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How can you divide your assets during a divorce?

On Behalf of | Nov 4, 2020 | Divorce

If you don’t have kids, asset division is usually the most complicated part of filing for divorce in Texas. During the asset division process, you’ll have to classify your assets as “community property” or “separate property.” Community property is defined as everything that was acquired during the marriage. If you live in a community property state, most of the property will be divided evenly among both parties. However, there are exceptions to this rule.

What are exceptions to the community property rules?

If one party has more debt than assets, their properties might not be divided during the asset division process. Student debt usually isn’t divided unless your education has benefited your marriage. Additionally, payouts from personal injury lawsuits are usually not divided between both parties.

Your spouse might not be entitled to a portion of your property if they deliberately hide or misrepresent their assets. This also includes other inappropriate behaviors like purposely accumulating debt on credit cards before you file for divorce.

What if you want to divide your property differently?

Even if you live in a community property state, you have some control over how your properties are divided. You can choose how your properties are split if you and your former spouse come to an agreement. However, you’ll have to work together amicably and present a settlement to the court. You can also choose to settle out of court to save time and money.

Should you hire an attorney if you’re getting divorced?

An attorney may be able to help you settle your divorce as quickly and efficiently as possible. Your attorney might help you catalog your assets and warn you if your former spouse tries to hide assets during the property division process.