When you file for divorce in Texas, you can expect half your assets to be divided between yourself and your former spouse. Texas is a community property state, meaning that nearly every asset acquired during the marriage is considered marital property. If you bought a house during your marriage and the deed only has your name, it will still be considered marital property. For this reason, it’s typically up to the court to decide how your assets will be divided.
What kinds of properties are divided up during the divorce?
During your divorce, the court will evaluate your assets and figure out how to divide them evenly between both parties. To make the division as fair as possible, the court might also consider other factors like each party’s age and income level as well as which party has child custody. Since you can’t exactly cut a house or a vehicle in half, the divorce might involve extensive negotiations to ensure that each party gets their fair share.
If you started a business during your marriage, that business may be considered marital property. The court could value your business and use this information to divide up your business assets. You might be able to keep most or all of your business assets if your former spouse agrees to a deal during the negotiations.
What is the role of an attorney during a divorce?
An attorney may help you with a wide range of issues during a divorce, from property division to negotiating child support. Your attorney may also warn you if your former spouse appears to be hiding assets or misrepresenting the value of your finances. Additionally, your attorney might help you protect investments, inheritances, business interests and other assets.