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Preparing to Divide Marital Assets in Anticipation of a Texas Divorce
March 20, 2023 Clark Law Group

Preparing to Divide Marital Assets in Anticipation of a Texas Divorce

Posted in Divorce

There are only nine states in the U.S. that are classified as “community property states.” Texas is one of them. The primary feature that distinguishes the community property approach to divorce is that it broadly entitles each spouse to 50 percent of the marital assets in the event of divorce. This system values predictability and the guarantee of equal asset distribution in virtually all divorce cases.

If you are preparing for a divorce in Texas, it is important to understand how the community property system works in practice. That way, you can both avoid common missteps that individuals often make when negotiating or litigating the terms of their divorce. Additionally, you will be able to set realistic expectations for this process, which will allow you to start planning your future with greater confidence and a more informed mindset.

Process and Priorities

The 50/50 marital property split that Texas law requires does not mean that each individual asset must somehow benefit each spouse equally. All of the marital assets that a couple has acquired together form a broader marital estate. It is the overall value of this marital estate that must be divided evenly during the divorce process.

Say that a couple owns a home together. When dividing the value of that home – along with all of their other marital assets – one spouse may choose to keep the home, while the other spouse opts to keep most of the couple’s retirement savings. Or, the house could be sold and the proceeds could be divided as an element of the broader estate.

As you are preparing to divide your marital assets, think carefully about which assets would benefit you the most as you move forward. In the above scenario, would you benefit more from keeping the house, taking your mutual retirement funds, or selling the house?

Asking yourself questions like these – and discussing your needs with an attorney – can help you to set priorities and expectations as you prepare for the asset division process. Just keep in mind that you and your spouse will either need to agree to – or fight for – an even distribution of the overall value of your marital estate because of the community property approach embraced by Texas lawmakers.

Contact a Knowledgeable Dallas Divorce Lawyer to Receive Personalized Insight and Assistance

Whether it is likely that you and your spouse will be able to divide your marital estate on your own terms or that a judge will likely need to resolve your fundamental differences, it is important to have a plan of action in place as you prepare for the asset division process. Working with the experienced team of Dallas, TX divorce lawyers at Clark Law Group can help you to craft an approach that is likely to lead to a fair and favorable outcome.

Our team prides itself on taking creative, personalized approaches to the divorce process in order to better meet the needs of each individual client. To learn more about our approach to representation and to start exploring your legal options, you can call our firm at 469-906-2266 or reach out via our website to schedule a risk-free, confidential case evaluation session. You do not have to navigate the stresses of the divorce process alone. We are here to help.

Source:

https://guides.sll.texas.gov/community-property


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