Couples in the middle of a divorce must agree on a lot of emotionally charged topics. One of those topics is asset division, which includes things like money, possessions and property. Naturally, who gets ownership of which items is often contested in a divorce. If that is the case and each spouse is not able to come to agreeable terms, then a divorce lawyer may be able to give advice or contribute to negotiations. Here are some common questions you may have regarding how assets are divided during a divorce.
Which Assets Are Divided?
Texas is a community property state. Community property and debt is defined as every asset that falls under shared ownership of both spouses, while separate property refers to assets each spouse owned before they got married, which includes things like real estate, cars, and furniture. In a Texas divorce case, only community property is evaluated and divided. The specific assets are categorized and divided by a judge. Community property is not always evenly split between spouses.
Since only property and debt is divided, if you have additional things you need to transfer such as deeds, there is a separate process. You should talk to an experienced divorce attorney, such as one from Brandy Austin Law Firm, PLLC for a full explanation about how different assets are transferred.
What if We Were Separated Before the divorce?
If you and your spouse were already separated prior to the divorce, the assets you already owned before getting married don’t need to be included. Personal possessions that have low value do not need to be added to the Final Decree of Divorce.
How is an Agreement Over Asset Division Reached?
If both spouses are able to come to an agreement they are satisfied with, a judge will review the agreement and approve it. The terms of your agreement will be finalized in the Final Decree of Divorce that you and your spouse will fill out.
If you and your spouse are not able to form an agreement, then the judge will divide the property and debt to make the final ruling. Before you try to form an agreement, discuss the details with a lawyer first so they can give you guidance over what to include in the document.
Coming to an agreement while you are going through a divorce is challenging, but necessary if you want to avoid conflict. Speak to an experienced divorce lawyer who can evaluate your situation and provide you with trusted legal advice.