Like many Texas residents whose marriages end, you might be concerned with how you will make ends meet on your own. This makes property division one of the most potentially contentious aspects of any high asset divorce. Having a basic understanding of what the law says about dividing your property could help put your mind at ease.
First, it is important to know that Texas is a community property state. This means that any property acquired during the marriage — or property that increased in value during the marriage — is considered to be part of the marital estate regardless of whose name is on the title. Many people are under the mistaken impression that this means that the marital estate will be divided 50/50, but that is not necessarily the case.
Numerous factors determine how the property will be divided. However, there are some basic factors such as the ages, income and health of you and your spouse. Other factors include child custody, support arrangements and whether an asset is considered to be your or your spouse’s separate property. Even if an asset is considered to be separate, any increase in its value during the marriage might be subject to division in a divorce.
A Texas high asset divorce attorney could help you identify what assets are part of the marital estate and which are considered separate property. Once those determinations are made, you and your spouse have the freedom to negotiate your own settlement. However, if you are unable to come to an agreement on your own, your attorney should be comfortable with taking the matter to court.