Although many states are moving away from community property laws in favor of more fair equitable division laws, Texas is one of the nine states that is still strictly a community property state. In Texas, community property is subject to a “just and right division.” Generally, this requires marital assets and debts to be divided down the middle, rather than allowing each spouse the flexibility to take their fair share.
The process of dividing assets and debts in divorce is crucial for determining your future financial health. While Texas law usually requires a 50/50 property split, determining what that looks like can be subject to some interpretation and negotiation. To learn more about the asset division process in a Texas divorce, read on and then contact an experienced Texas divorce attorney.
Does Any of Our Property Belong Exclusively to Me?
The first part of dividing debt and assets in a divorce is collecting an accurate picture of a couple’s finances and belongings. Certain property may be considered personal rather than marital if it was:
...