Is Texas a 50/50 State Where Property & Asset Division in A Divorce Is Concerned?
If you’ve spoken to a Fort Worth divorce attorney regarding property matters, you probably know by now that property division is likely to be 50/50.
Texas is a community property state where all marital property will be divided by the court between parties as they agree, or in the absence of agreement, in a manner the Court deems just and right. This usually, but not always, results in an equal division.
What is Community Property?
It refers to all debts and properties acquired from the date of marriage until its cut-off date when the marriage is dissolved.
Spouses are given an opportunity to reach an amicable agreement where property division is concerned. If this doesn’t happen, the District Court will split the community assets equally.
There are many factors that the court will consider when dividing real and personal property. And the division is often made when and where the court deems just and right.
Real and personal property are awarded as:
The rights of each party and any children that resulted from the marriage.
Separate property of the spouse where acquisition rules are satisfied.
Separate property of a spouse if a community asset is partitioned or exchanged through a spouses’ written agreement.
Consult with a Professional Divorce Attorney
You may be able to work around the law with the right professional help. Speak to Jon R. Boyd, a Fort Worth divorce attorney, and discuss your rights and options.
The Law Office of Jon R. Boyd practice Family and Probate Law and has two offices located in Fort Worth and Fort Worth, Texas. We‘re happy to offer our services here and to the surrounding areas:Fort Worth, Frisco, Allen, McKinney, Lewisville, Denton, The Colony, Little Elm, Carrollton, Richardson, Addison, Dallas or Fort Worth