Texas is a community property state. This means that most property acquired during the marriage will be divided between the divorcing spouses. There are, however, certain assets and separate property that are exempt from that division and will be completely granted to the spouse with ownership.
Community Vs. Separate Property In Houston — Community Property Division
The characterization of assets as either community or separate is often disputed in divorce. As emotions run high, it is important to have representation equipped with the skill and experience to circumvent the emotions and provide a clear understanding and valuation of all assets involved.
For more than 30 years, high net worth individuals throughout the Houston area, including Bellaire and West University, have trusted the abilities and success of Fabio & Merrill's characterization lawyers. Our attorneys are equipped with a veteran understanding of this process and how to accurately characterize all assets involved.
Property that is acquired during the marriage is considered community property. Exclusions from this include inheritances and gifts specifically to one spouse, or property brought into the marriage by one party. This will be recognized as the spouse's separate property and exempt from the division of assets.
Any interest, coupons or dividends earned, however, from an inheritance that is invested during the marriage and yielded gains for the couple must be evaluated and will likely to be considered community income. If the money is invested in the separate property account, it causes the property to be commingled between the separate property and the community property and subject to division.
It is critical that you have the skill and veteran experience of a firm that deeply understands these valuations and tracings, as well as all exemptions, to ensure that your assets are divided fairly and equitably.
Any assets held or acquired during the marriage are considered community property in Texas, including business interests, real estate, retirement accounts and other property. These assets must be divided fairly and equitably. This does not necessarily mean a 50-50 split; rather, the final division agreement must divide assets and property in such a way that is fair and equitable, considering all factors in a divorce.
Your financial future depends on the ability of your representation to create a resolution that protects your interests and ensures that you are awarded all that you are entitled to.
To learn more about the experience and success of Fabio & Merrill in the division of property and how we can help you, please contact our law firm today at 713-568-3341 or toll free at 866-761-1513.