Divorces can be long, drawn-out processes that include many steps such as meeting with your lawyer, participating in mediations, and even attending court hearings. Another step that many divorcing couples must contend with is the distribution of their shared properties, also known as “community property.” Our McAllen divorce lawyers can explain the specifics of community property and show how your belongings can be distributed during and after your divorce.
What is Community Property?
Community property refers to possessions purchased and finances earned during a marriage. These types of property can include:
- Home, land, or other possessions acquired during a marriage.
- Vehicles such as cars, RVs, motorcycles, etc.
- Individual contributions to a pension, 401K, or retirement account.
- Money in joint and/or single checking and savings accounts.
Texas law states that all community property should be shared equally by both spouses. Whichever spouse purchased the possessions or earned the finances plays no role in community property ownership.
How is Community Property Divided?
A court decides how community property will be distributed depending on:
- The reason for the divorce.
- The needs and custody of children, if any.
- The education and earning capacity of each spouse.
After Your Divorce
Keep in mind that some assets or finances can remain unassigned after a divorce is finalized. If this happens, either party has a right to file a lawsuit to claim the remaining property. Other types of community property, such as tax refunds, can be divided after a divorce.
Contact Our Divorce Lawyers
If the time has come for your marriage to end, then trust our divorce lawyers to help you fight for what you deserve. Contact us today for a free consultation!