Divorce proceedings force couples to address a variety of practical challenges. While emotions often dominate the process of choosing to divorce, practical matters are what are most important during divorce negotiations.
Spouses have to separate their lives and finances so that they can live independently after the divorce. Negotiating terms to divide marital property and shared debts is a standard part of that process. Those preparing for divorce in Texas may have an overly reductive idea about property division during divorce proceedings.
Many people preparing for divorce have already heard that Texas is a community property state. Does that mean that spouses must evenly split all of the assets and debts they share?
An even split may not be appropriate
If spouses disagree about how to divide the marital estate, they may need to take the matter to court. During property division litigation, judges review everything from the value of specific assets to the circumstances of the spouses. Factors including the health of the spouses, their arrangements for custody and even the length of the marriage can influence what a judge views as appropriate and fair when splitting up marital assets and allocating responsibility for marital debts.
They generally begin the process with a presumption that an even split is the fairest arrangement for asset division. However, they can deviate from that presumption at any point. Either spouse can present evidence showing that vast disparities in earning potential or financial misconduct during the divorce, such as attempts to hide property, require a different approach.
Judges potentially have the authority to order the liquidation of assets. They can award certain resources to either spouse and make either spouse responsible for certain marital debts. While some community property litigation cases do result in a 50/50 distribution of assets, other outcomes are also possible. Spouses hoping to protect their financial futures often need to be strategic about how they address property division.
Those trying to prepare themselves for a contested divorce may need to review their finances with an attorney to develop a reasonable property division strategy. Learning more about Texas divorce statutes to make it easier for people to secure reasonable terms in an upcoming divorce.