Top Property Division Lawyers
Ramos Law Group has a team of expert lawyers well versed in all aspects of divorce, including property division. Learn more about the process of property division during Texas divorce from our experienced attorneys.
What Happens to Our Property?
Texas is a community property state. 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 pays which bills. During a divorce, all community property must be fairly and equitably divided. Often, a fair and equitable division means a 50/50 split.
There are several factors that could cause one spouse to be awarded more than half of all community property. Property owned before marriage is separate and not part of the marital estate. Separate property is not divided in a divorce.
If you think you may have a complex property issue, discuss your concerns with a property division lawyer at Ramos Law Group for more information on local regulations and all other details.
What is Separate Property?
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 or 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, you need 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.
How are Debts Divided?
Debts are divided in the same manner as assets. But even if your spouse is ordered to make debt payments, if your 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 Group can help you do this 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 your spouse is not being honest, or you are unaware of your financial circumstances, the Ramos Law Group property division attorneys often recommend conducting discovery. Discovery is a process in which your spouse is legally required to turn over all financial documents related to the divorce.