Southlake Property Division Attorney
Dividing Assets in Southlake, TX
Divorce can be one of the most stressful events in your life, and it can be even more stressful if you and your spouse are not on the same page when it comes to dividing assets. At the Law Office of Mark M. Childress, P.C., we understand how important your family's financial future is, and we will work with you to create a fair property division agreement.
Call our Southlake office at (817) 497-8148 or complete our online contact form to discuss your situation with our legal team.
Understanding Property Division in Texas
In Texas, property division follows the community property system, which means that assets and debts acquired during the course of the marriage are generally considered community property and are subject to a just and right division between both spouses.
Common types of assets involved in a divorce include:
- Real estate (such as the family home)
- Vehicles
- Bank accounts
- Investments
- Retirement accounts (like 401(k)s and pensions)
- Businesses started during the marriage
On the other hand, property that either spouse owned before the marriage or acquired during the marriage through inheritance, gift, or personal injury settlement is considered separate property. This property remains the sole possession of the individual spouse and is not subject to division during divorce.
Texas is a "community property" state, but it's essential to note that the division of assets may not always be an exact 50-50 split. Instead, the court aims to achieve a fair and just division, considering factors such as the length of the marriage, each spouse's earning capacity, age, health, and other relevant circumstances.
In addition to assets, marital debts are also subject to division. Debts acquired during the marriage, such as mortgages, credit card debts, and loans, will be distributed between the spouses according to the same principles of community property laws.
When Does Separate Property Become Community Property?
In Texas, separate property can sometimes become community property through a process known as "comingling" or by a legal concept called "transmutation." This occurs when there is mixing or intermingling of separate property with community property, thereby altering its character from separate to community. Here are some examples of when separate property might become community property in Texas:
- Commingling of Funds: If funds from a separate bank account owned by one spouse are deposited into a joint account shared by both spouses, those funds may lose their separate property status and become community property. For example, if one spouse inherits a sum of money and then deposits it into a joint savings account with their spouse, those funds could potentially be considered community property.
- Improvements to Separate Property: If one spouse uses funds from a joint account or marital income to improve a piece of property that was originally separate property, such as renovating a house owned before the marriage, the increased value due to those improvements might be considered community property.
- Transmutation through Agreement: Sometimes, separate property can become community property through a written agreement or actions that demonstrate an intent to change its character. For instance, if a spouse with separate property titles a home in both spouses' names, this could be seen as an intention to convert the property into community property.
- Mingling of Assets: When assets are mixed to the point where it is difficult to trace their origins, they may be considered community property. For example, if funds from a separate property business are used to pay household expenses or joint debts over an extended period, those funds might lose their separate character.
- Intentional Gifting: If one spouse intends to gift their separate property to the community, it can become community property. For instance, if a spouse gives their separate property to the other spouse with the clear intent that it be shared jointly, it could be considered community property.
Exceptional Legal Representation
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Direct Access To Your Attorney
Our Attorneys personally handle each case themselves. You will have direct access to your attorney to be able to get the answers that you need.
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TransparencyHonesty and transparency are critical in building trust with your attorney. You will always know what is going on with your case every step of the way.
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Team Oriented
At our firm you're not just a case number, our staff will always know the status of your case and help to make your situation more manageable.
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Personalized ApproachOur team understands that no two cases are the same. Your strategy will be tailored specifically to you and your family's goals.
