Divorce is a challenging process, both emotionally and legally. In Houston, Texas, one of the most contentious issues in a divorce proceeding is property division. Understanding your rights regarding this matter can significantly influence the outcome of your divorce settlement.
Texas follows community property laws during a divorce, which means that all assets acquired during the marriage are considered jointly owned by both spouses and should be divided equitably upon dissolution of marriage. However, equitable does not necessarily mean equal; it means fair based on several factors such as each spouse’s earning potential and health status.
It’s essential to note that only property or assets deemed “community” or “marital” property are subject to division in a divorce lawyer near me. This includes income earned by either spouse during the marriage, any real estate purchased while married, vehicles bought during matrimony, retirement accounts contributed to while wedded and even debts accumulated throughout the union.
On the other hand, separate or non-marital properties are those owned before marriage or received as gifts or inheritance during the marriage. These remain with their original owners after a divorce unless they have been commingled with marital assets to an extent they cannot be distinguished from community property anymore.
The court aims for just and right division when splitting marital assets between divorcing couples. This doesn’t always translate into a 50-50 split but rather considers various aspects like each party’s earning capacity post-divorce, who has custody of children if any exist from the union among others.
Furthermore, it’s crucial for individuals going through a divorce to understand that debt is also considered part of communal properties in Texas law. If you accrued debt together as a couple within your marital period—be it credit card bills or mortgage—you’re equally liable for repaying them unless otherwise ruled by court order.
It’s advisable for anyone contemplating divorce in Houston to seek legal counsel experienced in Texas family law due to its complex nature. An attorney will help ensure you understand your rights and responsibilities regarding property division, and work towards achieving a fair settlement.
In conclusion, understanding the laws surrounding divorce and property division in Houston can help protect your financial future. It’s critical to remember that every divorce case is unique with different circumstances influencing the final decision on property distribution. Therefore, knowing your rights under Texas law is fundamental to ensure you receive a fair share of marital assets during this difficult time.
Laura Franco Law
11222 Richmond Ave. Ste 225, Houston, TX 77082
281-920-9777
