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Answers to frequently asked questions about high asset divorce

Going through a divorce is undoubtedly a stressful experience that can be complex and confusing. Many questions involving numerous elements of the process are commonplace, including the question of property division between spouses. The particulars of this process can differ by state, and Texas has its own set of rules and guidelines for such situations.

Firstly, Texas is considered a "community property state." This means that all property owned by married persons at the time of divorce belongs to both husband and wife. Therefore, any debts between the two are considered "community debts." This means that debt is owed equally but both husband and wife. Naturally, this can cause some debate if the actual asset or debt was acquired by one spouse more so than the other.

Community property and community debts are meant to be divided in high asset divorce in a way that the court, "deems just and right, having due regard for the rights of each party and any children of the marriage." Of course, this decree is very vague and could have different meaning for different couples. When it comes down to it the judge divides the property in a way that seems appropriate for the situation. Rules apply differently to separate property which is property accumulated before the marriage began.

This hopefully brings some sense to this confusing situation of divorce. Texas has different rules on divorce than some other surrounding states have. It is important to be aware of these conditions before making unreasonable expectations that can't be met. Consider how separate property may be considered not a part of the community property and debt accumulated during marriage.

Source: depts.ttu.edu, "Divorce," Accessed March 30, 2015

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Law Office of Michael D. Tracton, P.C.

12920 Dairy Ashford Road
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