Round Rock Property Division Lawyer

What to Know About Property Division Laws

Texas is a community property state when it comes to assets. This means the assets acquired during a union are usually divided 50/50. In addition to cash, other items such as vehicles, boats, artwork, furniture, and jewelry are joint property in a marriage. This may be true even if a vehicle is registered and insured in the name of one spouse. Debts, on the other hand, are not community property and may not be divided equally. Each case varies depending on what a court finds to be a just and right division of debts.

Joint Property Rule Exceptions

There are several exceptions to the joint property rule. Real estate inherited by one party during the marriage, for example, usually belongs to that party even after a divorce. Things become complicated for families who rely on rental income generated at inherited properties as a primary source of income, especially when child support questions arise.

Meeting with a skilled property division lawyer in Round Rock helps in situations like this. Attorneys understand the division of financial responsibilities, especially among co-parents with significant assets or in situations where one parent is the primary breadwinner.

How Debts Are Handled

While debts are not considered community property, couples are typically jointly responsible for debts incurred during the marriage and the liability that comes along with them, so they need to be tallied up for a just and right division. These might include:

Mortgage debt

Loans and liens

Credit card debt

Medical debt (for either spouse or minor children)

Auto loans are among the most common hurdles for separating couples during a property division discussion, and a tech-savvy property division lawyer in Round Rock could help families by finding creative solutions.

How to Split Auto Loan Debt During a Divorce

An auto loan taken out during a marriage is treated as a marital liability, and the Texas court assigns responsibility for payment when dividing a couple’s property. The vehicle could be sold to pay off the debt, with any remaining equity split between both parties, or one spouse might agree to take on the full responsibility of this debt to keep the car. In return, they would not be held responsible for other debts of equal value, so long as both parties are honest and up-front about their assets and debts early in the divorce.

What Happens if a Spouse Is Hiding Assets During a Divorce?

In a perfect world, both partners’ assets would be clearly defined at the beginning of a divorce. Unfortunately, this is not always the case. One spouse may hold property jointly with others outside of the marriage, or there could be considerable commercial properties that belong, on paper, to only one spouse. A Round Rock property division attorney could help identify and divide any hidden assets fairly, so everyone is satisfied.