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Saturday, February 21, 2009

Division of property in Texas

In Texas, the property and debt issues are typically settled between the parties by a signed Marital Settlement Agreement or the property award is actually order and decreed by the District Court within the Decree of Divorce.

The court shall order a division of the following real and personal property, wherever situated, in a manner that the court deems just and right, having due regard for the rights of each party and any children of the marriage:

1) property that was acquired by either spouse while domiciled in another state and that would have been community property if the spouse who acquired the property had been domiciled in this state at the time of the acquisition; or

(2) property that was acquired by either spouse in exchange for real or personal property and that would have been community property if the spouse who acquired the property so exchanged had been domiciled in this state at the time of its acquisition.

Since Texas is a "Community Property" state, all marital property will be divided in a 50-50 fashion according to the court unless agreed to otherwise by the divorcing spouses. Although this means that everything that is considered "up for grabs" in the divorce, and it will be distributed equally to each spouse, obviously this does not entail splitting a car in half so to speak, but rather each spouse will be rewarded with assets of equal value.

In relation to the debt, it can be used as a bargaining tool or it could be equally distributed to each party, regardless of who created the debt. This is a very common dilemma in almost every divorce case.

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