What goes through a person's head when they initiate the divorce process can differ from one spouse to the next. A spouse might be focused on the end goal of getting through the process so they can begin their new single life. Another spouse might be overwhelmed and emotional, as they never dreamed that their marriage would end. And for other spouses, their focus is on what they will leave the marriage with, hoping their personal assets are protected.
No matter what your main concern is with dissolving a marriage, all divorcing spouses will need to address property division to some degree. Whether it is a complex high asset divorce, a dissolution that involves a prenuptial agreement or a divorce with very few assets to address, property division must be completed with the rights of each spouse in mind. In Texas, this means an equitable distribution of property.
At the Law office of Michael D. Tracton, P.C., we take the time to explain the laws and the property division process to our clients. This not only ensures that there are no surprises but also helps them seek what is rightfully theirs. In Texas, any asset, property or investment that was acquired during the marriage is presumed to be community property. This is then divided between spouses in a fair and equitable manner.
There are ways, however, to ensure certain property or debts belong exclusively to just one spouse. Protecting separate property can may be done by keeping a separate bank account, executing a premarital agreement prior to marriage or drafting a marital agreement while married. Whether you seek to protect an inheritance, personal investments or a retirement account, our law firm can help you establish your property as separate and not community property.
To learn more, check out our law firm's property division website. Divorce can bring about disputes and can get messy. Thus, spouses need to take the time to understand how best to resolve these disputes while keeping their rights and interests in mind.