A typical divorce can present a certain amount of challenges for anyone in Texas facing the prospects of bringing a marriage to an end. One of the most complex — and sometimes even contentious — aspects of the proceedings involves the division of marital property. If you are currently considering or already proceeding into a divorce, you probably have some questions and concerns regarding how this process works.
Texas is one of nine community property states where a court will divide all of your qualifying marital assets in an equal manner. Property owned by you or your soon-to-be ex-spouse before the marriage along with assets that were acquired as gifts or part of an inheritance typically qualify as separate property and are not subject to division. A lot of due diligence may be needed — especially in high asset divorce cases — in regard to certain items that will be part of the marital property, including the following:
- Business ownership: Even if you established your company prior to your marriage, the potential exists for part of it to qualify as marital property.
- 401(k)’s and other retirement accounts: Company retirement plans, which may require the completion of a Qualified Domestic Relations Order (QDRO), along with personal accounts, such as IRAs, will typically be eligible for division.
- Real estate properties: Much like with your business, you may need to have a professional valuation assessment for any type of real estate you own before a court ultimately divides those properties it deems eligible.
Regardless of the extent of separate and marital assets owned by both you and your soon-to-be ex-spouse, you can increase the chances of eliminating any missteps and achieving the best divorce settlement possible by taking advantage of the professional resources readily available to you. An experienced Texas family law attorney can carefully guide you through all aspects of your divorce proceedings, allowing you to better focus on moving forward toward a brighter future.