Experienced Orange Property Division Lawyer
Even the most well intentioned and amicable divorce proceedings can become contentious when it comes to property division. Before discussing any property division with your spouse, consult a local Orange, Texas divorce attorney who will advocate for you and determine a fair and equitable split of shared assets.
Jim Sharon Bearden, Jr. has decades of experience compassionately guiding individuals as they navigate the emotional and complicated divorce process. Your spouse and spouse’s lawyer aren’t likely to put your interests first. You must protect your rights and your quality of life. Attorney Sharon understands that divorce affects many aspects of your life now and in the future and will work alongside you as your ally, to protect what’s rightfully yours through the entire divorce process.
How Will Our Property be Divided in a Texas Divorce?
In Texas, property acquired during a marriage is considered community property. The more assets and debts you’ve acquired during the marriage, the more complex the split of community property becomes.
Will Our Assets be Split 50/50 in a Divorce?
Texas is a community property state, meaning all property acquired during the marriage is owned equally by both spouses regardless of whose name is on the property or who is responsible for payments on associated bills. Texas law requires that during a divorce all community property is to be “fairly and equitably“ divided. Sometimes a fair and equitable division means a 50/50 split, but that is not always the case.
Common examples of community assets include:
- Real Estate
- Retirement accounts and investments
- Military retirement
- Vehicles and boats
- Household item
How are Debts Divided?
Debts are divided in much the same manner as assets. Keep in mind that if your spouse is ordered to make debt payments and your name is still associated with the debt, your credit will be affected if your spouse chooses to stop payments.
Community debts include but are not limited to:
- Credit card debt
- Personal loans
Attorney Bearden will ensure, when appropriate, that all shared debts are refinanced in each party’s own name and all joint accounts are dealt with properly to protect you. Protect yourself by contacting The Bearden Law Firm at 409-883-4501 to discuss your property division concerns.
How Can I be Certain All Assets are Included in the Divorce Process?
Divorcing spouses are required to exchange lists of all known assets and debts. If you think your spouse may be hiding assets or income, or you are unsure of your family’s complete financial situation, your attorney will likely recommend conducting discovery. During discovery you and your spouse are legally required to turn over all financial documents related to family and individual assets and debts.
What Might Lead to a Disproportionate Division of Assets?
There are several factors that could cause one spouse to be awarded a disproportionate share of marital property. One factor is the ownership of separate property by one spouse.
Common examples of separate property include:
- Property purchased or owned prior to marriage
- Personal injury or other legal settlements (not always separate property)
- Family heirlooms
Other reasons a spouse may receive more than half of the marital estate include but are not limited to:
- One spouse at fault for the breakdown and termination of the marriage
- One spouse has primary physical custody of the children
- Comparative earning power, education level, employability, or earning potential
- Income disparity between spouses
- Each spouse’s mental and physical health
- Taxes associated with certain types of property
Discuss Your Property Division Questions with an Experienced Trial Attorney and Orange, Texas Judge
Don’t enter the divorce process without an experienced and compassionate advocate by your side. Attorney Bearden understands that your financial future and lifestyle are at stake. He will fight to protect your interests as you divide marital assets. If you and your spouse cannot reach a property settlement agreement, Jim Sharon has decades of experience as a trial attorney and as a judge in Orange, Texas with zero trial losses since 2000. Jim Sharon is exceptionally prepared to take your argument to the local courtroom, when necessary, and garner the results you deserve.
Call our Orange office today at 409-883-4501 or contact us online to arrange your confidential consultation with Jim Sharon.