Division of Marital Property in Richmond & Sugar Land TX
Each divorce case is unique, making it hard to determine how a judge will divide a couple’s property due to all of the variables involved. The division of marital property is a complicated matter that Lester Van Slyke, Jr. can help you navigate. Located in Richmond and Sugar Land, TX, our firm can help with divorce planning and property division to ensure that a judge has all the facts needed to guarantee a fair division of property. A seemingly insignificant fact forgotten or ignored can make a big difference in the judge’s decision, and professional assistance is usually necessary to avoid making costly mistakes.
Many people believe that a court in a community property state like Texas must make an equal division of marital property, but it’s not always that simple. The community property concept normally indicates that both parties own an equal share of all property that either of them obtained during their marriage regardless of whose name is on the title. If one partner proves separate ownership of certain property, the court is required to award that property to the claimant. Property owned prior to the marriage, inherited property, gifts, and proceeds of personal injury claims are some examples of separate property.
There are many other issues to consider when determining the percentage of property awarded to each partner in a failed marriage. A spouse responsible for raising the children or one with a lower earning capacity or with poor health may need to receive a higher proportion of the assets. A large age gap between the parents may also influence property division because of factors like eligibility for retirement benefits and the ability and opportunity for employment.
When a marriage ends because of reasons like adultery or cruelty, the innocent spouse may receive compensation for lost benefits. A judge may also consider money spent on extra-marital relationships and losses from misuse of community property when dividing the marital estate. Some community property, like a business, usually has a greater practical value for one marriage partner, making it more difficult to determine the proper distribution of assets.