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TX divorce lawyerDuring Texas divorces, a couple’s marital property is subject to division. In most cases, this means that divorcing spouses must grapple with who will retain a variety of assets ranging from houses and vehicles to financial assets, such as bank accounts and pensions. Of these types of assets, financial property is often the most difficult to divide. This is especially true for pensions, the status of which depends on when the pension was acquired and whether a pre-existing agreement is in place. For help determining whether your own pension qualifies as marital property and whether you can expect a portion of those payments upon divorce, please contact a member of our high asset divorce legal team today.

Community Property States

Texas is one of only nine community property jurisdictions, which means that almost all assets acquired by a couple during their marriage are considered to belong equally to both parties if they later decide to divorce. The assumption in most cases is that these assets will be divided 50/50 between the parties. This rule applies to physical property, such as real estate and personal possessions, as well as financial assets like retirement accounts and pensions.

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Texa high asset divorce attorneyHaving a professional practice can make the divorce process much more difficult, as the parties are usually required to value and divide not only personal property but also professional assets and business interests. These types of challenges are best handled by an experienced high asset divorce attorney, so if you have decided to file for divorce and either you or your spouse has a professional practice, please contact our legal team for an initial evaluation of your case.

Dividing Marital Property

Under Texas law, couples who dissolve their marriages must divide all marital assets equitably. This applies to the contents of bank accounts, retirement funds, stocks, real estate, personal belongings, and even business interests. In fact, even when a spouse doesn’t have a specific interest in a business, as is usually the case when one spouse runs a professional practice, he or she could still have a claim to a portion of the business’s value, although not to the practice itself.

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The Law Offices of William D. Powers

8911 N. Capital of Texas Highway, Building 2, Suite 2105, Austin, TX 78759