Understanding Property DivisionIn deciding how to separate property in a divorce, courts think of there being two distinct types of property: separate property and marital property. Separate property is anything that the two individuals brought to the union. For example, if one partner had paid in full for a vacation house, that vacation home is deemed theirs entirely. Marital property is something which was obtained during the marriage, whether debt or assets. Most states aim to equitably divide marital property. By doing this, both parties are able to move forward in their own lives with fiscal stability after the divorce.
Many factors are considered by courts when determining how to divide marital property. These include the duration of the marriage, the age of the spouses, the employability of both spouses, any appropriate child service, time parent place into homemaking and childcare, and even if one spouse committed marital misconduct that resulted in the divorce.
That is why it’s vital to have Zarka Law Firm on your side because you sort out the division of property in a divorce.
Texas allows property to be broken in any way that the judge believes to be”just and right.” This means property doesn’t need to be split 50/50. All sorts of things may lead to the division being unequal, such as child custody, and a disparity in making capacities, and time out of the workforce in service of the other partner’s career. Judges will also usually try to keep the kids in their house when possible, which means that the custodial parent will usually keep the household if it’s financially possible.
Retirement plans are often divided down the center, no matter which spouse earned them. Investment accounts and retirement plans can both be broken. That is becausein situations where one parent has remained home to raise kids, it is usually assumed that the other parent couldn’t have attained the same level of success without that assistance at home.
Family owned companies are particularly challenging to divide since their value has to be set by means of a CPA or business appraiser, one of their spouses might continue to run the organization, or the former spouses may even choose to continue to become business partners moving forward.
In cases where kids aren’t involved, property division can be the most stressful and difficult part of the divorce procedure. It can result in both parties feeling angry if they don’t believe they are receiving exactly what they deserve. You should be sure to get a great San Antonio property branch lawyer on your team so you can be confident that the division of land functions out in a way that leaves you effective at moving ahead without monetary issues. Give us a call now for assistance with your property division case.