Deer Park, Texas Property Division Attorneys
Firm assists divorcing spouses
At the Law Office of Shelly A. Merchant, we are Deer Park, Texas asset division attorneys with decades of experience helping divorcing spouses obtain their fair share of the community property acquired while they were married.
How are assets divided in a Texas divorce?
When you go through a divorce in Texas, you should understand the state’s community property law, which posits that assets acquired by either spouse during the marriage are owned equally by both parties. It is possible that certain assets might be excluded due to a valid prenuptial agreement. Any items that were owned by one party prior to the wedding are considered separate property and therefore not subject to division.
Are assets divided 50/50 in Texas?
As community property is to be divided evenly among spouses, people sometimes refer to this method of allocating marital assets as “50/50 divorce.” It is often the case that each party will exit their marriage with roughly half of the total community property value, but it’s important to remember that Texas law allows for exceptions. The relevant statute says that the property division order must be “just and right,” so one spouse might receive a greater share under certain circumstances. Both spouses are equally responsible for liabilities as well, but the court might also adjust this, particularly if one party ran up debt without the other’s knowledge during the marriage.
What do courts consider when dividing community assets?
If you and your spouse cannot achieve consensus on asset division, the court might look at several factors when evaluating what is “just and right,” such as:
- Health, age, education and earning potential of both parties
- Business ownership
- Contributions to the marital estate
- Marital misconduct
During a divorce, even items such as jewelry and art must be addressed if they were acquired after you were wed. We’ll take the time to identify your priorities and work diligently to secure the result you seek.
Dividing retirement assets
The accumulated growth in value of pensions, IRAs, 401(k) accounts and other retirement investments that occurs during a marriage is considered community property. However, dividing these assets can be difficult, especially if you cannot access them for years to come without penalty. There are solutions, such as Qualified Domestic Relations Orders (QDROs), which separate a spouse’s share of an account so that they can reinvest it in their own plan.
Who gets the house?
For many couples, the marital home is their most valuable asset by far. Of course, it cannot be split as easily as funds in a bank account. After reviewing the facts, we look to identify the best possible solution, which might be home sale, a transaction where one spouse buys the other out or even maintaining shared ownership while one party continues to reside there. Drawing on our experience as Deer Park child custody lawyers, we understand how important continuity can be for young people. This could lead a court to decide that home ownership should be given to the spouse who will have primary physical custody.
Protecting assets in a divorce
Without complete, accurate financial information, you cannot be sure that you are getting your proper share of the martial estate. If you are concerned that your partner might be hiding assets or seek to clarify what type of debt they have accrued, we can investigate and, if necessary, utilize a forensic accountant. You might also be engaged in a dispute over the valuation of personal property or business assets. Our firm works with appraisers and provides strong advocacy during negotiations and litigation to protect clients against injustice caused by mistake or malfeasance.
Contact an experienced Texas divorce lawyer to discuss your property division issues
The Law Office of Shelly A. Merchant in Deer Park handles asset division matters and other aspects of the Texas divorce process. For a consultation, call 281-817-0998 or contact us online.