Dividing property during a divorce can be tricky because things are not always black and white. A great deal of property is acquired over the course of your marriage, and it can be nearly impossible to agree on who will keep individual items. There may also be intellectual property considerations that can become difficult to divide. The Law Offices of David Kohm can help you work through this difficult process, but here are a few tips on what you should expect.
What is Property?
Property is anything with a monetary or sentimental value. The obvious property to divide includes real estate, rental properties, vehicles, and investment accounts. However, you also need to consider retirement accounts, pension plans, and even pets.
There really is no limit to what is considered property, so it’s important to make a complete list of the items that matter the most to you, and an Arlington divorce attorney can work with you to make sure you don’t miss anything.
Understanding Separate Property
In Texas, some property is considered separate and is not up for division. This includes:
- items that were inherited by one spouse either before or during the marriage
- anything you brought into the marriage
- gifts received during the marriage
- personal-injury proceeds
In the case of gifts and inheritances, you may have to show documentation to prove that the asset falls into one of these categories.
Marital Property
The property that can be divided amicably between divorcing partners or through court decree is defined as marital property. Also referred to as community property, it includes everything that is acquired over the course of the marriage. Whether one spouse bought it with his or her own salary and is the only name listed on any legal title is not relevant. If it was purchased during the marriage, it is community property. The one exception may be gifts that are given to the other partner or received by one partner from outside properties.
The matter of property division during divorce can become tricky. When items are gifts, you have to prove that they are legally defined as such, and that can be troubling when there were no records attached to the gift.
An amicable settlement between partners is always preferred, but it isn’t always possible. Whether you are sorting out the property on your own or leaving it to the courts with a contested divorce, trust the Law Offices of David Kohm to help you. Call today at 817-204-0900 to schedule your free consultation.
