In a Texas divorce, the properties commonly owned by the spouses shall be divided.
But before the court does that, it needs to identify which properties are commonly owned and which are not. It also helps to have an agreement between the spouses as to the division of properties.
But what happens to the division of community property without an agreement?
From our experienced team of Texas property division attorneys at C.E. Borman, here’s what you need to know.
Division of Property in a Texas Divorce
Prior to the division, the court will identify and value the properties commonly owned by the couple.
The spouses, however, may express their own values for the properties. But the court will usually lean toward using the fair market value of the properties.
Since these properties are co-owned by the divorcing couple, each spouse generally gets one-half of the value of their community estate. However, this may be subject to the order of the court, awarding the properties in a manner that is just and right under the circumstances.
In awarding the properties to each of the spouses, the court will consider several factors. This includes who was at fault, who gets custody of the kids, pets and the needs of each spouse.
What If the Property is Outside of Texas?
If the property is within Texas, the court will have no problem enforcing its order for the division of community properties.
However, an issue may arise when the estate is outside of Texas.
Unless the couple will submit to the jurisdiction of the Texas court, the property outside of the state may not be divided, following the divorce decree.
What Other Assets May Be Divided in Texas?
Real and personal properties are not the only assets to be divided pursuant to the divorce decree.
- Another asset that needs to be considered is the couple’s life insurance, if there are any. At present, any life insurance has no “cash” value. Generally, the proceeds of the life insurance are only payable at the time of death of the insured. If the spouse is the beneficiary of the insured spouse, the court will need to look into this for purposes of dividing their community property.
- Another item that needs to be addressed is worker’s compensation benefits. Any benefit shall accrue from the time of the injury. So if the spouse is injured during the subsistence of the marriage, any benefit shall form part of their community property.
- The court will also look into the health insurance and retirement plans of the spouses.
As for movable items like household furnishings, the court will order an itemized inventory and have the spouses pick which they want to have. Usually, the spouses agree to the division of these assets without the court’s intervention.
Contact C.E. Borman Divorce Attorneys Today
Finances are an important issue in any Texas divorce. And making decisions about property divisions can be stressful. The good news is that you don’t have to do it alone. With the help of our experienced Bryan, Texas divorce team, property division can be a straightforward and fair process that respects your needs at all costs. Contact us today to get started.
