What Property Do I Get to Keep in My Texas Divorce?

 Posted on January 30, 2023 in Divorce

Many people have heard horror stories about divorcing spouses who are left with virtually nothing after the split. Their spouse took the house, the car, and even the dog in the divorce. While most divorce cases are not nearly as dramatic as these exaggerated stories would lead one to believe, protecting property rights is a crucial element of any divorce case.

If you are getting divorced, it is important to understand and assert your rights with regard to household items, real estate, retirement accounts, cash, and other property.

Negotiated Settlement vs. a Divorce Trial

Texas courts will generally uphold any agreements or settlements that spouses reach with regard to the division of property in a divorce. You and your spouse have the right to divide your community property however you see fit. In an amicable divorce case, the spouses may be able to sit down and discuss a fair division of assets without the court’s involvement. Even if the split is amicable and cooperative, it is best to get legal advice from an attorney regarding property division during divorce. There may be tax-related consequences and other legal factors spouses have not thought about that can heavily influence the decision.

If the spouses cannot reach an agreement, litigation through their respective attorneys may be necessary. Each spouse’s attorney advocates for their client’s best interests and fights for a favorable settlement. The attorneys may be able to meet in the middle and find a solution that both spouses accept.

Texas Law Regarding Community Property in a Divorce

In most cases, divorcing spouses eventually reach an asset division settlement with help from their attorneys. However, some cases do eventually end up at trial. In a divorce trial, the spouses’ respective attorneys will provide evidence and oral arguments to the judge who makes a decision about how to divide property.

Texas law defines community property as most assets that were acquired during the marriage, with the exception of gifts or inheritances to one spouse and assets acquired before the marriage. Each spouse keeps his or her own separate property while community property is divided “in a manner that the court deems just and right” and “having due regard for the rights of each party and any children of the marriage.”

Contact a Frisco Divorce Attorney for Help with Asset Division

If you are getting divorced, reach out to the Collin County divorce lawyers at Pfister Family Law for help. Call our office today at 972-954-6455 to set up an initial consultation. We will do everything we can to assist you in protecting your property rights during your Texas divorce.

Source:

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

https://statutes.capitol.texas.gov/Docs/FA/htm/FA.7.htm