Even when a divorce is amicable, the details can be complicated. Unless you have been married just a few years, you have likely accumulated numerous assets. Splitting up a house, retirement plan, stocks, vehicles, collections and other assets can be frustrating. That’s because many of these assets will increase in value, so while you might not benefit much from them now, you will in the future.
Texas is a community property state. This means that all marital property—and debts—are subject to split in a divorce. The state focuses on splitting assets fairly. Keep in mind, though, that this does not mean that assets will be split 50/50. The judge will divide assets based on what is fair under the circumstances. Therefore, it’s not uncommon to see assets split 60/40, 70/30 or 80/20. Uneven asset splits are especially common in divorces involving children, since there is typically one parent acting as the primary caretaker and more money is needed to care for the children.
Need legal help in Texas?
Be it family law, divorce, criminal defense, or personal injury — our Texas family law attorneys are here to help. We are results-driven, and we work tirelessly for our clients.
Our Houston family law and divorce attorneys have been providing compassionate and personalized legal services in Texas. Scott M. Brown is a certified family law specialist by the Texas Board of Legal Specialization.
What Assets Are Divided?
When you file for divorce, all marital assets need to be disclosed. Assets include not only money and houses, but also vehicles, stock and bonds, retirement plans, businesses and professional licenses. Many of these assets will increase in value over time, so you need to take into account their future value. Any asset that you accumulated during the marriage must be split in the divorce.
Some people have separate property that is not subject to split. This includes property owned before the marriage and gifts received from a third party. For example, the vehicle you bought before you met your spouse or the jewelry your mother gave you is considered separate property. Any inheritances that you receive before or during the marriage also stay separate. Settlements and awards for personal injury claims are also considered separate property.
However, if you commingle the property, it becomes marital property and therefore subject to split. For example, if you receive an inheritance and put it in your joint checking account, both parties can now use it, which makes it marital property. If you bought a house before the marriage but added your wife on the title after marriage, it is now half hers.
Any other property would be considered marital property, no matter how it is titled. Even if you bought a car in your name only, your wife may be entitled to it in a divorce. Do you have a 401(k) plan from work? It is considered marital property, so you may have to split it with your husband in a divorce.
Getting Divorced? Our League City Marital Asset Division Lawyers Can Help
Divorce can be complicated when multiple assets are involved. It’s important that you understand the value of the assets involved so they are divided fairly.
Let the League City marital asset division lawyers at Scott M. Brown & Associates help you with your divorce. We’ll assess your assets and make sure they are divided fairly based on all the factors involved. To see how we can help you, contact us today at (281) 612-8241.