Property division is often one of the more intricate and contentious issues in a Texas divorce. It is important to have clear facts on what the law says about property division in a divorce rather than get caught up in myths and misconceptions. Your family law attorney in Austin can help you stay guarded against the following myths:
Myth # 1: Property in a Texas Divorce Will Be Divided 50/50
Texas is an equitable distribution state when it comes to divorce. “Equitable” does not necessarily mean “equal.” Many couples are under the wrong impression that the court will simply split all their marital assets and debts in half. The fact is that the court will consider a number of factors while deciding on property division, including:
- Nature of the properties to be divided
- Age and health condition of the spouses
- Income and earning capacity of the spouses
- Educational qualifications and future employability of the spouses
- Community liabilities and indebtedness
- Any fraud on the community estate
- Tax consequences related to property division
- Expected inheritance of one spouse
- Nature and size of the separate estates of each spouse
- Wastage of community assets by a spouse
- Need for future financial support
It is best to consult with an experienced Austin divorce attorney to understand how your property division could be impacted these factors and more.
Myth # 2: All Assets Are a Part of Marital Property
Some people have a misconception that all the assets they may have owned during their marriage will be considered as marital property. However, even though the Texas Family Code Section 3.003 presumes that all assets owned by either spouse will be community property, in a Texas divorce some assets could, in fact, be treated as separate property.
If you want to protect an asset from being considered as a part of marital property, you should be able to present evidence that you had acquired that property prior to marriage, or received it as inheritance or gift post-marriage.
Myth # 3: If the Asset Is Only in My Name, It Is Not Community Property
Under Texas law, just because a marital asset is only in your name, it does not mean that it will not be considered community property for the purposes of divorce. By presumption, the Texas Family Code will view all property that you or your spouse possesses at the time of filing a divorce as community property.
The burden is on you to prove that a certain asset is actually separate. Make sure you have a competent Austin divorce lawyer by your side to protect your interests in a property division.
Myth # 4: I Was the One Who Earned It, So It Cannot Be Divided
All income and assets you or your spouse earn or acquire during the marriage will be treated as community property in Texas. This even includes money from your retirement benefits.
Myth # 5: My Business Is Not Community Property
Even if you or your spouse was solely responsible for setting up a business after marriage, the fact is that any business assets in a Texas divorce can be considered as community property.
Bust Myths and Get Peace of Mind With a Texas Family Law Attorney
At the Law Office of Willie & Dasher, we will always treat your case with a sense of urgency, and we are continually driven to obtain only the best results for you. We treat you as an extended member of our family.
If you are seeking an experienced, accessible, local attorney who is well-versed in all types of family law cases, choose our legal team to represent your case. To request a consultation, call 512-478-0834 or complete our online contact form.