When contemplating a divorce, you may assume that the state in which you are living does not have an impact on how the process will be governed. However, the reality is that all states have their own laws on aspects of divorce, including on the way that assets are divided.
A divorce in Texas might have a completely different financial outcome than an identical divorce in another state. This is why it is important that spouses considering divorce in the state of Texas look into the details of the law before filing.
What do Texas laws say about asset division?
One of the biggest parts of the divorce process, and one of the most messy, is the division of assets. Over the years, it is likely that your and your souse’s finances have become intertwined. Separating these financial accounts and physical assets can be complex.
In the state of Texas, community property law is observed. This differs from many other states, which follow equitable distribution laws. Essentially, community property laws mean that all property acquired during the marriage needs to be divided equally between spouses. This is in contrast to more flexible equitable distribution laws which try to find a fair solution given the situation.
Community property asset division would mean that, for example, debts acquired by a gambling spouse would be divided equally between spouses upon divorce. It would also mean that a successful business created by one spouse would be equally divisible. However, property acquired before the marriage would not be divided in this way.
Is spousal support awarded in Texas?
After the division of assets has been completed, spousal support may also be awarded to the spouse with a lower income. However, this only happens in rare circumstances. For example, a spouse may be awarded spousal support if they are suffering from a disability or are supporting a child with a disability. Spousal support may also be awarded if there was a history of domestic violence.
If you are going through a divorce in Texas, it is important that you take the time to understand the financial implications that the divorce might have.