Austin Divorce Attorneys

How Is Property Divided in a Texas Divorce?

Texas is a community property state. This means that all shared property must be divided equally during a divorce. When it comes to property division during a divorce, there are two types of property: marital (community) property and separate property. Shared marital property (including debt) is owned jointly by the couple, while separate property is only owned by a single individual. Typically, marital property is all income, assets, and/or debts acquired during the marriage.

Common examples of shared marital property and debt:

• Bank accounts
• Investment accounts
• Credit card accounts
• Mortgages
• The family home
• Vacation homes
• Vehicles

Common examples of separate property:

• Inheritances
• Gifts from family members or between spouses
• Property purchased before marriage
• Retirement contributions made before marriage
• Income and/or interest received from investments made with separate funds
• Damages received from a personal injury settlement

Property division is one of the most difficult parts of the divorce process, and it is one of the most often fought about aspects of divorce. When a couple cannot agree on property division terms, the courts will decide for them. Typically, this results in a 50/50 split of the couple’s property. However, there are some situations where the courts may find an alternative division more equitable.

While, in some circumstances, litigating your property division settlement is the best option, it is usually recommended that couples try to work together with their attorneys (and possibly a mediator) to reach an agreement and thereby retain more control over how their property is split. Regardless, you should always work with a lawyer during the property division process to ensure that your best interests are represented.

The Benefits of Working with Smith & Vinson Law Firm

We know how difficult the divorce process can be. We also know that you may be feeling overwhelmed or isolated. These feelings are very common, and you do not have to go through this process alone. Our Austin divorce lawyers are well-versed in all aspects of Texas divorce law, and we can help guide you. We believe in providing honest, reliable counsel and always put our clients’ best interests first. We know that the outcome of your divorce will have a lasting impact on your future. Our team is proactive and committed to helping you reach the most successful resolution possible.

To find out how we can help you with your divorce, call our law firm at (512) 359-3743 or contact us online. Smith & Vinson Law Firm is standing by to help you and your family.