In Texas divorces, property distribution is handled according to the legal rights of both parties. Any children involved will be taken into account when the court is determining how property should be distributed. Texas is a community property state, which means that property acquired is would be considered community property and is subject to distribution under state law. In many cases, both parties may still retain joint ownership of property within the state, or some other arrangement in the best interests of both parties is also possible.
Property division in Texas does not apply only to real estate. Retirement funds, employee benefits and other financial assets also come into play during divorce proceedings. The court’s decision is also affected if one or both parties are self-employed.
In many cases, insurance policies are also affected. In cases where an insurance policy other than life insurance is not included in the divorce decree, the policy must stay in effect until its expiration.
Divorcing spouses who are undergoing an amicable separation may consider drafting up an agreement concerning property division and debt liability. This agreement must be approved by the court and may be thrown out if the courts find that the arrangement is not equitable. In some cases, it may become necessary to modify an agreement.
Many couples prefer the property division process to go as smoothly as possible, but complicated assets can make negotiations between the two parties difficult. Those who are involved in contentious divorce negotiations or litigation may benefit from working with a family law attorney. That attorney may be able to offer a client representation during meetings with the other party and may be able to help a client understand his or her rights during the proceedings.
Source: Texas Constitutions and Statutes , “Sec. 7.002. DIVISION AND DISPOSITION OF CERTAIN PROPERTY UNDER SPECIAL CIRCUMSTANCES.”, October 14, 2014