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Your divorce and your property - what you should know

While some divorces are simple, many are complex. They often involve negotiations around custody and property division issues. As you prepare for divorce, these will be the two main items that you and your husband will fight over during the proceedings.

Before you sit down at the negotiation table or stand before a judge, you should take time to become familiar with the laws that will apply to your divorce. You may think that custody is the most important issue at stake, however, without a sufficient property settlement, you may find yourself suffering from economic hardship. If you win full custody of your children, this could be problematic.

If you are considering divorce, it is important to understand marital property laws in Texas. For example, you will want to make decisions on whether you prefer the main residence in League City or the condominium in Galveston. By understanding property division laws in Texas, you will be able to successfully negotiate a divorce settlement that is fair.

Community property

Texas follows the principals of community property. While this may seem to indicate that you and your husband will each walk away with 50 percent of the marital property, this may not necessarily be the case. If you and your husband cannot reach a settlement out of court, a judge will examine the property and determine its status. The court will consider the circumstances involved in acquiring each asset and make a determination if the property should be divided between the two of you or if it solely belongs to one of you.

Separate property

Not all the property that you acquired during your marriage falls into the community property category. In the eyes of the state, some property is separate and not subject to division. For example, any gifts you received, inherited property and family heirlooms are separate from community property. In addition, any assets you acquired before the marriage will remain yours after the divorce. However, if the court cannot see clear indicators that property is separate, then the court will include it as community property.

If you are considering divorce and dividing marital property, it is important to take steps to protect you interests. Take the time to make a complete list of all the property you and your husband own. From your main residence in League City to you vacation condo and even your retirement and investment accounts, be sure to have a record of everything. You may need to examine past tax returns and enlist the help of a financial advisor in order to ensure all your joint property is accounted for. When it comes to your divorce, do not leave anything to chance.

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215 E. Galveston St.
League City, TX 77573

Phone: 281-486-8125 x2
Fax: 281-332-7877
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Houston, TX 77058

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