Your stuff or mine? Divorce & Division!
So who get's what in divorce? What are contributions?
This part 2 of a two part video series.
Here at Ashmore and Ashmore, we have some kick ass divorce attorneys- one of the main questions we get here in the office is, who get's what? Who get's the money, who gets the house, how do we get compensated for home improvements and how do we get compensated for installations and work we did at home?
We're here to tell you, who gets what, in divorce!
Texas is a community property state. This means that both spouses share everything, earned income and property acquired by either spouse during the marriage. As such, the courts require that couples split marital property equally during a divorce. This includes ALL debt as well.
Even if your name isn't on a deed or title, the court will still consider the items purchased during your marriage, as community property. Unless you had a prenuptial agreement stating differently, you and your spouse will need to come up with how to divide the property and assets.
Retirement and pension are also considered to be community property.
When you are going through the divorce process, the court will determine how much of each persons accounts will remain seperarte and which will be considered community property. Usually the court will consider any pre-marriage contributions to retirement as separate.
Sometimes, the court may award an unequal division of assets, if there is a just reason, but this is not a typical outcome.
When the court is deciding who get's what, they are looking at the following:
Earning potential of both spouses
Primary caregiver for the children
Amount of separate property owned by either spouse
Since so many factors go into the division of assets, it is important to have an Ashmore and Ashmore on your side throughout the process. Your attorney can evaluate your property and help you keep the assets that rightfully belong to you
VISIT Ashmore and Ashmore online at www.AshmoreLawFirm.com