Identifying Assets for Property Division in Texas
A couple may acquire considerable assets and debt during the course of their marriage, and it may be difficult to determine ownership between the two spouses in the event of a divorce. If you are looking to end your marriage with your spouse, filing for divorce online may be the best way to prevent a third-party stranger from dividing your assets in a way that contradicts your and your ex’s wishes. It is crucial to identify assets for property division in Texas before getting divorced to ensure an ideal distribution between you and your ex.
How do Texas Family Courts Define Different Types of Property?
Under state divorce laws, both spouses in a marriage retain ownership over community property, which is any assets and income acquired by either party while married. Community property is subject to division upon divorce and should be clearly identified in your Divorce Decree. Otherwise, you risk having all of your community property dived 50/50 by the court. Furthermore, any assets owned prior to marriage or acquired via gift or inheritance would be considered separate property and would not be subject to division. Our DIY Texas divorce forms allow you to list any separate property you would like the court to confirm as separate property.
Common examples of assets that must be identified as either separate or community property include:
- Employment income
- Real estate, including the family home
- Electronics and furniture
- Bank accounts
- Retirement accounts such as 401(k)s or pensions
However, separately owned assets may be identified as community property if they have become commingled with community property. For example, even if a real estate property or vehicle only has one of the spouse’s names on its title of ownership, Texas’s community property doctrine holds that it will still belong to both spouses because both will have contributed to the payment or maintenance of those assets.
Addressing Asset Division in an Online Divorce Decree
The goal of your asset division should be to ensure that the allocation of properties and debt is fair and just to both parties. Instead of receiving 50 percent of all property and debts, you can identify which assets you would like divided and how in order to support both parties financially after the divorce has ended.
Identify Assets before Dividing Property in Texas
When you are about to begin a new life separate from your spouse, identifying assets for property division in Texas is one of the most crucial steps you can take. You can protect your ownership over important assets that you want to keep after divorce, such as your home and the money in your bank accounts.
The simplest division of property and debt occurs when both spouses can agree on the terms of allocation. Use our online divorce forms to organize and divide your assets before submitting your documents to the court.