Classifying Marital Property
Classifying Martial Property
The division of assets is often among the most contentious issues in a divorce. In a best case scenario both parties agree to a fair and reasonable division of the property, but more often than not there is considerable disagreement on at least some of the assets. It is essential that you have a strong College Station family attorney in your corner who can help you retain property that is important to you.
Texas is one of a handful of states that has a community property law in place. This means that, in general, all assets acquired during the marriage are equally owned by both parties. The purpose of this is in part to simplify division of assets when a divorce occurs. However, Texas is also a dual classification state, which means that it retains rules which provide for keeping certain property separate.
The court begins with a presumption that all property held during the marriage is jointly owned. Therefore, if you wish to keep an asset separate, you will need to prove both that it was acquired prior to the marriage and that it was kept separate during the time you were married. There are also certain types of property which, by their nature, remain separate, even if acquired during the marriage. These include, but are not limited to:
- An award from a personal injury lawsuit
- An inheritance left specifically to one of the parties
- A gift to one party
Unequal Division of Property
Texas family courts recognize that certain matters necessitate dividing property in a fashion that is not simply 50-50. If one party did not work during much of the marriage in order to raise children and care for the home, this individual is less likely to be able to earn as high an income as the working party. Also, if one of the parents is left with primary responsibility for raising the children, it is only fair that the other party provides financial assistance, and this can be accomplished in part by the way in which the marital property is divided.
If You Are Divorcing
It is very important to work with an experienced College Station family attorney if you are seeking a divorce to ensure that you receive a fair share of the marital estate. Call Peterson Law Group today to arrange a consultation at 979-703-7014 or 936-337-4681.
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