If you are preparing to get a divorce from your wife, you may be thinking about how to divide the assets you share. Property division is a complicated step that will require assistance from a Texas divorce lawyer. However, there are a few guidelines that apply to most divorces in this state, starting with the concepts of community property and separate property. You should get an idea of how this process works and then talk to your lawyer if you have questions about your case.
How Are Assets Divided in a Texas Divorce?
A common concern is how to figure out who gets what in divorce. The first detail to know is that Texas is a community property state, so you and your wife will equally split most of your belongings.
So, what is community property? Typically, it’s anything that you or your wife purchased during marriage, with some exceptions. For instance, if one or both of you bought a car, house, furniture, electronics, etc., you will each be entitled to half of its value. The same goes for your checking accounts, savings accounts, business interests, and more.
Your divorce lawyer will help with property division, during which you and your wife will need to agree on how to proceed. This might mean selling everything and splitting the profits, or each determining who gets to keep which items for a fair outcome. Either way, if your wife claims she’s entitled to the house and everything in it, don’t worry, as your divorce lawyer will ensure community property is equally split.
What Is Separate Property?
Some items you own count as separate property, not community property. This usually refers to anything you bought before you married your wife. For instance, if you came into the marriage with a car or a TV, you should be able to keep it when you get divorced.
Similarly, if you got an inheritance from a family member or monetary damages from a personal injury claim, that usually remains separate property and you don’t have to split it with your wife. In addition, if you have a prenuptial agreement that states which items are separate property, you typically don’t have to share them after divorce.
Why Should I Hire a Divorce Lawyer?
As you begin with asset division, you might have questions about which items are considered separate or community property. This is why you need a Texas divorce lawyer by your side. The right attorney can advise you on which items you need to split equally and what you can keep.
You deserve the chance to keep the assets that are rightfully yours during a divorce. If you have any legal questions about your Texas divorce, contact us at (817) 813-8513 to hire a family law attorney.