Marital Property after a Divorce/Texas
No one plans for a divorce when they get married and no one has ever said “wouldn’t it be great to get divorced”. Regretfully, divorce does happen. When it does, even under the best of circumstances, your life is turned upside down.
Texas is a “community Property” state as respects marital property division after a petition for divorce.
The statute states “Community property consists of the property, other than separate property, acquired by either spouse during marriage.” This can be found under Texas Family Code 3.002. Notably and most important is that property acquired prior to marriage is retained.
In Texas, the court has wide latitude in dividing community property. All that is required is that it’s actions are “just and right”. Unfortunately, there is no standard or definition for “Just and right”. The rulings can vary by presiding judge and by county where it is filed. Of course, both parties can appeal a divorce court’s property division order however the cost of doing so may be prohibitive in time and expense.
Keep in mind that in a divorce, neither side is a winner. The youngest children are likely the most vulnerable.
It is possible for couples to prevent the courts from dividing marital assets by performing Asset Protection Planning.
It is highly recommended that both parties seek and engage their own divorce attorneys and that they attempt to cooperatively work to settle issues with the end goal of minimizing attorney expenses and the emotional cost of these proceedings.
I am a Real Estate Broker and Certified Mediator but i am not an attorney and I cannot provide advice, opinion or direction.
My job is to work with my divorcing client to get the most amount of money when selling; finding a suitable home or rental for my client and negotiating the contracts. My goal is to make the transition as smooth as possible given the many issues already facing my client during this very difficult time.
Contact me at your convenience. Let’s talk with no obligation. My only goal is to earn your trust and help you navigate through the process knowing that your interests are first and foremost.