A Dallas couple can work their whole lives to acquire the wealth and possessions they need to ease themselves into retirement and to have enough left over to bequeath their kids an inheritance. However, if the parties to a Texas union elect to end their relationship in divorce, they may see their hard earned assets divided up and each may leave their marriage with less than they believe they should. In Texas, community property rules govern marital property divisions and this post will briefly touch on some of the property considerations individuals should make when approaching their divorces.
Community property generally means that all assets acquired by the partners to a marriage are martial unless they can be demonstrated to be separate. For example, a person may be able to show that a parcel of property should be considered separate if they owned it prior to marrying their soon-to-be ex-spouse. In Texas, personal gifts, inheritances, heirlooms, and other assets directed exclusively to one partner to a marriage may be considered the owner’s separate property during a divorce.
Once marital property is identified and separate property is removed from a property settlement evaluation, a court will seek to grant the parties shares of their marital assets. If the couple had a prenuptial agreement in place before they wed that document may have bearing on the outcome of their property division process.
Property negotiations and hearings can be stressful and complex for individuals struggling through their divorces. In order to ensure that individuals come out of their divorces with the property they deserve, many choose to work with family law attorneys to ensure that their rights are protected by competent and compassionate advocates.