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How debt is calculated in Texas property division

On Behalf of | Apr 6, 2018 | Blog |

Going through a divorce is always viewed as a difficult process because of the wide array of aspects that must be addressed. Property needs to be divided, child custody needs to be settled and this needs to be done while likely going through a grieving process with respect to the marriage, as well as attempting to keep up appearances with family and friends.

However, divorce does not need to be this difficult and complex. If the bigger, more daunting things are taken care of, you will start to find that managing the emotional side of things becomes easier, too.

When it comes to dividing assets, it is important to understand the laws of the state in which you are divorcing.

What do I need to know about Texas property division and community property?

The state of Texas is a community property state, which means that all property that was accumulated during marriage by either spouse is regarded legally as eligible for equal division.

The most important thing to know is that in Texas, all assets and debts are eligible for equal division. This means that if your spouse took out a loan for $20,000, even if it was without your knowledge, this would be divided equally at divorce.

How does a mortgage get divided during a divorce in Texas?

If there are children in the picture, the parent who takes the majority of the parental responsibility will likely be the one who keeps the family home. However, if the house was acquired before marriage by one spouse, he or she has the legal rights to it.

It is important to know the full implications of how community property and debt affects mortgages, in addition. If you are going to keep the house after the divorce, it is vital that you obtain a Special Warranty Deed from your spouse. If you do not obtain this, you may have difficulties in being able to sell the property in the future.

If you would like to learn more about Texas community property laws and how debt is divided, it is important that you conduct thorough research so that you are prepared with the information that you need.