Property division matters during divorce can get very complicated. Couples who are separating or divorcing in California, Texas, or Louisiana will have to deal with community property laws. This means the property, and typically debt, acquired during the marriage belongs equally to both parties.
Generally, unless one spouse can specifically prove an asset was owned before the marriage, or they inherited a specific item, or it was gifted only to them, the courts will lean towards dividing assets equally between the two parties. In most cases, this division applies to real estate, bank accounts, retirement accounts, and any other assets the couple acquired during the marriage. In some cases, if the parties involved can reach an agreement between them, the courts may accept a different division.
Debt allocation is usually far more complex than division of property. In most cases, the courts will attempt to find an equitable method for dividing debt, taking into consideration various factors including the ability to repay the debt. When the debt is secured by property, such as a car loan, or a home mortgage, the party retaining the asset may have to assume the full debt.
We will review your situation carefully, and help you understand what debts you may be responsible for and what assets you may retain after a divorce. Contact the Austin, TX office of the Simoneaux Law Firm if you need help with property division matters in Texas, California, or Louisiana.