Division of Property & Debt
In a divorce, you are dividing one household into two separate households. This is not an easy nor fair process and often causes people to worry about what possessions or assets they will have to start over. Unfortunately there are no “winners” in divorce, however we understand that to restart after divorce depends on you getting your fair share of the community property.
In a divorce decree, the property and debt has to be addressed and it is typically divided into “community property” or “separate property”.
Separate property and debt is property or debt that is not acquired or created from or during the marriage. It is owned separately by each individual spouse.
Separate property includes:
- Property acquired before marriage
- Property acquired by will or intestate succession
- Property acquired by third-party gift
- Property or income arising from inter-spousal gift
- Property recovered for personal injury that does not include lost wages
Community property is property acquired or created during the marriage, by either spouse. There is a presumption that all property that exists at the end of the marriage is community property and any claim of separate property must be proven by the spouse making that claim.
Sometimes it is not clear which is which because of the way the parties treated the property when acquired. Sometimes, even if it is separate property there may be a reimbursement claim for marital money that was spent on the separate property or debt of one of the spouses.
Once determined how each piece of property is characterized the Texas Family Code requires that all assets that are community property be divided in a “just and right” manner. It does not say “equally” or “fair.”
- Spouses’ abilities to support themselves such as:
- – Which spouse has custody of the children
- – Education and employability
- – Size of separate estates
- – Health
- – Age
- – Liquidity and income production
- Spouse’s wrongdoing such as:
- – fault including adultery or cruel treatment
- – fraud on the community
- – tortuous conduct toward the other spouse
- the financial costs incurred by a spouse while the suit is pending or after final judgment such as:
- – temporary spousal support
- Expenses paid to maintain community property such as:
- – attorney fees and costs incurred
- – tax consequences of division
- – capital gains or losses
- – income generating property
- – tax penalties
- Any other factor the court considers relevant to the situation such as:
- – length of marriage
- – nature of property
The experienced family law attorneys at the Law Offices of Diane St. Yves understand how importance of the division of property and debt. We can help you determine what your property division could be, help you negotiate a fair division of property or present the evidence to the court to divide. Call 281-501-1558 to schedule a consultation or fill in the contact form on this page and meet with one of our family law attorneys to get an evaluation of your case.