Midland-Odessa Area Property Division Lawyers
Texas is a community property state. This often leads people to assume the judge is obligated to divide the property equally between the parties. That is not the case. The judge will consider the facts of the case and devise a division of the assets and debts that he or she believes is appropriate. Needless to say, what a party views as a "fair" division of the property may not correspond with the judge's perspective or that of the other party.
Woods, May & Matlock, P.C. provides experienced and effective representation to people throughout Midland-Odessa and McKinney, TX. We can protect your rights and ensure property division is handled in a fair and reasonable manner. To arrange your consultation, please call our firm at 432-683-7400. You may also contact us online.
What Factors Affect the Division of Property?
There are a number of factors that the trial judge may consider in determining how to divide marital property. The most common reasons for ordering a lopsided division of property involve responsibility for raising children and differences in the earning capacities of the parties. In those situations, the judge may order a division that favors one party over the other.
Our experienced attorneys can advocate for a fair and reasonable decision — through mediation or trial. We also answer any questions you may have about how your property will potentially be divided.
Reaching Marital Property Agreements
Generally, all assets acquired during a marriage are jointly owned by the spouses as community property. "Separate property" differs from community property because it is owned entirely by one spouse. Generally, separate property consists of items owned prior to the marriage, assets that are received as gifts, or inherited property. There are also several other less common forms of separate property.
The distinction between separate and community property becomes very important when the parties divorce. In a divorce, the court can only divide the community property between the parties. The judge must award the separate property to the spouse who owns it, which means that a party must prove something is separate property to place it out of the judge's reach in a divorce case. Our firm has extensive experience handling these matters and protecting our clients' rights as property is identified and divided.
Woods, May & Matlock, P.C. has the knowledge to address the various issues involved in reaching marital property agreements. To arrange a consultation, call our firm at 432-683-7400 or contact us online.