Divorce creates emotional and financial uncertainty. On top of the stress of your marriage ending, you may not know how you will afford your bills or what you can expect to keep once the divorce is finalized.
The Law Office of Marco Sanchez, P.C. is here to help. I want you to be informed and prepared as you navigate this next stage in your life. It's my job to help you understand the process and to defend your best interests and your family's best interests during this difficult time.
In addition to my years of legal experience, I am a graduate of the Gerry Spence Trial Lawyers College in Dubois, Wyoming. I am proud to represent clients in New Braunfels, Texas, as well as Dallas, Hays County, Comal County, and the nearby areas.
Property division can be a complex part of the divorce process. When a couple divorces in Texas, all of their property will be considered either community property or separate property.
Almost all property, including real estate, is considered community property in a marriage. A business, cars, retirement accounts, furniture, and other property that was either purchased or earned by either spouse during the marriage are considered community property.
Typically, in Texas, the court will divide community property 50/50 if the spouses cannot come to their own agreement.
On the other hand, separate property is property owned or claimed by one spouse before the marriage. Property that one spouse received as a gift or inheritance during the marriage is also considered separate property.
To designate something as separate property, either both spouses must agree that it is separate or one spouse must prove that the property is theirs alone through clear and convincing evidence.
If one spouse made their own separate property investments, the stock dividends and capital gains on that are considered separate property.
Also, if one spouse received money for personal injuries that happened during the marriage, that money is considered separate property. However, if they received money for lost wages and medical expenses, that is considered community property.
An experienced family law attorney can help you determine what might be considered separate property in your divorce.
How assets are divided in a divorce depends on whether the divorce is contested or uncontested.
In an uncontested divorce, both spouses agree to the divorce arrangement, which includes the asset division. How the property will be divided is documented in a marital dissolution agreement.
In this situation, the judge will typically approve of the arrangement that both spouses agreed to. It's wise to consult with an experienced family law attorney to make sure that your agreement is complete before you submit it to a judge.
In a contested divorce, the spouses cannot agree on how the divorce arrangement will be settled. Typically, how the property is divided will be up to the judge. In general, the judge will split the property 50/50. However, the judge may decide to split the property in a different way.
In some circumstances, a judge may order an unequal division, such as a 70/30 or 80/20 split of the assets. This is only if there are "just and right" reasons for such a division.
Some of these reasons may be:
- One spouse was more at fault for the failure of the marriage
- One spouse is the primary caregiver for the children
More factors that the judge may consider include:
- The health, age, and education level of each spouse
- The earning capacity of each spouse
The court may consider other factors when determining how to divide assets.
When you face divorce, whether you started the process or you were served with papers, you need a knowledgeable expert on your side. I am here to help you understand the division of assets process, no matter what direction your case takes. The Law Office of Marco Sanchez, P.C. proudly represents clients in New Braunfels, Texas, as well as Dallas, Hays County, Comal County, and the nearby areas. Contact my firm today to schedule a consultation.