What happens to our property?
Your property division lawyer at Ramos Law Firm will be well versed in the local regulations and able to explain the details. Texas is a community property state. That means that all property acquired during the marriage is community property and is equally owned by both spouses regardless of whose name is on the property or who paid what bill. During a divorce, all community property must be fairly and equitably divided. Often, a fair and equitable division means a 50/50 split; however, there are several factors that could cause one spouse to be awarded more than half of all community property. Your Ramos Law property attorney can explain these situations and let you know if your case qualifies. Additionally, one spouse may have separate property that is not part of the marital estate. Separate property will not be divided in a divorce.
What is separate property?
Generally, separate property is property that is wholly owned by only one spouse. Frequently separate property is property that was either owned by the spouse before marriage, acquired by gift / inheritance, or part of certain types of legal settlements.
What is community property?
All property acquired during marriage by either spouse is presumed to be community property, and a spouse who asserts that particular property is separate property must prove its sole ownership. If you would like to assert sole ownership, be sure to provide your property division lawyer with thorough details on these belongings so they can best present your case.
What is a disproportionate division of the assets?
A disproportionate division of the assets occurs when one spouse receives more than half of the marital estate. A disproportionate division may be ordered for a number of reasons including fault in the breakup of the marriage, the relative earning potential of both spouses, income disparity between spouses, tax consequences associated with certain types of property and where the children will live among other factors.
How are debts divided?
Debts are divided in the same manner as assets, however, it is important to remember that even if your spouse is ordered to make debt payments, if you name is still associated with the debt, your credit will be affected if your spouse later stops paying. It is best to refinance all debt in each party’s own name and close all joint accounts. Your property division lawyer at Ramos Law Firm will ensure this is done properly to avoid future problems.
How do I know what assets and liabilities we have during my divorce?
Both spouses are required to exchange what are known as inventories and appraisements, which are lists of all known assets and debts. If you think you spouse may not be being honest with you, or you are unaware of your financial circumstances, the Ramos Law Firm recommends conducting discovery. Discovery is a process in which your spouse is required to turn over all financial documents related to the divorce.