How Assets Are Divided In A Divorce?
The Texas courts will divide a couple’s whole and complete marital estate in a divorce. This means all assets and debts obtained by either party during the marriage. Just like a property, marital debt, often overlooked, refers to any liabilities that either spouse acquired from the wedding day to the day the divorce decree is finalized. Because Texas is a community property state (versus an equitable division state), this can bring up questions about just exactly how the court will divide all of these assets.
Below are some common questions our Southlake divorce attorneys hear. Contact us directly for answers to your questions.
Frequently Asked Questions About Virginia Asset Division
How are “marital assets” defined in Texas?
Marital assets are defined as any and all property acquired from the date the marriage license is completed to the date of separation. Certain property is exempt, like individual inheritances and lawsuit settlements.
In Texas, are separate bank accounts considered marital property?
Again, anything acquired during the marriage is part of the marital estate, regardless of how the account is titled, how the property is vested, etc. If the house, retirement account, business, or RV is in his or her name, separately or jointly, it makes no difference.
In Texas, what is a wife entitled to in a divorce?
A husband and a wife are not, by default, entitled to more or less based on gender. In community property states, the courts are looking to split assets as close to 50/50 as possible. A judge or arbiter will also take into account each spouse’s financials.
What is a standard divorce property split?
The Texas courts are trying their best to achieve an equal division of any marital estate. A judge considers the length of the marriage, the job training/career preparedness of each spouse, their overall health, their age, and so on.
How are financial settlements calculated in Texas divorces?
A judge will look at each spouse’s current and potential future earnings, as well as what he or she contributed to the marriage.
Are 401k retirement accounts divided in Texas divorces?
If either you or your spouse invested funds in any type of retirement or investment account during the marriage, it is subject to division in divorce court. Your lawyer can help you set up a QDRO, so you don’t get penalized for an early withdrawal by the IRS.
How do I buy my spouse out of our marital home in Texas?
Add your spouse’s share of the equity in the home to the amount of debt on the mortgage (what is still left to pay). For instance, if the remaining mortgage balance is $100,000 and half of the equity is $50,000, you’d need to pay $150,000 to your X to remain in possession of the house.
Need a Southlake Divorce Lawyer Near You?
Our best divorce attorney from Mims Ballew Hollingsworth | Family Law has the expertise and experience to help you navigate the property division minefield in any divorce case. Contact us right away to see how fast and easy the process can be with the right Texas asset division attorney on your side.