When couples decide to divorce, they often are concerned about how this will affect their lives moving forward. For divorcing parents, they worry about how they will come to a child custody agreement and what child support might entail. For all divorcing couples, they wonder about how they will divide their assets. Who will get the marital home? Who will get to keep the beloved dog?
Texas and community property division
Texas is one of only nine community property states. In community property states, marital property is divided 50-50. So that means if you and your spouse purchased your home while you were married, you will evenly split how much it is worth now, after you’ve paid off your mortgage debt. You also will split the following assets evenly:
- Your savings and checking account balances
- Your vehicles
- Your retirement accounts
- Your furniture and other household goods
- Any other valuables you bought while married, including artwork, jewelry or collections
So, you will need to have your home’s value determined, as well as your other property items. If you want to keep ownership of the marital home, your spouse will need to receive their share of its value from other assets you own. So, you may need to sacrifice more of your retirement account or refinance your home and buy out your spouse’s share of the value.
Property that may not be subject to asset division
If you received an inheritance before you were married and invested it, it likely is separate property. Or if you received a personal injury settlement, that’s separate property. That means you won’t split it with your ex. However, if you received an inheritance and used it to jointly buy a home with your spouse, then you might need to share those assets with your spouse.
Dividing assets in divorce can be complicated, depending upon what property you owned before the marriage. It’s always best to work closely with an experienced family law attorney so you have a better idea of what assets you’ll need to share with your ex, so you can plan for the future.
