Houston, TX- When a married couple decides to divorce one of their first questions will be: How are marital assets divided? Most couples assume that equitable division means everything is equally distributed between two spouses. That is just one of the many myths people have about property division and we’ll discuss a few here
Equitable division means assets will be split 50/50.
This is probably the most common misconception about property division. Most couples believe the courts will just split all their assets in half, including the marital home, but that is not equitable distribution actually means. Of course a couple can decide to split things 50/50, however for the court’s purposes equitable distribution means a couples assets will be divided in fairness and equity. For instance, if one spouse needed a large share of the marital assets to maintain their standard of living, the court would take that into consideration.
All assets are community property
Not all assets a couple owns is community property. While Texas divorce law assumes that any property owned by a couple prior to or upon filing for dissolution is community property, a person can claim that property is separate from martial assets. In order to protect that property from being considered community, a spouse must be able to provide evidence that said property was acquired before a couple married or after they filed for divorce. Visit www.gcolaw.com for and speak with an experienced attorney regarding your legal questions.
The higher-earning spouse can keep most of their income
In many marriages, one spouse earns more than the other and they often don’t realize that their income is not solely their own when they split. When a judge is tasked with dividing a couple’s assets, they will consider the monetary contributions and non-monetary contributions to a marriage and award alimony to the lesser earning spouse depending on their needs. That means one spouse could be paying a portion of their weekly pay to their estranged spouse.
Businesses are not marital property
This is also a common myth, but the reality is that any business or partnership acquired during a marriage can be considered community property. It can be divided and split but with an experienced Texas divorce attorney on your side you might be able to shield your business from being split up in divorce.
Divorcing couples often decide how to divide their property long before a couple appears before a judge. Typically this done through pre-trial mediations and if a couple can decide on the issue of property division they can save themselves money. But divorce is not as clean, it can be really messy and couple needs a Houston divorce law form working on their case and protecting their interests.
Having a divorce attorney working on your case won’t take the pain out of the process, but it will give you peace of mind. Our divorce experts at USAttorneys know how tough divorce is and strive to make the transition from married life to single life as easy on their clients as possible.