Texas is a community property state, which means that dividing property during a divorce can be a complex issue. People typically need a lawyer’s help to determine which assets are community property and which are separate property.
Dividing Community Property And Debts
Marital property is divided according to community property law. Under this law, all marital property is presumed to be community property unless:
- It was a received as a gift or inheritance
- It is specified as separate property in a prenuptial or postnuptial agreement
- It was separately owned prior to the marriage
- You can prove that an asset belongs to you by tracing ownership from the date of acquisition
An experience family attorney will help you protect your share of marital assets and separate property, including real estate, vehicles, furnishings, financial accounts, retirement benefits, and investments. If you have commingled or complex assets, your Aqrawi & Nguyen, Law Firm, PLLC will work with experts to value the assets and determine what you are entitled to receive.
In a divorce, you must also divide the marital debts, including mortgage, loans, taxes, credit card debts, and any judgments against both parties. A full review your financial records is necessary to determine which debts are joint and which are separate. It is important for your future well-being that debt division is fair and that you understand your obligations after the divorce is finalized.
Contact your family attorney from the Aqrawi & Nguyen, Law Firm, PLLC today at 1-844-LAW-2121.