Although there are many issues for couples in Texas to address when they are going through a divorce, perhaps no issue is as contentious as property division. After all, married couples can accumulate quite a bit in valuable assets over the course of a marriage, sometimes more than they realize. Pensions, retirement accounts, investment accounts, artwork – these are all assets that will likely be subject to the property division process. So, what do our readers need to know about property division and divorce?
Well, for starters, it is important to understand that not only will property be divided, but debt will be divided as well. It is quite common these days for many households to have debts for various reasons, including credit card debt, student loan debt and home and automobile loans. While a married couple going through a divorce will be dividing the assets, they will also need to address debts.
Another aspect of property division that can be important in many cases is what is and is not categorized as “marital property.” If, for example, one spouse owned assets prior to the marriage and kept those assets separate from the marital property – in other words, did not “commingle” the separate assets – those separate assets are not likely to be subject to the property division process. All marital property, however, will almost certainly be subject to the property division process.
Lastly, many married couples own a home together. Owning a home is a lot of work, and can be expensive. Each of the soon-to-be ex-spouses should evaluate the feasibility of fighting to keep the home, when it may be too costly for one person to do so.
