Property division can be a contentious issue in divorce, which is why it pays dividends to hire divorce attorneys in Austin, TX and other parts of the country. Affordable divorce attorneys negotiate the terms of the agreement on their client’s behalf and can help them get the best deal.
To throw more light on the issue, in this post, we answer some FAQs on property division in divorce. Take a look.
1. How is property classified?
Community property
Assets acquired during the course of marriage are categorized as community property, regardless of the title and which spouse owns it. Debts incurred during the marriage, unless the debtor considered separate property of a spouse for payment, will be treated as community debt.
Separate property
Property acquired before marriage is considered as separate property. These may include personal injury awards received by a spouse, pension received by a spouse (if they became eligible to receive it before marriage), and property purchased by a spouse using their separate funds. Business owned by a spouse before the marriage remains their separate property, however, a part of it can be treated as community property, if the other spouse worked jointly with the owner. If the separate property was mixed with community property, a part or whole of it can be treated as community property.
Property purchased with a combination of separate and community funds
Property purchased with a combination of personal and community funds will partly be treated as community property and separate property, given the condition that a spouse is able to prove that they invested funds from personal sources.
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2. Who gets to stay in a house acquired during marriage?
If the couple has kids, the spouse caring for them gets to stay in the house, however, if kids are not involved, the spouse who owns the property can ask the other person to vacate the property. If the house is jointly owned and the couple does not have kids, one spouse can request the other to leave, however, they cannot enforce their wishes legally.
3. How is property divided?
Community properties held by couples residing in states such as Alaska, Arizona, California, Idaho, Louisiana, New Mexico, Texas, Washington, Wisconsin, and Puerto Rico are divided equally, whereas both the spouses get to keep their separate properties. In other states, property acquired during marriage is divided equitably depending on various factors such as the length of the marriage, the financial condition of both the spouses, and the age of each spouse.
Wrap up
Property division can be a complex matter in divorce cases. There are various factors at play. To avoid confusion and get the best possible outcome, parties in a divorce case must hire an experienced divorce attorney in Dallas, TX who can represent them in a family court. To ensure the professional possesses the required expertise to handle their case, individuals must look for reviews on divorce attorneys.
