How is Money and Property Divided in a Collin County Divorce?

 Posted on December 20, 2021 in Divorce

If you are getting divorced, you probably have hundreds of questions. You may wonder how you and your soon-to-be-ex will divide the contents of your bank accounts or handle ownership of the family vehicles. You may question who will keep the marital home, furniture, and other tangible property. You may also have business interests, investments, and retirement accounts that will need to be dealt with. Property division can be a complicated and contentious issue during a Texas divorce. A divorce lawyer can help.

Marital Settlement Agreements: Determining Property Division Outside of Court

Each divorce case is different. The complexity of the property division process is largely based on the types of assets spouses’ own and their ability to reach an agreement on how to divide those assets. Some spouses are able to reach a property distribution settlement without the court’s involvement. Many negotiate a property division arrangement through their lawyers and formalize their decision in the marital settlement agreement.

Property Division and Texas Courts

Unfortunately, it is not always possible to reach a settlement and avoid court intervention. This is especially true when one spouse tries to hide assets or otherwise refuses to cooperate with property division negotiations. If the court determines property division, it will follow Texas community property laws. Any property and debt accumulated during the marriage is considered jointly owned by both spouses. Separate property, property owned by only one spouse, is usually assigned to that spouse.

However, many different issues can complicate property division in a Texas divorce. Some property is partially marital and partially separate. For example, the retirement funds a spouse owned during the marriage may be considered marital property while the funds he or she accumulated before the marriage are separate. Often, property must be professionally valued before the court can determine how to proceed with property division.

When deciding how to divide assets during divorce, Texas courts also consider factors such as:

• Each spouse’s age and health

• The spouses’ earning capacities

• The value of separate property

• Tax consequences of property division

• The length of the marriage

• Marital misconduct including infidelity or abuse

Contact a Frisco Divorce Lawyer for Help Today

If you are getting divorced, contact Collin County divorce attorney Philip Woods Moore, Jr. for help. At the Law Office of Philip W. Moore, Jr., we understand the complexities and challenges involved in the property division process. We can stand up for your rights and advocate on your behalf during property settlement negotiations or in court. Call 972-954-6455 for a confidential consultation.

Source:

https://statutes.capitol.texas.gov/Docs/FA/htm/FA.3.htm