Property division splits up the material possessions (known as property) of a couple between them. A popular misconception is a belief that property will be awarded 50-50. This is rarely true, and in fact, the property is usually awarded disproportionately in the favor of one spouse over the other. In short, although we are a community property state, this does not mean that couples will be awarded property 50-50 according to Texas law.
The first step to determining who gets which asset is to determine what the asset itself is. Next, our state requires that the character of the asset be determined. Is the asset community property or separate property? Once this question is answered, the final step is to divide the assets between two parties, a step that can be highly contested.
Most couples divide their assets using either collaborative law or mediation. Few asset division cases are resolved through ligation. Regardless of the path you take, having an experienced Dallas family law attorney by your side is a wise choice. The goal of asset division is to divide the properties and assets in question fairly, but not necessarily equally.
An excellent example is the family home where the children currently reside. Who gets to keep the house in this situation? It is usually in the best interest of the children to remain at that residence with the spouse or partner who is their primary caregiver. However, in cases where the home is predominately owned by the other spouse, the answer gets murky. In most cases, the court awards the home to the primary caregiver.
Engel Law Group, P.S.’s asset division lawyers are experts at allocating the right asset to the right partner while ensuring that everyone involved with the divorce is satisfied. Our legal team can also offer advice on property division and palimony issues in the case of nonregistered domestic partnership termination.
Asset division is a key point in divorce proceedings. Make sure you hire the right attorney. Call the Engel Law Group, P.S. today.