Dividing property in a divorce can be stressful. Not only is property something of value that will help you establish your life after divorce, it also has an emotional component. After all, these are assets you acquired with your spouse during your marriage.
The division of property can be complex, especially if assets to be divided include things like a family business or items that are difficult to assign a value to. It is essential to identify and value all property that is subject to division in order to ensure a fair outcome; this can be especially difficult if one spouse attempts to conceal assets that should be subject to division in a Texas divorce.
It is ideal for couples to reach their own agreement as to how their marital property should be divided. Litigating this matter in the courts can be costly, consuming resources that could be better spent by the parties as they embark on their lives post-divorce. However when complex property division exists, May and May can help you assess how your material property should be characterized and divided.
At May and May, we have handled hundreds of Texas divorces and property divisions. Our attorneys are experienced in divorces involving significant and complex assets, such as partnership interests, retirement accounts, stocks in closely held entities, intellectual property, and family businesses. We understand how difficult this process can be for our clients, and are committed to providing both the support and advocacy you need.
Texas is a community property state. That means that, with some limited exceptions, all assets acquired during the marriage (marital property) are considered to belong equally to both spouses.
Some assets are considered separate, rather than marital property. This includes property that either spouse owned in their own name before the marriage, or received as a gift or inheritance during the marriage that was intended for them alone. Property that was separate, if it is commingled with marital property, can lose its separate nature and become marital property. An example would be one spouse inheriting money from his or her family, and depositing it in the couple's joint checking account.
If a couple is unable to reach an agreement on the division of property, the court will decide how marital property is to be divided based on The Texas Family Code previsions. The Texas Family Code states that "the court shall order a division of the estate of the parties in a manner that the court deems just and right, having due regard for the rights of each party and any children of the marriage."
How does the court determine what is "just and right?" It considers a number of factors, including
Determining what falls into the category of marital property, deciding its value, and dividing it is a challenging task that can quickly become contentious. It is best to have the assistance of an experienced Texas family law attorney for the property division process.
The attorneys of May and May represent clients in Texas divorce and property division matters, including:
Attorney Marc May is Board Certified in family law by the Texas Board of Legal Specialization and has over 30 years of practice experience in family law matters, including property division.
May and May serves clients in Collin County, Denton County, and the surrounding areas of North Texas. We invite you to explore our website and to contact our law firm to learn more about how we can help you.