Division of Property in Your Divorce
Whether your case is resolved by a settlement agreement or following a final trial on the merits, you must have a clear understanding of the assets and liabilities that comprise the marital estate and the corresponding value and character. You should also be aware of any possible tax effects associated with dividing certain assets, any impediments to awarding certain assets to one spouse or the other, and any possible claims that may be applicable to the facts of your case. Without this important information, it would be very difficult for the Court to evaluate the merits of a proposed property division at trial. Whether a particular division of property will be deemed "just and right" by the Court depends on a variety of factors.
Characterization of Property - Community vs. Separate
As Texas Courts are only allowed to divide the parties' community property in a divorce proceeding, the characterization process is a critical first step in the property division. Characterization of property is the process of identifying the property owned by the spouses as separate property or community property. The character of property is determined by operation of law according to the time and circumstances of acquisition.
Courts Encourage a Just and Right Property Division
An Inventory will serve as the road map toward the final property division, and if it is lacking in detail or accuracy, achieving a just and right division of property will be very difficult. You should be prepared to play an active part in preparing such an Inventory, if necessary.
Our firm has served the Dallas area for over 40 years, and attorney Jerry W. Melton is Board Certified in Family Law by the Texas Board of Legal Specialization. We have the resources to answer all of your questions concerning division of property in a divorce and the qualifications to present a strong case for you. Please fill out our form online or call 972-980-8000 today to schedule a free consultation with a family law attorney.