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Division of assets and debts can cause significant disputes between divorcing spouses. Under Texas community property laws, only the community property can be divided. However, there are often disputes over what is community property verses non-community property. In addition, couples often disagree over separate assets that have been comingled during the course of the marriage and over the appreciated value of separate assets.
At Schreier & Housewirth, our Fort Worth divorce attorneys each have more than 20 years of experience devoted exclusively to the practice of family law. Our family law attorneys are board certified, demonstrating their experience, skill, and commitment to clients. We can explain your rights, answer your questions and advocate for your interests in asset and debt division disputes. Contact our Fort Worth divorce lawyers to discuss your case.
Texas Property Division Laws
Absent a premarital or post-marital agreement, assets and debts will be divided according to Texas community property laws.
Characterization of property is a process of identifying the property owned by the spouses as either separate property or community property. Proper characterization of property can be simple at times, but in other instances, it requires the skill of an experienced divorce attorney. Either way, proper characterization is necessary to ensure an equitable division of the marital estate.
Separate Property: Texas laws define Separate Property as any property brought into the marriage and kept separate from marital property. In addition, Separate Property includes gifts, inheritances, personal injury settlements, and other distinctly separate property. Separate Property is not subject to division in a divorce and it will remain in the possession of the spouse with ownership rights.
Community Property: Community Property is defined as any property that is not separate property. Generally, any property acquired during the marriage is considered Community Property. Community Property is to be divided between the parties upon divorce.
Working With You to Reach a Fair Settlement
While these rules for characterizing property as either community or separate property may seem simple, there are many nuances and special rules for different types of marital property. For instance, a common question arises when separate property increases in value during the marriage. Another complex question is the division of 401(K) retirement plans and pensions and the preparation of Qualified Domestic Relations Orders (QDROs) to accomplish the division of these plans. Finally, our firm has experience in dealing with the valuation and division of medical and professional practices in Texas divorces.
As Fort Worth divorce lawyers, we know Texas Separate and Community Property laws and they can review your financial situation with you to help you meet your future needs.
If you have questions about Texas community property laws our or need experienced representation in asset and debt division in Texas, contact our family law attorneys at Schreier & Housewirth. We serve individuals and families throughout the Fort Worth, Dallas and counties west including, Parker County, Hood County, Johnson County, Erath County and Denton County.