Property Division in Texas Divorce is Explained by Mark L. Scroggins
In this Texas divorce and family law podcast with Mark L. Scroggins, we talk about property division in Texas divorce. Every divorce case is different, and every property division is likewise unique. In many cases an equal division of community property is appropriate. How and when that takes place depends on the property involved, and the parties in the divorce action.
Listening to this podcast helps people begin to understand the law and process of property division in Texas divorce. When you call Scroggins Law Group you can make an appointment with Mark L. Scroggins to learn your rights and options in divorce as it applies to property division.
Mark L. Scroggins is Board Certified in Family Law by the Texas Board of Legal Specialization, reflecting his extensive experience with complex divorce cases. Mark and his team of talented trial attorneys are experienced in high-stakes divorces with complex marital estates.
Scroggins Law Group, in Frisco, Plano, and Dallas, represents individuals and families in Denton, Collin, and Dallas Counties. Call Scroggins Law Group by dialing (214) 469-3100.
How is Property Divided in Texas? What About Debt?
The property division process requires determining what, if any, property is separate from the community property. The community property in the marital estates includes real property, land, cash, accounts, and more. Debts are community as well, and the value of an asset to be divided is its value less debt owed.
Mark L. Scroggins is Board Certified in Family Law by the Texas Board of Legal Specialization.
What is Considered Separate Property for Purposes of Property Division in Texas Divorce?
Texas is a Community Property State. ?Community Property? is everything that is not ?Separate Property.? Income and property acquired during the marriage are presumed to be community property. In the divorce, parties can claim the property as separate, if it was brought to the marriage or received through a variety of sources as Mark explains. To keep the property as separate property not to be considered community property, keep money, for example, in separate accounts, not co-mingled with your spouse.
How to Determine Values of Complex Assets, Accounts, and Rare Items?
Your home, being one of the most valuable investments, may be one of the easiest to value in a divorce. Art of significant value, vintage vehicles, antique collections, and business interests may be more challenging. In this podcast, Mark talks about forensic accountants and how useful they are in helping determine the value of an asset at the time of property division in Texas divorce.
Forensic accountants are also used for tracing the wasting of community assets. For example, when one party has been spending down the marital money, while cheating on their husband or wife, the forensic accountant helps determine the amount of loss and how it occurred.
Our blog article, Difficult Assets to Value in Divorce, offers more detailed information about asset valuation for property division in Texas divorce.
What Happens to Property Owned Outside of Texas, Like a Beach Condo in Alabama?
Mark talks about what happens to marital property located out-of-state, such as investment income condos in nearby Gulf Coast states. Determining the value of property located outside of Texas is within the court?s authority. An additional step can be negotiating with an attorney in the other state in the event enforcement of the Texas court order becomes necessary.
Looking for information about beach condos? Read, Economics of Buying a Beach House: Read Before You Buy.
What Do Just and Right Mean in Property Division in Texas Divorce? Does it Mean 50/50?
The Texas Family Code is the law controlling property division in Texas divorce cases, and the general rule is that community property is to be divided based on what is ?just and right.? The court has the discretion to determine what just and right means in each divorce case. In many cases, it means a 50/50 equal division. In other cases, property distribution can be more lopsided, to make a spouse right when the facts support a disparate property division.
What are Some Examples of Factors Texas Courts may Consider when Dividing Property?
Mark talks in this podcast about the types of situations such as domestic and family violence, where one of the spouses gets more than the other in the divorce. He talks about people saying their spouse took everything in the divorce because there is usually much more to that story.
What is the Process for Determining what Property is in the Marital Estate for Property Division in Texas Divorce?
During the process of divorce, the parties identify any property they claim as separate and not to be divided, and what property exists to be divided. Note that property includes houses, cars, boats, land, bank accounts, cash, retirement and investment accounts, and more.
Ideally, the parties negotiate a settlement agreement, identifying the date for the evaluation of and distribution of property. Individual, household items, and furnishings can be split amicably. Most people do not litigate who gets what unless there are items with significantly disputed values, such as artwork valued over $25,000 for example.
This Forbes article, Why A Forensic Accountant Belongs on Your Divorce Team, talks about the value of forensic accountants.
When does the Property Division take Place?
The parties and their attorneys can identify and settle the dates and details for property division. Depending on who has access to the marital home and the property, third parties might be present to witness the removal of certain items of property.
What type of Situations Involve Enforcement of Property Division in Texas Divorce?
If the parties are required by the Court to do anything after the divorce decree to effectuate property division, and the divorce is already final, a new enforcement action can be initiated. The court can also wait for the parties to comply with any Court orders regarding property division before finalizing the divorce. The division of retirement accounts pursuant to a Qualified Domestic Relations Order is an example of a process that could need further attention.
Our blog article, Enforcing Property Division in Texas, goes into more depth about the enforcement proceedings in Texas.
This Podcast About Property Division in Texas Texas Divorce and Family Law Podcasts are Also Available on the Scroggins Law Group Page on Blog Talk Radio.?
Call Mark L. Scroggins and the Team at Scroggins Law Group Can Help Answer Your Questions about Property Division in Texas, at (214) 469-3100.
We hope this podcast is helpful and answers some of your questions about property division. Mark L. Scroggins is Board Certified in Family Law by the Texas Board of Legal Specialization and is extensively experienced in complex and high-net-worth divorces where property issues are negotiated and litigated. Mark and his team of talented trial attorneys will help you understand the process of divorce and property division in Texas.