Division Of Community Property In Texas

Property division in divorce creates much of the financial foundation on which both parties can move forward into the next chapter of their lives.

The state of Texas is a community property state. This means each spouse has an undivided 50% interest in property acquired during the marriage. Certain property — separate property — is exempt from this division. That includes inheritances, gifts, personal injury settlements and property that either spouse owned before the marriage.

While each spouse has an undivided 50% interest in community property, the court can take several factors into consideration when deciding what is "just and right" in dividing the property. These factors could include fault leading to the divorce, custody issues, health concerns, education, and both current and future earning potential.

It is critical that you have a skilled lawyer on your side representing your interests during this division, representing your side to the court. Attorney Craig A. Patton is experienced in helping clients receive a fair and equitable division that will provide them the most stable financial foundation moving forward.

Division Of Complex Property, Including High Net Worth Estates, Retirement Benefits And Business Holdings

For some couples, the division of property involves many complex considerations. Our firm is equipped to handle the valuation and division of any type of property you may hold with your spouse. This includes:

Retirement benefits — Any benefits, investments or retirement savings that are accrued during the course of the marriage are considered community property and subject to division. This requires experienced valuation and tracing of those accounts.

Business holdings and professional practices — If the couple owns a business or professional practice, a thorough valuation of the business interests and practice must be conducted to determine the exact net worth for it to be included in the division. Even though the full amount will be considered in the division, many judges take into consideration which spouse contributed more to the business or practice when dividing the value.

High net worth estates — Couples of means face a more difficult task of valuing the breadth of their wealth and all holdings. Our firm is experienced in leading a thorough valuation of all accounts, assets, real property and investments that comprise the estate.

No matter what the nature of your community property, our team is equipped with the experienced and professional partners needed to accurately value your property and represent your interests during the division process.

For more information about how we can help you through dividing assets in the state of Texas, please call our El Paso-based law firm today at 915-255-1888.

The material contained on this website is for informational purposes only and should not be construed as the dissemination of legal advice to anyone by the Law Office of Craig A. Patton. You should always seek the advice of an attorney, who can review and ascertain your legal needs and recommend a proper course of action regarding your situation.