When a marriage is legally dissolved, the decisions that need to be made at that point are confusing. One of the most sensitive issues couples face during this time is the fair division of the property and assets that they have built together during the years of their marriage. Ensuring that the division is handled fairly can make a significant difference in protecting your financial future. That’s why working with an experienced divorce lawyer in Dallas is very important. With their guidance, you can move through the phase with clarity and confidence. Let’s find out more about this in this blog. Keep reading!
Community Property Laws in Texas: Guiding a Divorce Lawyer in Dallas for Property Division
In Texas, community property laws are followed for property division during a divorce. This implies that the property acquired during the marriage will be divided equitably between both spouses. Here’s a closer look at what the community property and separate property mean:
- Community Property:
All the assets that were acquired during the marriage are considered joint, shared, or marital property. Even if they are titled in the name of one spouse, the assets will still be qualified for division. Examples of this include income, real estate, vehicles, and retirement benefits gained during the marriage.
- Separate Property:
If a property was owned by a spouse before marriage or if they received it as a gift or inheritance, it is considered separate property. This means it will not be subject to division during a divorce. If there’s confusion about whether a property is separate or not, you can get in touch with an experienced divorce lawyer in Dallas.
Factors Affecting the Division of Property During a Divorce
When the question of how the property should be divided during a divorce comes up, there are many factors taken into consideration to ensure an equitable division. It is important to note here that “equitable” division doesn’t always mean a 50-50 division between the spouses. Let us now have a look at the factors affecting the division of property:
- Financial Contributions:
To determine equitable distribution, the court usually considers the financial and non-financial contributions made by each spouse to the marriage. In many cases, it is observed that one spouse works to earn a good livelihood for the family while the other one takes responsibility for the home and the children. Both contributions are considered important in a marriage.
- Support Requirements:
During property division, the need for spousal support (commonly known as alimony) is also considered. If the income or earning potential of one partner is very low when compared to the other, they may receive a larger share of the property. Your divorce lawyer in Dallas can also help you establish an ongoing spousal support arrangement with your ex-spouse.
- Fault in the Divorce:
Texas is a no-fault divorce state. However, if factors like adultery, cruelty, etc., come into play, they will influence how the property is divided. This is especially taken into consideration when one spouse’s faulty actions significantly affected the marriage and led to the divorce.
- Age and Health of Spouses:
When dividing the property, the court may also consider the age and health of both spouses. If one spouse is older or in poor health, the court makes a decision by considering their future financial and healthcare needs.
- Child Custody:
If children are involved in a divorce case, the custodial arrangement will also be considered by the court during property division. It is often seen in such cases that the spouse who gets the primary custody of the child or children receives a larger share of the property so that the children can be supported.
Need a Reliable Legal Expert’s Help? Contact Clark Law Group Now!
Ensuring fair property division often becomes tricky, especially if it is a high-asset or high-net-worth divorce. But with the help of expert lawyers from Clark Law Group, you can ensure that you receive a fair share. Their lawyers will help you with asset identification and division, protect your interests, and also engage in negotiation and mediation.
In addition to family and divorce lawyers, they also have a seasoned team of personal injury lawyers.
Final Thoughts
Dividing property when you and your spouse decide to separate legally can be complex and overwhelming. But with the right legal support, the process can be streamlined, and your best interests can also be protected. A knowledgeable divorce lawyer in Dallas will also ensure that the process follows Texas laws. So, if you are facing a divorce and want to ensure a fair outcome, you can protect your financial future and assets with the help of a seasoned legal professional.
Want guidance from an attorney who understands the complexities of property division? Contact Clark Law Group now!
