Marriage is a beautiful thing that is meant to last a lifetime. When people get married, they start living together and sharing their assets. They don’t imagine that a time will come when they may want to go their separate ways. When divorce happens, some couples come to a mutual agreement on how to share their assets. However, when they can’t agree on who gets what, asset division laws in their state come into play.
Asset Division In Fort Worth
Below are a few things you should learn about asset division when a judge steps into the picture:
Mediation and Agreement
When you contact a Fort Worth Divorce Specialist, the first thing they will recommend is collaborative law or mediation. This way, the couple can share their assets without court intervention. The court will only get involved after mediation has failed.
Community Property
Fort Worth, like all of Texas, is a community property state. This means that every asset acquired by either of the couple from the day of the marriage to the day of divorce is subject to division. Some variables that are considered during community property asset division are the length of marriage, custodial responsibilities, fault in the breakup, and earning capacity.
Separate Property
While the community property law for asset division affects properties purchased during the marriage, separate property laws apply to assets earned before the marriage. The law stipulates that every asset bought, gifted, or inherited by the individuals before the wedding will not be subject to division. Your lawyer will be in the best position to teach you how to protect your assets during the divorce.
Property For Division
When you hear the word asset, the first things that come to mind may be houses and cars. However, these aren’t the only things subject to division. Businesses, shares, boats, and even furniture are all subject to asset division. If the couple has a joint retirement account, it would also be divided between both parties.
Asset Division And Valuation
The court can choose to divide the assets in three different ways depending on the circumstances of the case. These three cases are equal division (50/50), unequal division (60/40), or giving specific assets to each spouse. All assets are valued based on the fair market value. Also, if either couple incurred any debt during the marriage, it would be divided between both parties, depending on several variables.
Spousal Maintenance
Another key issue you should learn about during divorce in Fort Worth is spousal maintenance, also known as alimony. Usually, the couple entitled to spousal support determines how much they want monthly. However, if the other party can’t afford it, they can ask the court to look into it. In Texas, the court will never ask you to pay more than 20% or $5000 from your monthly income as alimony.
Conclusion
At the end of the day, the court reserves the right to make the final decision about how the assets will be divided if the couple cannot come to an agreement. Make sure you contact a family law attorney in Fort Worth ahead of time if you want your interest to be represented well.