If you’re going through a divorce in Austin, you may be wondering how the state handles division of complex property. In short, Texas is a community property state, so all assets and debts acquired during the marriage belong to both spouses. However, there are some exceptions to this rule. Keep reading to learn more about how complex property is divided in Texas.
What is Community Property?
In Texas, all property acquired by either spouse during the marriage is considered community property. This includes income, homes, vehicles, investments, and retirement accounts. Even if only one spouse’s name is on the title or deed, it is still considered community property.
However, there are some exceptions to this rule. For example, if one spouse owned a business before the marriage, that business would not be considered community property and would remain the sole property of that spouse.
Another exception has to do with gifts and inheritances. If either spouse received a gift or inheritance during the marriage, that asset would not be considered community property and would remain the sole property of that spouse.
How Texas Handles Complex Property Division
Texas is an equitable distribution state, which means that the court will divide property in a way that is fair, but not necessarily equal. The court will consider various factors when deciding how to divide community property, including (but not limited to) the following:
- The earning capacity of each spouse;
- The education and training of each spouse;
- The duration of the marriage;
- The relative needs of each spouse;
- The economic circumstances of each spouse; and
- Any mutual agreement made by the spouses during mediation or collaboration proceedings regarding division of the property.
If you and your spouse own complex property, such as a business, investments, or real estate, the process of dividing that property can be complicated. You’ll need to have the property valued and then determine how to fairly divide it between the two of you. In some cases, it may be possible to negotiate an agreement on how to divide the complex property between yourselves. However, if you’re unable to reach an agreement, the court will make the decision for you.
Why You Should Hire The Evans Family Law Group
Dividing up your assets during a divorce can be a complicated affair, especially if you have a lot of them. That’s why it’s important to have an experienced attorney by your side who can help you navigate the process and ensure that everything is divided fairly. Here are a few of the benefits of working with the complex property division attorneys from The Evans Family Law Group:
Experience Dealing With High Asset Cases
When you have a lot of assets, you need an attorney who has experience dealing with cases like yours. Our attorneys have the necessary experience to help you through this difficult time.
Access to Resources
Our complex property division attorneys have a network of resources that they can tap into to get information about your case or to find experts who can assist them in preparing your case for trial. This includes accountants, appraisers, and other professionals who can provide valuable information and testimony on your behalf. Having access to these resources gives you a significant advantage in court.
If you need help, contact The Evans Family Law Group today to schedule a free consultation.