Those facing a divorce, whether by their own choice or that of their spouse, have many questions about their options. Texas is one of a few states that follow community property rules regarding marital property.
Basically, any property owned at the time of the divorce is presumed to be community property and is subject to a just and right division by the Court. If a person proves they owned certain property prior to the marriage, inherited the property or acquired it by gift, then the Court will find that property the separate estate of the spouse. This process is called characterization.
After the assets are characterized, valuation of the community assets must be determined, subject to any reimbursement claims. Assets are valued based on the fair market value at the time of the divorce.
Finally, after assets are characterized and valued, either by settlement negotiation or by trial, the assets of the parties will be divided and a divorce granted.
We help clients with this process and provide the necessary information to make well-reasoned decisions about property division and, if necessary, present that evidence to the Court.