both parties’ legal fees are paid out of community property, which means the legal fees incurred in your divorce can affect the overall amount of community property there is to be divided.
There are several additional factors that will also play a role:
Whether fault on the part of either party played led to the divorce
Whether either party attempted to hide assets (or commit any other form of financial divorce fraud)
The length of your marriage
Your relative health
Do Not Put Off Consulting with an Experienced Round Rock Divorce Attorney
Brett Pritchard at The Law Office of Brett H. Pritchard is a Round Rock divorce attorney who has the experience, drive, and knowledge to skillfully advocate for your financial rights in the form of a fair division of your community property. For more information, please do not hesitate to contact us online or call us at (254) 781-4222 today.