The Woodlands Division of Assets Lawyers
The division of assets refers to the process of dividing community property acquired as part of marriage. In Texas, asset division must be “just and right,” meaning that it must be relatively equal or at least fair to both spouses. Unfortunately, determining what is “just and right” is not easy, which is why the division of assets is often one of the most contentious areas of divorce. Many divorcing couples in The Woodlands area have questions about what will be considered “fair,” during asset division, and the experienced attorneys of the BB Law Group PLLC is well-prepared to address these concerns as well as any other questions you may have regarding your divorce.
Items Exempt from Division of Assets
Because “community property” only refers to items that the couple acquired together during marriage, it’s important for divorcing spouses to understand which of their assets will and will not be affected during divorce. Community property might refer to a family home purchased, vehicle bought in both individuals’ name, and other items, but the division of assets will typically not affect the following:
- Gifts given specifically to one spouse
- Property inherited by one spouse
- Property of each spouse acquired before marriage
- Personal injury damages collected, in certain situations
However, your financial standing, including assets held solely in your own name, can impact what the court deems “just and right” when determining how your community property should be divided. Thus, it is important to talk to an attorney to learn more about how you can protect your rights and interests during this time.
Contact a Division of Assets Attorney in The Woodlands
Divorce and subsequent division of assets can lead to a number of issues, but the dedicated lawyers of the BB Law Group PLLC can guide you through this process. If you or someone you know is going through divorce and wants more information or assistance regarding asset division, contact our attorneys today at (832) 534-2589.
Asset Division FAQs
What’s the difference between community and non-community property?
Texas is considered a “community property” state. This means that in cases of divorce, the court makes a clear distinction between community and non-community property. Community property refers to any assets that the couple acquired during the marriage. For example, a house or car that you purchased with your spouse is considered community property. Any asset that falls into the “community” category is up for distribution in a divorce settlement. Non-community property, also commonly known as “separate” property, refers to any asset that a person owned individually before entering a marriage. This category also includes any gifts received by a person or the inheritance of a specific individual. Separate property will not be divided during divorce proceedings.
What are considered “assets”?
When it comes to asset distribution in times of divorce, most everyone thinks of cars, houses, and money. However, assets can include many different things. In a divorce, any community asset can be distributed, including furniture, land, shared businesses, vacation homes, antiques, jewelry, artwork, boats, RVs, electronics, collectibles, guns, retirement accounts, 401(k) plans, trusts, pensions, and much, much more. If the couple cannot come to an agreement about how to divide assets, the court will divide any assets deemed community property in a way that is fair.
Who gets to keep the house in a divorce?
In general, the person that is granted primary custody of the kids gets to keep the family home. This is by no means a definitive rule, but oftentimes parents will decide that this is in the best interest of the children because it provides stability during a potentially difficult divorce. When there are no children involved, the discussion of who gets to keep the house can become much more contentious. If the couple cannot decide who keeps the house, the court will have to make a “just and right” equitable division. The judge will often consider which individual will be able to afford the mortgage payments after the divorce is settled.