At Walters Gilbreath, PLLC, we have seen all kinds of asset variations in the event of a divorce. Once a divorce is filed, clients immediately begin to worry about their children and how property will get divided.
Ah, money. It makes the world go around, and it also drives much of divorce litigation. It is not the only factor in divorces (because children, sex, power and ego are involved too), but it is a major issue. Texas family law is complex when it comes to property division. It also changes quite frequently, so be careful. Here are some commonly asked questions, and (of course) their answers:
Courts can only divide Community Property in a divorce. Community Property is a concept passed down from the Roman Empire to its province of Spain, thru the Spanish Conquest of Mexico, and thru the Mexican administration of Texas. Most states of the Southwest (including California) have a Community Property system, although each is different in the specifics. To sum it up, if it is community property, be prepared to share that property or liability with your spouse.
Separate Property is all property that you own that is NOT Community Property. A Court CANNOT give your Separate Property to your spouse. You take your Separate Property ‘off the top’ of any property division and divide the rest. Learn more in our blog, Community Property vs. Separate Property in Texas.
There can be serious disputes about whether property is Community or not but here are some of the basic rules:
First off, there is no “50/50″ rule. Texas law requires that the Community Property be divided in a ”fair and just manner’. Often that does mean 50/50, but sometimes 50/50 won’t be a fair and just manner. Some factors that affect the division:
If you have more questions in regards to your case, contact our team today.
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Brian and his staff were great. Brian’s direction and expertise provided me with the legal information relevant for my needs over several years now. He listens and is steadfast which gave me comfort in the courses of action. I highly recommend him.Brian and his staff were great. Brian’s direction and expertise provided me with the legal information...
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