Property and Asset Division
In a Woodlands divorce case where there is no agreement, the judge divides the property, assets and liabilities of the couple in a manner that is just and right. This does not mean that property will be divided equally, but rather it will be divided in a manner that the judge determines is fair and equitable.
In deciding what is an equitable division of property, the judge takes many factors into account, including the following:
- Who, if anyone, was at fault in the dissolution of the marriage
- The earning capacities and education of each party
- The ages and health of each party
- The needs of the children
Community property and separate property
According to Texas divorce laws, there are two categories of property: community property and separate property. Any assets acquired during the marriage and any debts incurred during the marriage are considered community property and are eligible for division.
Separate property includes the following:
- Property owned before the marriage
- Inherited property
- Property received as a gift
- Property awarded as part of a personal injury judgment.
Separate property is not eligible for division in a divorce judgment. Ideally, the parties—with the assistance of their attorneys—formulate an agreement to divide communal property. If they cannot come to terms on how to divide property, a judge makes the final determination.
Complex marital estates
Determining what is separate property and what is community property can be difficult in some cases. In a Woodlands divorce, when there is a thorough blend of separate and community property, this is known as a complex marital estate. Some issues that can complicate a complex marital estate include the following:
- Family businesses and partnerships
- Real estate purchased with a combination of separate and community assets
- Stock options, pensions, investments and retirement accounts
These kinds of financial arrangements can be difficult to untangle and ownership can be hard to prove. It is important to have an experienced Woodlands divorce lawyer to help you correctly identify separate and community property and accurately evaluate what the total assets are worth and how they should be divided.
Woodlands divorce attorney
Divorce attorneys in Woodlands can help you to understand the complexities involved in dividing marital assets and what types of financial settlements would be equitable. Contact the law offices of Jacqueline Taylor, Attorney at Law to learn more. We can help you find the right path forward.
The law offices of Jacqueline Taylor specialize in family law. Based in Houston, Texas, we serve clients in Harris County, Fort Bend County, and Montgomery County and provide them with creative solutions tailored to their needs. We can do the same for you. Contact us today.