Asset Division During Divorce
In the event of divorce, couples are required to divide their “community property,” including any assets they acquired during the course of the marriage. According to state law, these assets must be divided in a “just and right” manner, ensuring a fair agreement is reached. Unfortunately, however, disagreements about what is fair often arise during property division. Such disagreements can significantly delay the completion of a divorce process and add to the emotional strain of the separation.
Commonly Contested Assets
Asset division during divorce is different for every couple, as some spouses may have an accumulation of individual assets while others may solely have community property. Some of the assets most commonly contested during the property division portion of divorce include:
- Homes, property, and land
- Personal property / furniture
- Heirlooms and jewelry
- Financial assets such as mutual funds, stocks, and other investments
These items must be divided in an “equitable” way, which can vary based on a number of factors. Texas courts may take into account who is at fault for the breakup, who will have primary custody of the children, and the earning power of each spouse when defining what is equitable for property division.
Undergoing asset division negotiations can be stressful, and it is important to make sure that your rights and interests are fully protected when you are dividing your property during divorce. For help with ensuring that you receive a fair portion of the assets you acquired during marriage, contact the experienced attorneys of the BB Law Group PLLC, today by calling us at (832) 534-2589.