Divorce is a lengthy process for a variety of reasons. The division of assets is one of the most time-consuming aspect of this legal procedure. Since Texas is a community property state, any property acquired during a marriage legally belongs to both spouses. In the event of a divorce, this property must be divided. This division is not always equally split down the middle. Many aspects can contribute to determining how the assets will be ultimately divided. If you’re in the El Paso area, reach out to Sergio Coronado Law. It is our goal to assist individuals in the Sun City with all aspects of their divorce, including division of assets.
Under Texas law, community property is the term used to define all of the property either spouse purchased or acquired during the marriage. Separate property, which is excluded from this category, is anything one spouse owned prior to getting married. Pets can play a tricky role when it comes to division of assets. If the pet was given as a gift to one of the spouses, then it should be categorized as separate property. If the pet was purchased or adopted by the couple, then it will constitute as community property. These are all general terms since each case is different. Regardless, it’s necessary to understand what goes into the division of assets.
Many factors are at play when it comes to determining the division of assets. The split may not be perfectly down the middle. Although Texas is a no-fault state (meaning couples can get divorced without having to prove fault in the marriage), fault grounds such as adultery or cruelty can go into consideration when determining the division of assets after a divorce. Disproportionate divisions can occur for a variety of reasons, including: disparity of earning capacities, difference in ages, physical condition, and sizes of community and separate estates.
Divorce is complicated, but it can become a much smoother process if you team up with an experienced lawyer. This way, you’ll be able to receive a just and fair share of the community property. Contact Sergio Coronado Law today to learn more about what we can do for you.