Who regulates the way assets are divided in a divorce?

When couples divorce, there are issues to deal with. Dividing property and assets is one issue that must be resolved. Here, we discuss how assets and property are divided in Austin, Texas.

Separate property

According to Texas law, separate property is property that a spouse incurred before the marriage. Generally, the other spouse has no right to that property. Sometimes during a marriage, a couple will decide to make that property jointly owned.

Community property

Community property is property the couple acquired during the marriage. If they decide to make separate property joint-owned property, it then becomes community property, as well.

Issues with property and assets

The question may arise as to who should acquire property or if one should be awarded more than the other. For instance, if one spouse made more income during the marriage, the other spouse may be awarded alimony. One spouse may have sole custody of the children. In this case, the judge may award them more property and assets to help care for the children.

Types of property and assets

In Austin, Texas, community property is generally divided 50/50. As stated above, this is not always the case. Some types of property and assets to be divided are:

• Bank and business accounts
• Automobiles and real estate
• Life insurance
• Debt

Division of debt will be determined when all facts are presented. The type of debt, how it was incurred and other factors will determine who pays what percentage.

Overall

An experienced divorce attorney in Austin, Texas understands the law and can help couples work through these issues. Often, the couples can decide on division before going to court. If you’re facing divorce and need a good Austin Family Attorney, give Jackson Law Firm a call. We’ll get started right away and help you and your spouse clear things up.

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