The decisions that are made during the divorce process will effect you and your family’s financial well-being for years to come. Don’t leave anything to chance; ensure that your best interest is being looked after by working with the experienced Fort Worth family law attorneys at the Hill & Skinner Law Firm. Our property and asset division lawyers have over 70+ years of experience.
IN MOST DIVORCES, THERE ARE TWO MAJOR ISSUES TO BE WORKED THROUGH:
The custody, possession periods and support of any minor children born or adopted to the marriage
Financial issues including determination and division of community property and the determination of separate property.
WHAT IS CONSIDERED “COMMUNITY PROPERTY”?
Community Property is essentially all of the property acquired by either spouse during the time of the marriage. Community Property also includes all income and retirement earned by either spouse through the entire time of the marriage as well as any assets purchased with it.
WHAT IS CONSIDERED “SEPARATE PROPERTY”?
Separate Property is either property that was owned previous to the marriage by the individual spouse, or any property that was inherited or received as a gift by only one spouse.
HOW IS COMMUNITY PROPERTY DIVIDED?
Once all of the property is accounted for and characterized, the actual division can take place. Texas law states that the property should be divided in a manner that is “just and right”, but that does not necessarily mean everything is split 50/50. Courts can take several factors into consideration when determining what is equitable including fault in the breakup of the marriage, different earning potential, age and employment prospects between the spouses, which spouse has custody and will be responsible for any minor children, and several other possible factors.