Talking about the division of your assets and debts can be tough when you’re already in conflict with your spouse. Now that you’re getting a divorce, you need to separate debts and assets, so that you both know what kind of financial position you’ll be in moving forward.
Marital debts and assets are split equally in a Texas divorce. Marital property includes any property that you acquired during your marriage. Separate property is usually defined as property that was claimed, owned or acquired before marriage. This includes gifts, inheritances, family heirlooms and birthday gifts.
Is everything really going to be split 50/50?
Even though the state would like you to divide your property equally, that’s not to say that everything will be divided in half perfectly. You may need to work out which pieces of property each of you wants and see if there is a substantial difference in the value, for example. If so, then one person may need to pay the other, or a piece of property may have to be sold to split the profits appropriately.
What happens if you receive an inheritance during your marriage?
For the most part, if you receive an inheritance during your marriage, you’ll be able to keep that as separate property. However, if that inheritance is heavily commingled, then your spouse may be able to argue that you intended for them to have a portion of it. For instance, if you receive an inheritance of $100,000 and then put it directly into your shared account where you spouse can freely access the funds, you may end up owing them a share of that inheritance upon divorce.
Dividing your property can be complex
Even though it may seem easy enough to divide your property, dividing your property can be a complex act. You need to understand the legal rules that apply to your case and be prepared for negotiations by understanding your budget, if spousal support will be involved and other factors that may influence your settlement. If you have questions, don’t be afraid to look for support as you work through this major change in your life.