People are often anxious about the potential need to divide their assets evenly with a spouse. They may worry about losing home equity, retirement savings and other assets that have a profound impact on their financial stability.
All too often, people stay trapped in unhappy marriages simply because they don’t understand their rights or the law. Confusion about the community property rules in Texas leaves people anxious about a 50/50 split of everything they own when the reality is that the process may not be that predictable.
Spouses can set their own terms
There is no rule requiring that spouses litigate property division matters in family court. They have the option of settling with one another and setting their own terms. People who settle can reach arrangements that significantly deviate from the 50/50 split many people associate with community property division.
Even if litigation is necessary because spouses can’t agree on what is fair, the judge does not always order couples to split their property and debts evenly. Texas state statutes allow spouses to present information about why an even split might be unfair.
Judges do not always need to split the marital estate evenly. They have the authority to establish other terms based on the information they receive about the finances of each spouse and the marital circumstances. Even when the goal is to divide assets evenly, that process does not necessarily require a 50/50 split of each individual asset and debt.
Learning about the Texas approach to community property can help people overcome their fears about divorce and push for fair terms when dividing the marital estate. An attorney can help people evaluate their circumstances and develop a case to convince a judge to deviate from the 50/50 split often expected in a Texas divorce.