If you are going through a divorce, you are probably feeling sad and a whole lot of other emotions that go along with such a significant event in your life. It is important to keep in mind that as emotional as it can be to let go, the process itself is actually really technical, especially when it comes to dividing property.
There are many things that you will need to consider and many things that come up about which you may not even be aware. One of the issues that will come up in the divorce process is property division between you and your soon-to-be ex-spouse. Each state has specific community property laws and whatever is deemed community property will be divided exactly according to the laws in Texas.
As a resident of Texas, you will need to learn exactly how the property that you share with your spouse must be divided and what is considered community property and what is not considered community property. Texas, among very few other states, follows the community property model when it comes to marriage and divorce.
What is the community property model?
The community property model means that both spouses jointly own all assets and all debts that they acquired during the marriage. However, there are a small number of exceptions for certain kinds of properties. With that being the case, in theory, the spouses are allowed to split their community assets 50/50. Of course, some assets can easily be split in half and others cannot.
The reality is that successful property division usually ends up being some sort of negotiation between the two spouses for those assets that cannot easily be split in half. If the spouses are unable to decide on the division and what is fair, a court judge will need to get involved and the judge will make that decision.
What community property and debt are divided in a divorce?
In a divorce, the only kind of property that is divided is community property. The only kind of debt that is divided is debt that the couple took on together during their marriage. At the final stage of your marriage, a judge will sign off on your property and debt division, which is contained in the Final Decree of Divorce. The Final Decree will do the following:
- Provide a list of the community property that each spouse will keep or sell and state exactly how the money from the sale will be divided.
- List the separate property of each spouse.
- List the debts of each spouse and who must pay what.
- Order that the community property retirement benefits are either awarded to each spouse or divided between the spouses.
Seeking the counsel of a Texas family law attorney
If you have decided to divorce your spouse, the counsel of an experienced Texas family law attorney may make your divorce experience much easier and less painful than it would be otherwise. The lawyer can help you to protect your rights as you are going through the divorce process and can ensure that you have the proper resources that you need to be able to begin the next chapter of your life and look forward to a bright future.