What am I entitled to in a divorce in Texas?
A marriage does not necessarily mean a happy ending, as many marriages end in divorce. Divorce is a complex legal process in Texas, and spouses must address many sensitive and important issues before they can move forward.
Money is one of the biggest stressors aside from the dissolution of a marriage. If you are facing the prospect of or going through a divorce, it can be reassuring to understand what assets and financial support you are entitled to. Discuss your property rights with a Dallas-Fort Worth divorce attorney today.
Splitting Assets Without a Prenup in Texas
Many people do not enter a marriage with a prenuptial agreement, so in the event of a divorce, the division of their assets will default to the guidelines set by the state of Texas.
In some cases, the partners who are divorcing will amicably agree on how their property and financial assets should be divided. If this is not the case, it is helpful to understand how the State of Texas determines the division of assets.
There are exceptions to these rules, but generally, what you are entitled to in a Texas divorce includes the following:
- Property – All property, including cars, real estate, and jewelry that was acquired during your marriage, is considered “community property,” meaning that it belongs to both of you equally. You can decide how to split this property through mediation, or, if needed, the courts can decide for you. If you owned property before you were married, this would typically default to your ownership, but you might need to split any appreciation earned.
- Child support & Alimony – Both alimony and child support are often included in a Texas divorce settlement. Your attorney can help outline what this might look like for you.
- Retirement accounts – Contributions to retirement accounts such as 401ks and IRAs are considered communal property when a couple divorces, even if the account is solely in one person’s name. They are not always split evenly, but contributions to the account and any appreciation gained during the marriage are often divided between the two parties.
- Debt – While all properties that were acquired during the course of the marriage are considered community, so is any debt that was accumulated. Debt that was incurred before the marriage is typically not included in this, but debt that was assumed in the course of the marriage falls to both partners.
Speak to an Experienced Texas Divorce Attorney Today
If you are thinking about a divorce or if you have started going through the process, it is advisable to speak with an experienced Texas divorce lawyer to learn more about your rights. At Mims Ballew Hollingsworth Family Law in Fort Worth, Texas, our team of skilled attorneys is dedicated to helping clients. We will review the details of your case and put together an individual plan to help with the terms of your separation.
Call us or contact us online to schedule a free consultation today. We can protect your property and parental rights in a divorce.
Constance Mims
Constance Mims has over fifteen years of experience practicing exclusively family law. Mrs. Mims is Board Certified in Family Law, by the Texas Board of Legal Specialization. She is Collaborative Law certified and is a shrewd negotiator, not to mention her experience in the most challenging child custody, child support, spousal maintenance, alimony, prenuptial agreements, and divorce issues, both in court and in the appellate arena.
