Understanding property division post divorce

Understanding property division post divorce

Numerous effects of divorce are perceptible on your life. One such is the effect on your property. What happens to your property post divorce? The answer depends on the state laws that are applicable in your case. As a resident of Dallas, the Texas divorce laws would be effective for you. To understand the intricacies, get in touch with a lawyer.

Before you discuss post divorce property division with your family law lawyer, here are a few frequently asked questions that may come of help.

What is the general property division norm? Texas is a community property state (where each spouse gets 50% of the marital property); however, this rule is not exactly the same as in other US states. Texas courts have the authority to divide the property according to what fits the description of a fair division'.

What is separate property? Property that any of the spouses owns prior to the marriage, property that is a gift or inheritance qualifies as separate property. If you want to prevent these assets from division, you need to identify and prove it at court. So, if you want to keep your heirloom away from the division, discuss the procedure with your lawyer now.

Who gets the marital home? If children are present, usually the home goes to the parent with primary possession of the children. The objective is to keep the children in their home to minimize the effect of the divorce on them.

How do you protect your credit? As per Texas laws, any creditor can initiate collection of debts of your spouse if you were a co-signer to the agreement. The legal contract between you and your spouse and the creditor does not nullify because of the divorce agreement. Therefore, it is essential to know how to protect your credit from a Dallas family law lawyer.

What happens to retirement benefits? In most cases, each spouse gets an equal share of the retirement benefits and pension plans. However, there may be a lopsided division if one spouse is more dependent on this for a secure future.

Certain factors affect the division of marital property in Texas. There are as follows:

* Differences in age and/or health of the spouses

* Dissimilarity in education, qualification, and so on

* Disparity in earning capacities between the two

* Future requirements of the spouse and children

* Primary responsibility for raising the children

If you are filing for divorce in Dallas, be sure to talk to a family lawyer beforehand to understand its implications on your marital property.

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