Divorce is a time of significant upheaval and emotional stress, particularly when it comes to dividing marital property. At the Law Office of Richard Hughes, we bring our extensive knowledge of Texas property division laws and a commitment to personalized service to help you navigate this complex process. Located in Tyler, Texas, we are dedicated to ensuring a fair and equitable division of your assets.
Dividing assets in a divorce involves more than simply splitting everything down the middle. It's a complex process that considers numerous factors, including the length of the marriage, individual earning capacities, separate property, and more.
Our experienced team is adept at handling these issues and more. We are committed to ensuring you receive a fair settlement, whether your divorce is amicable or contested.
We assist in identifying, categorizing, and valuing all marital property and debt.
We can assist with modifications to the division agreement due to significant changes in circumstances.
If an agreement cannot be reached, we're prepared to advocate fiercely for your interests in court.
We aim to achieve an equitable division through peaceful negotiation or mediation, minimizing the stress of courtroom battles.
The Law Office of Richard Hughes brings years of experience, an in-depth understanding of Texas divorce laws, and a commitment to securing your financial future. Our approach is empathetic and personalized, aiming to ease your burden during this challenging time.
When it comes to dividing marital assets, you deserve a lawyer who will fight for your rights and work towards a fair settlement. Let the Law Office of Richard Hughes guide you through the complexities of property division during divorce.
Contact us today to schedule a consultation. We are ready to understand your situation, answer your questions, and provide the legal support you need.
Ensure your financial security with a trusted property division lawyer in Tyler, Texas. Choose the Law Office of Richard Hughes – your advocate in divorce asset division.
Texas uses community property to determine how property is divided between spouses. “Community property” refers to all assets acquired by both spouses during the course of their marriage.
These assets can include income, property, cars, retirement accounts, debt, and more.
If you have separate property, it is not subject to division during a divorce. “Separate property” can include assets owned before your marriage or property gained as gifts, such as family heirlooms, or inheritance.
Personal injury awards are typically considered separate property unless they are tied to community property expenses, such as medical bills.
Determining separate property can become complicated quickly, so it’s best to seek legal advice to protect your interests and assets.
In Texas, courts seek to divide the community property assets in a “fair and just” manner. While this can mean an equal 50/50 split, that is not always considered to be just and fair.
Some factors that play into community property division include if someone is at fault, a large income disparity between spouses, a large amount of community property, and wasteful spending.
If you and your spouse signed a prenuptial agreement before your marriage, this contract can override how community property applies to your divorce.
Rather than relying on state laws to determine how property is divided in the event of divorce, the couple will come to an agreement and outline how assets will be divided if they divorce.
Thus, the division of your assets are subject to the terms you agreed upon with your spouse in your prenuptial agreement.
Similarly to your other assets, debt is treated as community property if it was incurred during the marriage, regardless of which spouse got it.
This doesn’t mean you’ll end up with half of your spouse’s debts, though. To make the split “fair and just,” the court will divide the debt equitably. So, if your spouse personally created a large amount of debt, they may end up with a large portion of it.
If your home was purchased during your marriage, it is considered community property and you will not lose the right to your home if your name isn’t on the deed.
Each spouse is entitled to a portion of the house, like the other assets that are considered community property.
However, this does not necessarily mean you retain the right to live in the home after the divorce.
Determining if a business is considered community property largely depends on when the business was started. Businesses created before marriage are typically considered separate property while business started during marriage are likely community property.
However, valuing a business is a difficult process and can have surprising results. Your divorce lawyer may bring in a corporate attorney to assist with valuing the business and your entitlement to it.
Once the business is valued, either party is able to purchase the interest of the other or they can sell the company and share the profits.
It depends. Like other assets, the retirement benefits earned during marriage are subject to community property division.
Yes, it is possible to contest property division in a divorce. If you believe the division isn’t fair, you can present evidence to the court to argue otherwise.
If the court finds the evidence compelling enough, they can adjust the division. However, it is often easier to make an agreement with your spouse outside of the courtroom.