Property division is one of the most common issues that comes up when a couple in Texas chooses to end their marriage. This is true whether it is a high asset divorce or one of more moderate means. For those who are concerned about this aspect of family law or are in the midst of a dispute, it is wise to understand the law and how it divides the property of a couple that is ending a union. With a divorce or annulment, the court will order that the estate be divided in a way that is considered fair. The rights of the parties and children, if any, will be considered.
There are special circumstances for certain properties. For example, if one of the spouses acquired property while both spouses lived in a state that has community property laws, the property will be subject to division in Texas.
When a couple divorces, the court must consider the following property as separate if the couple had a written agreement: the income and earnings from property, salaries, wages or other compensation that was received on or after the first of the year in the year when the suit to divorce had been filed. It will also be part of the couple’s assets if the above-listed properties or wages were received in a different year in which the couple was married for part of the year and then chose to divorce.
Many people who are divorcing were living in different states while they were still married and do not understand that they might be subject to property division based on that even if the divorce is taking place in Texas. It is these types of situations that can complicate matters. When there are any family law issues that are linked to property division, speaking to an attorney with experience in these matters is imperative.
Source: Texas Family Code, “Chapter 7. Award of Marital Property; Sec. 7.001. General Rule of Property Division; Sec. 7.002. Division and Disposition of Certain Property Under Special Circumstances,” accessed on Dec. 29, 2015