Are you a Houston resident considering divorce? You are probably worried about how your life’s assets would get divided when you separate from your spouse. Who will get the family home? What about your cars and vehicles?
In Texas, courts do not follow an ‘equitable distribution’ system when deciding how assets should get divided in divorce. Instead, Texas is a community property state. The court’s primary objective is to ensure that the division of assets is “just and right.”
When preparing for a divorce in Houston, it is essential to understand how assets will get distributed so that you can protect your rights and interests. Hiring an experienced Houston asset division lawyer is essential when protecting your property and valuables and preparing for the future.
At Moving Forward Divorce Lawyers, our Houston asset division attorneys will investigate all aspects of your divorce. We know how to uncover any hidden assets while also safeguarding your rights. Dividing property and assets is complex, and tensions can run high during this process. We strive to make it easier for you to move forward in your life.
In most community property states, courts typically divide assets and debts from marriage in half between the spouses. However, the Texas Family Code requires courts to divide assets differently.
Before a Texas court divides your assets during a divorce, they must classify them. They need to determine which ones you owned separately and which assets were part of the marriage.
Unless your prenuptial or postnuptial agreement excludes them, any asset – including debts – is considered community property in Texas. The Texas Family Code defines community property as ” property acquired by either spouse during the marriage, excluding separate property.”
Texas Family Code mandates the division of community property fairly and evenly. To do this, they consider the rights of both parties in the marriage and the children. When determining a just division of assets, the courts may consider many factors, including:
When it comes to dividing assets during a divorce in Texas, fault matters but not in the way that you may think. Texas considers divorces no-fault, which means there is no need for individuals to prove grounds for the divorce. Fault does, however, come into play because it can affect community property rights and obligations. Courts may adjust asset division if one person can show that the other caused economic damage or destroyed property by engaging in misconduct such as adultery. The courts will only address specific financial issues based on fault, so it’s essential to understand how fault plays a role in your particular legal situation before taking action.
Dividing business assets during a divorce in a community property state like Texas can be highly complex due to the potential implications for both parties. Depending on the owner structure of the business, it may require significant negotiation and compromise to develop a fair and just solution.
You should consult with financial professionals and an experienced Houston asset division attorney at Moving Forward Divorce Lawyers to protect your rights to the business and its assets. Dividing business shares and assets involves detailed calculations that must adhere to state law. It also involves utilizing the skills of a business appraiser to value the business properly. Our law firm will ensure that all your assets are properly divided and equitably distributed according to legal standards.
A lawyer at Moving Forward Divorce Lawyers can provide invaluable assistance to those looking to ensure a fair distribution of assets upon the dissolution of a marriage. We can identify potential hidden assets and property which may be subject to division.
For example, our law firm often works with forensic accountants to locate financial accounts held by the other party or investigate unreported income. We can also spot any suspicious activity related to property ownership transfers to determine an accurate representation of all available assets.
With more insight into the other spouse’s financial state, our Houston asset division lawyers can ensure that all assets are accurately identified and adequately accounted for in your divorce agreement.
Your whole world can be turned upside down when you go through a divorce. You must find your way through this ordeal while keeping your future in mind. Protecting your assets is crucial and will help you rebuild your life more easily. However, many divorcing couples try to hide assets or refuse to divide them equitably.
At Moving Forward Divorce Lawyers, our Houston asset division attorneys can help you through the divorce process, from filing the paperwork to asset division. Call us at 713-589-4748 or fill out our confidential contact form to learn more about your legal options. We can protect your family, parenting rights, and property during a divorce.
You should seek the assistance of an experienced Texas family attorney who is familiar with the laws and can fight on your behalf for the things you want out of your divorce.
It is always a good idea to consult with an experienced Houston divorce attorney at Moving Forward Divorce Lawyers when going through a divorce. Filing the right paperwork and petitioning the court takes time, experience, and skill. If you make a mistake, you will lose money and valuable time. This could impact your future significantly. Call us at 713-589-4748 or fill out our confidential contact form to schedule a free consultation and learn more about your legal options.