Property division can be one of the most challenging and divisive components of divorce. After all, there is much that a divorcing couple may own that holds both monetary and sentimental value. Houses, boats, cars and the like may have both great sentimental and monetary value. Assets that do not necessarily have much monetary value, such as pets or heirlooms, may still prove to be just as contentious as the sentimental value attached to them may outweigh any monetary disputes.
Because of the importance many couples place on the property division component of divorce, it can be helpful to start thinking about the process early, before the divorce proceedings even begin. Having an understanding of the various legal nuances involved can help divorcing spouses prepare.
One common nuance involved in property division cases is the difference between common law and community law. Common law states follow the rule that any property acquired by one member of a couple is owned completely by that spouse. Texas is not one of those states. Texas is a community property state, which means that every asset acquired during a marriage is considered a community property. This means that all of these assets are to be split evenly by the spouses – that is, split 50/50.
The complexities inherent in community law are many. It often takes the expertise of a divorce attorney to truly understand the various nuances. Such attorneys are available to help guide divorcing partners through this process. By preparing a thorough and well-thought-out legal strategy, it may be possible to come to an agreement that is found to be satisfactory and fair for both parties invovled.
Source: FindLaw, “Who Owns What in Marital Property,” Accessed on Sept. 27, 2015