Asset division is one of the most challenging parts of a divorce in Texas. You can’t literally divide your house and furniture in half, but you have to figure out how to evenly split your assets. Fortunately, you can exchange cash and properties for other assets.
How do you divide assets in your divorce?
Most couples have to divide up their house and vehicles during the property division process. If you both own a vehicle, you might decide to keep your own vehicles and move on to the next asset. However, if you jointly own a single vehicle, you’ll have to figure out how to divide up the value. You might sell the car and split the proceeds or give your estranged spouse a cash amount that equals their share of the vehicle.
For the house, you’ll have a similar set of options. You could sell the house and divide up the proceeds or buy out your estranged spouse’s share of the house. However, the situation becomes more complicated if your house has depreciated in value. If you sell the house, you’ll have to figure out how to pay off the rest of the mortgage. Your divorce attorney might recommend a buyout, but you’ll have to either pay your estranged spouse in cash or take out another mortgage.
What about the rest of your assets?
When you get divorced, you’ll have to divide up virtually everything you own that you didn’t secure with a prenup. This includes furniture, electronics, artwork, collectibles and anything else that has value. For example, you might keep the furniture in the living room and let your spouse take the appliances in the kitchen. Your attorney may help you value your assets so that you can negotiate a fair agreement with your estranged spouse.