How To Divide Property During A Divorce
Property division can be a very big issue in a divorce. If you accrued assets and property during your marriage, it is considered community property of the marriage. You are entitled to a fair division of this community property when your marriage ends. The actions of one party can sometimes justify a greater division than 50/50.
When you work with The Law Office of Mark C. Thompson, I pledge to defend your rights in assets and property that came to be during your marriage. As a property division attorney, my goal is that you receive what you are entitled to, but I understand that it is not always in your best interest to go to court. For this reason, I will begin with trying to assist you and your spouse in working out these issues. If the time comes where everything has been done to settle and you have still not received a fair offer, we will go to trial. I will also investigate to make sure your spouse hasn’t tried to hide investments or undervalued property and assets.
What’s Considered Community Property In Texas?
Under Texas law, any property or assets acquired by either spouse during the marriage is considered community property, including:
- Houses or rental property
- Retirement (including IRAs, 401(k)s, 403(b)s, state and federal benefits and military retirement and thrift savings plans)
- Other investments and bank accounts
- Vehicles and other personal possessions
- Pensions and retirement accounts, including 401(k)s and stocks
It does not matter which spouse bought the asset or earned the retirement, or which spouse’s name is on the deed or title – the only relevant consideration is when the asset or property was purchased and when the compensation and benefits were earned.
The only exception to property and assets being classified as marital property is if one spouse individually received a gift or inheritance, or when the spouse used clearly identifiable funds already existing prior to the marriage to purchase an item during the marriage. When there is doubt whether an asset should be included as community property, it is presumed that it is community property – the party claiming otherwise bears the burden.
Call My Office For Answers To Your Questions About Asset Division
Call me at 210-775-1140 for an initial consultation or contact me, a Bexar County divorce lawyer, online. I will fight to protect your rights and interest in the property accumulated throughout your marriage.
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