Asset Division
Texas is a community property state. With a few exceptions, property acquired during a marriage by either party is community property (regardless of whose name is on the title or on the account). Community property is subject to a “just and right” division. While we often think of a “just and right division” as being a 50/50 split of assets, the actual percentages can vary, taking into account many factors, including the relative income and earning potential of the spouses, the relative health and age of the spouses, the spouses’ roles in child-rearing, and other factors. Even though the presumption is that all property held by the spouses at the time of divorce is community property, certain property is actually separate property. The most common examples of separate property are property owned before marriage and property inherited or received as a gift during the marriage.
Business and Asset Valuation
Oftentimes, the community estate comprises businesses, real estate, stock options, investment accounts, pensions, retirement accounts, etc. One of the key steps in a divorce is identifying the entire “universe” of the community estate and the placing a value on each item. Experts are frequently needed to value these large assets. We have a network of residential and commercial real estate appraisers, forensic accountants, and business appraisers who can fairly value these items, which will help move you toward final resolution.
Spousal Maintenance
Frequently, one spouse has been the primary income-earner while the other has focused his or her efforts on home-making and/or child-rearing. We are committed to helping you reach the fairest alimony arrangement possible, whether you’re the one receiving or the one paying alimony.
Sometimes, alimony is warranted under the Texas Family Code, typically when the parties have been married for over 10 years and one of them is unable to earn sufficient income to meet his or her reasonable needs. When awarded pursuant to the requirements in the Texas Family Code, alimony is called “spousal maintenance.” Other times, alimony is a provision of an agreement between the spouses to assist the less-moneyed spouse in becoming more financially independent after the divorce, regardless of the specific provisions of the Texas Family Code. This is referred to as “contractual alimony.”
Temporary alimony (referred to as “temporary spousal support”) may also be awarded to one spouse while the case is pending to help maintain the status quo and to ensure that each spouse has the ability to pay for reasonable living expenses while the case is pending.
Fault Grounds in Divorce
Texas is considered a “no-fault” state, meaning that one spouse’s wrongdoing does not have to be the reason for the divorce; instead, the parties can simply divorce based on irreconcilable differences. However, sometimes, it is beneficial to allege fault as the basis for the divorce as fault can play a role in the division of assets (though it may or may not play a major role).
Some of the common fault-based reasons for divorce include adultery, cruelty, abandonment, long-term separation, felony conviction, and long-term residency in a mental institution.
