Equitable distribution refers to the impartial division of property and other assets in the event of a divorce. Such property is termed marital property and may include: money, bank accounts, stocks (vested and unvested), real estate, businesses, 401(k) or other retirement accounts, jewelry, vehicles or any other assets of significant value.
Texas Law and Property Division
In Texas, the property subject to division in a divorce is referred to as ”community property.” To qualify as community property, it must have been acquired jointly or by either spouse during the marriage itself. Property that is acquired before marriage, inherited or received as a gift, comes under separate property and in certain circumstances may be included in community property. In the ”community property” system, the division of marital assets is determined by weighing many factors. These factors may include:
- Earning potential of the spouses
- Individual property of the spouses
- Reckless management of marital assets
- Duration of marriage
- Age and physical/mental health of spouses
- Responsibility and care of any children
- Abuse or marital infidelity present in the marriage
The result of the division of marital property is a split of assets that may appear unequal, but which is deemed fair and just by the court based on need and other circumstances. Hence the term ”equitable” instead of equal.
Texas Divorce Attorneys at Bailey & Galyen: Committed to Top Knotch Representation
With issues of property distribution being so confusing, it is best to seek the advice of an experienced attorney who can guide you into a settlement that doesn’t seem unfair. Don’t let property division become your biggest nightmare. Bailey & Galyen’s skilled divorce attorneys are ready to support you through this difficult time.
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The law offices of Bailey & Galyen provide skilled & experienced legal representation to individuals across the State of Texas including the Dallas-Fort Worth communities of Arlington, Bedford, Dallas, Fort Worth, Grand Prairie, and Mesquite as well as Houston.