What is Considered Marital Property in Texas?
Our Pearland divorce attorney explains what is considered marital property and your rights to a ‘fair and just’ division.
Marital property in a divorce can represent significant amounts of money. Getting your fair share as part of a divorce settlement or final order can help you in rebuilding your life in the aftermath. Our Pearland divorce attorney explains what is considered marital property in Texas and your rights to fair and just treatment in property division proceedings.
Marital Property in a Texas Divorce
When a marriage does not work out, and a couple decides to file for a divorce in Pearland, there are numerous issues that must be decided before a final divorce order can be issued through the Brazoria County Family Court. One of the most important concerns is marital property division.
Getting your fair share of marital property helps to protect your financial security and can play a major role in divorce recovery. Marital property in Texas generally means anything earned, acquired, or otherwise accumulated over the course of your marriage. This includes:
- Real estate, such as the family home, vacation or rental properties, and timeshares;
- Household furnishings, including artwork and antiques;
- Vehicles, which include cars, motorcycles, and campers or RVs;
- Boats and other hobby or recreational equipment;
- Personal items, such as jewelry or furs;
- Shares in businesses and associated supplies or inventory;
- Money in bank accounts and investments;
- Retirement benefits, including pensions and 401k accounts.
While homes, cars, or other items of value purchased prior to your marriage may be excluded from the property division, you may be entitled to partial reimbursement for any money spent paying for or maintaining these items during your marriage.
Your Rights to Marital Property
Texas is considered a community property state when it comes to marital assets. This means you and your spouse have an equal share of all items and income accumulated during your time together. However, under the Texas Code, marital property is not divided on an equal, 50-50 basis.
When getting a divorce in Pearland, you are generally entitled to a settlement that the law deems ‘fair and just.’ Factors a court will consider in determining your rights regarding marital property in divorce include:
- The length of your marriage;
- Each party’s individual income and assets;
- Each person’s contribution to the marriage and in maintaining the marital property;
- Whether marital misconduct on the part of your spouse, such as an affair or addiction, resulted in depleted or wasted assets;
- Alimony awards and other financial matters pending in your divorce case.
Our Pearland, Texas, Divorce Attorney Protects Your Rights
Getting your fair share of marital property and assets can play a major role in recovering financially from a divorce. At John Powell III, P.C., we have been successfully representing clients for more than 20 years. You can count on our Pearland divorce attorney to help you get the best possible results in your divorce case. To protect your rights, call or contact our office online and request a consultation today.