How Are Assets Divided During My Texas Divorce?

 Posted on December 29, 2023 in Divorce

Navigating a divorce is stressful, and if you share many assets with your spouse, you may be wondering how these assets will be divided. Property, bank accounts, and even businesses have the potential to be divided during a divorce, and you no doubt want to receive the most fair division of assets for your situation. Having an Austin divorce lawyer in your corner is important when looking through your assets and how they will be divided.

Understanding the Division of Assets in Texas

In Texas, any properties acquired during marriage are considered community property. During your divorce, any assets that have been developed or contributed to by both spouses will fall under the category of community property and be divided as evenly as possible. Debts acquired during the marriage will also be divided.

If there are assets in a divorce that only belong to one spouse, these are considered separate property. Separate property does not need to be divided between both spouses in a divorce as long as it can be provided that the assets truly belong to only one spouse. It is important to note that both prenuptial and postnuptial agreements can affect how assets are categorized and divided during your divorce. If you have one of these agreements in place, consult it for details on how to proceed during the initial steps of your divorce.

What Makes a Divorce High-Asset?

In some divorces, spouses will be dividing high-value assets or valuable property. A divorce becomes a high-asset divorce when items like retirement funds and pensions, stock portfolios, and real estate holdings are at risk of being divided or awarded to one spouse during a divorce.

If you are navigating a high-asset divorce, it is essential to have a seasoned divorce attorney in your corner fighting for the most equal division of properties and assets. This is especially important if you struggle to agree with your spouse about asset division.

Contact an Austin, TX Divorce Attorney

Divorce is stressful, and ensuring that you receive your fair share of any assets acquired during a marriage can be difficult. However, you want to be sure that you do not lose out on valuable assets during your divorce. An experienced Travis County, TX divorce lawyer at Powers Kerr & Rashidi, PLLC can help you understand your options and fight for the most equal division of assets possible. Call us at 512-610-6199 for a consultation.