Couples whose marriages are over typically find themselves mired in issues that need to be taken care of. One of those is property division, but since Texas is a community property state, all assets gained during the marriage are considered shared. That means spouses will be expected to divide those assets 50/50 during a divorce.
Not as easy as it sounds
Equal division of assets is not always easy. A divorcing spouse could disagree with things identified as marital property or separate property. A spouse may also wish to negotiate a larger share of property because of the way the divorce is impacting him or her.
The situation could get really complex if real estate, stocks or other assets are involved. Because of this, having a relatively good grasp of the law before dividing assets is essential. From tax liability to determining the value of all qualifying assets, there are many factors to consider before dividing marital property.
What if spouses don’t want to follow community property rules?
There are some instances when both spouses agree that community property rules aren’t fair. While the rule in Texas is to divide property equally, spouses can agree to a different scenario. If so, each person should seek out independent legal advice to learn about what options are available and what may or may not be approved by a judge. Property cases in Texas that are complex could drag out in court, so if there are disputes or issues, it could prove invaluable to develop an understanding of all legalities potentially involved. Having an experienced lawyer to help negotiate on one’s behalf might also bode well in many cases.