When couples decide to end their marriage, they have to settle the distribution of assets and debts they accrued during their marriage. One of the main areas they have to work on is the division of personal properties. This article will focus on how the division of personal property works during a Texas divorce.
What is Personal Property?
Personal property refers to all assets that do not fall under real property, like land or buildings. These include items like furniture, electronics, vehicles, jewelry, artwork, bank accounts, stocks, and pensions that you acquired during the marriage.
Understanding the Community Property Law
Texas is a community property state, which means that any asset acquired during the marriage belongs to both spouses equally. During the divorce, this property must be divided between them. Community property law in Texas does not mean that everything has to be split down the middle; instead, it means that both parties should receive an equal value of all assets.
Dividing Personal Property in a Texas Divorce
When dividing personal property in a Texas divorce, the couple needs to first identify all the property they own. They should make a list of all their assets and clarify who the owner of each item is and whether it’s separate or community property. Please note that separate property is not as divided as community property is during a divorce.
After the identification of property, the couple needs to agree on the division of the items. They can do this by themselves, with lawyers’ guidance, or with a court hearing. If the couple can agree, they’ll need to draft a document called a ‘Marital Settlement Agreement’ that outlines how each item will be divided, or they can have the court draft an order stating the division.
Resolving Disputes over Personal Property
If the couple can’t agree on how to divide the property, the court intervenes. Texas is an equitable distribution state, meaning that the court will divide the property as fairly as possible. That doesn’t suggest that the property will be split in half, but rather divided as per the court’s decision.
Conclusion
In summary, the division of personal property can be a complicated aspect of the divorce process. It’s always best if a couple can agree on how to divide their assets and debts during the divorce rather than having a judge make the final decisions. If you’re going through a divorce in Texas, ensure that you work with an experienced divorce attorney who can guide you through the entire process and help you achieve a favorable outcome.