One of the most crucial aspects of any divorce is the division of assets. You and your spouse have accrued items of great value, both personally and together. So, who gets what?
We’ve previously written about the division of assets in Texas, but we want to focus more on individual assets and how your situation may look. Texas is a community property state which means, unless otherwise legally noted, all assets acquired during a marriage belong to both spouses. Even if a title has your name on it, your spouse is entitled to at least partial ownership.
There’s no clear answer to who will get what asset, as it all depends on negotiations, personal preference, and what the court decides is best for your specific situation. Negotiation with your spouse or mediation can determine ownership of any of the following assets, but if you’re unable to reach an agreement outside of the courtroom, then the following factors will be at play:
Houses
For couples that own a home together, the house is likely the biggest asset to be divided. The home is where your relationship may have started and grown. These properties are sensitive subjects, especially when a family has been raised in the home.
If the home was owned by one spouse prior to the beginning of your marriage or relationship, it will be considered separate property and remain in the name of the initial owner. However, if the spouse that does not own the home was expected to, and did, make mortgage payments, paid for significant improvements to the home, or made other immutable improvements to the home, they can claim reimbursement for what they put into the value of the home.
If the home was a joint purchase, it becomes more complicated. If children are involved then the court is more likely to favor keeping the home with the custodial parent. Stable homes for children are an important part of Texas family law.
Whenever the home is decided, the courts will make sure finances are in order. This means the spouse that gets to keep the house may either owe cash to the other spouse to buy out their ownership of the home or will need to relinquish ownership of other assets to meet a fair value in the split. If the home is sold in the divorce or shortly after the divorce, the proceeds may be split, as well.
Vehicles
Vehicles are more straightforward than homes. Most couples pay for and keep their own vehicles for personal and professional transportation.
If the couple has two vehicles at similar values then the court will likely leave them with the spouses as-is. However, if one spouse made most of the car payments then the other spouse may owe reimbursement or will need to find other means to pay off this debt during the divorce.
If a vehicle is jointly-owned and an agreement can’t be reached on who gets it, the judge may order the sale of the vehicle with the proceeds of the sale being split between both spouses.
Similar to a home, the court will likely favor the custodial parent if only one vehicle is involved in the divorce. The need to transport your child to and from school, daycare, and other activities means this necessity could trump claims from the other spouse.
Firearms
We feel it is important to touch on firearms in a divorce because of how frequently they are publicly discussed right now. Firearms purchased during your marriage are assets to be divided in Texas. This means if you own multiple firearms, even the spouse who uses them more frequently won’t always be awarded ownership.
One of the first factors in determining future ownership of any firearm will be any behavior issues such as domestic violence or other violent acts that contributed to the divorce. In these cases, the court is likely to either shift ownership to the other spouse, force the sale of the guns, or have them seized to protect everyone involved. If a spouse receives any temporary orders such as a restraining order, then it’s possible your firearms will have to be surrendered to a trusted party or could be temporarily seized while the order is active.
If you own a short-barreled rifle (as defined by the Texas Penal Code), machine gun, or other Class 3 firearm, then the legal hoops to transfer ownership could take months. These are heavily protected by the law, but the court can still shift ownership by valuation. This means the “owner” of the firearms may have to choose between sacrificing other assets or completing the necessary paperwork to transfer ownership.
Whatever assets you own, it’s important to work with a dedicated and knowledgeable Texas family law attorney. At Divorce in Texas, we can help you work with your spouse, a mediator, or with the court to get what you want out of your divorce. Contact us today and let us guide you to a new start.
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