Divorce, a major life upheaval, comes with its own set of hurdles, especially the division of property.
In Texas, the standard norm is to split marital property right down the middle. While the idea of a 50-50 split might seem straightforward, the reality is more complex.
Nuances of the 50-50 property split
In Texas, marital property is typically termed community property. This means that anything acquired during the marriage belongs jointly to both partners. With property division, the law tends to lean toward an equal 50-50 split. However, the concept of fairness goes way beyond just numbers.
Factors that determine fairness
While starting with a 50-50 split is a baseline, multiple factors come into play that can tweak the division for the sake of fairness.
Contribution to assets: This covers how much each spouse puts into obtaining, enhancing or upkeeping assets. It spans financial input and non-monetary contributions, such as managing the home or raising children.
Economic standing: Post-divorce financial standings matter. If one spouse faces financial struggles due to the split or has notably lower future earnings, an unequal division might be more just.
Separate property: Anything acquired before marriage or through an inheritance is usually classified as separate property. While communal property is up for equal division, separate property often remains the owner’s alone.
Child custody arrangements: With kids in the picture, a custody plan can sway property division. The primary caregiver might get a more substantial share to ensure stability for the children.
Although Texas has one of the lowest divorce rates at 1.4, ending a marriage is often the best solution for some couples. Understanding the division of marital assets may help in planning for a new beginning.