Determining Assets And Debts In A Texas Divorce

When couples in Texas decide to divorce, there are several issues that have to be resolved. One of the more important issues is the division of the spouses' assets and debts. A Dallas divorce lawyer can explain the steps that are involved in more detail, but generally, there is a certain process that takes place.

One of the first steps in the process is identifying assets and debts. Normally, this step is completed by filling out a sworn inventory and appraisal list that includes all assets as well as debts that are owed. This is a legal document and it must be accurate.

After the property had been identified, the process moves on to characterize the property as either community property or separate property. The presumption that all property obtained during a marriage is considered community property is not entirely true. There are several exceptions to this rule and a Dallas family law lawyer can assist in identifying those exceptions. Once all of this information has been gathered, it can be presented to the court for division.

Under Texas law, all community assets and debts are subject to a just and fair division. This division is based on the facts of each case and does not always come out to a 50/50 division. The truth is in many cases the division is disproportionate in terms of a 50/50 split. It is important to keep in mind that the court's division of the community assets and liabilities is determined by the net value of assets each party receives - not the quantity of the assets.

There are many variables that a judge will consider when making a decision conce
ing division of the community assets and liabilities. In Texas, one does not have to assert fault in order to get a divorce, but the courts often consider fault in the breakup of the marriage when making the division decision. Some of the other general factors that a court considers include: the parties' abilities to support themselves once the marriage is dissolved; the financial costs incurred by a party while the divorce is pending; and the length of the marriage. Again, a Dallas complex divorce atto
ey can explain these factors in detail.

In terms of assets, separate property (as opposed to community property) is property that is owned prior to marriage, or property that was acquired during the marriage by gift or inheritance. Identifying this asset is critical because the court only divides community property between the parties but cannot do so for separate property. In terms of debts, the issues can become very challenging as the law only apportions liability on debts between spouses and does not affect the ultimate liability to the creditor. This can become especially important when the couple has signed a mortgage or other high-dollar debt.

While going through a divorce can be emotionally and financially challenging, it can be made easier by working with a Dallas family law lawyer such O'Neil & Atto
eys. With years of experience, these professionals can help clients navigate the many issues associated with a divorce in Texas.