Dividing property of spouses during divorce can be difficult, depending on the size and nature of the parties’ community estate, each party’s separate estate, and the type and nature of assets and debts. These assets can include real property, including the family home, rental property, bank accounts, retirement and pension plans, brokerage accounts, stock accounts including stock options and other equity compensation (e.g. RSUs), closely held businesses, cryptocurrency and tokens, intellectual property, vehicles, and more.
Texas is one of nine community property states, which requires that property is characterized as either community property or separate property. In Texas, subject to some exceptions including inheritances, gifts, and some personal injury awards, all property acquired during the parties’ marriage is presumed to be community property. This includes earnings and assets acquired with the earnings of either spouse during the marriage. Community property is owned equally by the spouses. A spouse asserting separate property claims has the obligation to prove that property is his or her separate property. In Texas, the Court is required to divide community property in a “just and right” manner.
Contested property division issues such as characterization of assets and debts as community or separate, valuation of assets and debts, and determining a just and right division of the community estate can be especially complicated and require the assistance of experienced family law attorneys and other professionals. It is important to work with an experienced family law attorney.
The attorneys at Smart & Malone Family Law Group, PLLC are experienced in complex and sophisticated property division cases. Call us today to learn how we can help you.
