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During a divorce, the hardest part is often the dissolution of the marital relationship. Along with the emotional toll on both individuals comes the financial repercussions, including the division of property. While Texas is a community property state, this has a unique impact on the type of property both parties hold before, during, and after a marriage. If you are going through a divorce and have questions regarding the division of property and property settlements, do not hesitate to contact an experienced family law attorney.
Texas is a community property state, which means that all property acquired during the marriage belongs to both parties. Property acquired prior to the marriage remains the unique separate property of the party at issue.
Certain situations lead to community property being treated as separate property, such as gifts or inheritance. However, 401k plans and other benefit plans are considered to be the community property of the marital estate and must be divided beginning on the day of marriage. Property which is acquired during the marriage when the couple may have lived in a non-community property state will typically remain part of the community property since the divorce is taking place in Texas.
PRENUPTIAL AND POSTNUPTIAL AGREEMENTS
Spouses often protect certain assets through prenuptial and postnuptial agreements, which might individually state what articles are to be considered “separate property” through the course of the marriage. While these agreements are often intended for purposes of inheritance (to ensure the children from a prior marriage receive the appropriate inheritance after a death), they also serve to assist during the dissolution of a marriage and the inevitable division of property.
Property settlements concerning community property can be agreed to during the dissolution of marriage. It is important to stay on amicable terms with your former spouse to be able to agree on the division of assets. Many items of sentimental value could be easily agreed to throughout the property settlement process, although larger items such as real estate may require outside appraisers to get involved in. Larger estates may also require outside third parties in terms of valuations. Some former spouses agree to evenly split all property and reimburse the other spouse for the cost of the property which they are keeping. It is therefore important to keep the lines of communication open and to consult with an experienced family law attorney during the divorce.
MALLEY LAW FIRM | HOUSTON PROPERTY SETTLEMENT ATTORNEY
If you have any questions regarding the property settlements during a divorce, do not hesitate to contact the attorneys of the Malley Law Firm. Our attorneys have years of experience in handling property settlements and will work tirelessly to ensure you receive the settlement you are entitled to receive during a divorce. A divorce can often be stressful enough without having to worry about the division of property which is rightfully yours. Contact our Houston or Beaumont offices today for your initial free consultation.