If you are a Texas spouse who has decided to end your marriage, you probably have some questions regarding certain aspects of the divorce process. Somewhere near the top of your agenda could be gaining a full understanding of the division of property since a divorce settlement can impact your financial future in a multitude of ways. This can especially be true if you are involved in a high-asset divorce where there is a large amount of marital property subject to division.
The state of Texas is a community property state where a court is authorized to divide your qualifying marital property in an equal manner. Any separate property owned by you or your soon-to-be ex-spouse is not subject to division. Some common examples of separate property include the following:
- Items purchased by a spouse before the marriage
- Family heirlooms
- Birthday gifts given directly to one of the spouses by a third party
- Any type of inheritance left specifically to one individual
- Non-economic monetary damages awarded from a personal injury claim
The court will presume all other property as part of the marital assets unless there is justifiable evidence that proves otherwise. Taking a proactive approach when dealing with some of the most valuable items that will become part of the marital property could be in your best interests. The marital home, 401(k)’s and retirement accounts, real estate properties, and even the ownership of a business are all potentially complex matters that could significantly impact your financial future.
Where to find the assistance and support you need
Achieving the best divorce settlement possible, including receiving all the qualifying marital property to which you are entitled can allow for a much smoother transition to a brighter future. With so much at stake, you owe it to yourself to take advantage of the professional help readily available to you. An experienced Texas family law attorney can address all of your questions and concerns while carefully guiding you through every step of the divorce process.