Protecting Your Assets During Divorce
Understanding Property Division in Texas Divorce
While divorce offers many people the chance of a new beginning, it can nevertheless be an intimidating process, particularly if you have questions about the division of property and whether you will have enough to start your new life.
At Lovett Law Family, attorney Nora M. Artalejo Lovett understands how overwhelming the divorce process can be, which is why she is dedicated to providing compassionate, honest legal guidance. Whether you and your soon-to-be ex-spouse have been married only a short time or for several years, Nora will sit down with you and explain your rights and options in the area of property division.
The Basics Of Property Division When it comes to property division during divorce, Texas is a community property state. This means any assets acquired and income earned by either spouse during the marriage is community property and therefore belongs equally to both spouses. If the couple decides to divorce, all community property must be divided fairly among them― meaning the property is distributed equitably, not necessarily 50-50. Community property may include:
- Homes and other real estates
- Businesses
- Retirement accounts, including pensions and 401(k)s
- Cash and bank accounts
- Investment accounts and stocks
On the other hand, any property or assets you or your spouse owned prior to marriage is separate property, which means you get to keep it and don’t have to split it. Separate property typically also includes gifts and inheritances.
What About Pets? While Texas courts have traditionally classified pets, including family dogs and cats, as property under state law, some judges are now considering the use of separate possession orders for family pets ― similar to child custody arrangements. However, given that this area of the law can change at a moment’s notice, it is always best to speak to attorney Lovett if you have questions about property division and your family pet.
Contact Us Today For Experienced Legal Representation To speak to Nora M. Artalejo Lovett, our skilled and knowledgeable divorce attorney in the El Paso area about the division of property, contact Lovett Law Family today.
