When you are going through a divorce, you face multiple challenges. One you may be most concerned about is how divorce will impact your finances and what assets you’ll receive in your divorce. You may have heard couples split their assets 50-50 in divorce. However, is that really true? How does Texas divide property in divorce?
Dividing assets in a Texas divorce
Texas is one of only nine community property states in the United States. In community property states, couples do divide their marital assets equally, 50-50, in divorce. Your marital assets include any assets you and your spouse acquired while you were married. So, some of the assets you may divide include:
· Assets in checking, saving and bank investment accounts
· 401K retirement saving account assets
· Securities (stocks, bonds, CDs, money market accounts)
· Property assets, including homes, vacation properties, vehicles, furniture, home goods and more
· Business assets
· Valuable collectibles, such as art, antiques or coins
Couples also must split their joint debt from a mortgage on a home they own, credit card debt, medical debt or vehicle debt.
If you really want to keep the marital home, you may need to offer your spouse other assets to cover their share of the home’s worth. Or you may need to refinance the home to pay off your spouse’s share.
Getting help when dividing assets in divorce
Make sure to consult an experienced divorce attorney about splitting assets with your spouse in divorce. An attorney can help you negotiate if you want to keep specific high-value items. An attorney also can help you determine what your separate property is – property you owned separately from your spouse before you married and you get to keep. You may get to keep an inheritance you received if you kept that money separate from your joint accounts during your marriage.
Dividing your assets in divorce can be emotionally draining and take time. It won’t always be easy to decide who gets what. But with help, you can work through this task as you complete the divorce process.