Making the decision to divorce is rarely easy. It may be even more difficult if you are uncertain what assets you will be able to keep after divorce. Maybe you have been a stay-at-home mom for a decade, raising your children. What if you’ve only worked part-time while your children were in school? Will that impact what assets you receive in your divorce?
Texas, a community property state
Texas is one of nine community property states in the United States. In community property states, assets you and your spouse have accumulated during your marriage will be split equitably.
Some of the assets you’ll divide include the following:
· Assets in checking and savings accounts
· Assets in real estate property (dividing the equity you have in your home if you own one)
· Assets in investments
· Assets in retirement savings
· Assets from a business you own
· Vehicles, furniture, jewelry and household goods
· Art collections, collectibles and antiques
Spouses also must divide debts in divorce, including debts from joint credit card debt, medical debt and mortgage debt.
Getting help negotiating property division
You should consult a family law attorney before you negotiate dividing property in a divorce. You will have to determine what is separate property (property you or your spouse owned before your marriage) and what is marital property (property you will divide). If you want to keep the marital home, your attorney can help you look at options are valid for your situation. Dividing your assets in a divorce can feel overwhelming. But with help, you can get a better picture of what your financial situation will be after your divorce settlement.