While most American states have adopted the equitable division model when distributing assets in a divorce, Texas remains a community property state. Unless you have already experienced a divorce, you may be one of the many residents with a poor understanding of what community property means. Learning about this part of your divorce is vital to ensuring that you walk away from your divorce with a fair share of the marital property.
When a Houston area couple gets married, they often assume their marriage will last forever. Although this is the case for some couples, many more result in a divorce. Property division in a divorce is one of the most complicated aspects of a divorce, and when there are mineral rights involved, it can be extremely difficult.
Splitting a married couple's assets is often difficult during divorce. However, property division of retirement assets has its own unique concerns. Specific rules govern dividing 401(k) plans, pensions and individual retirement accounts. Annuities are also difficult, and couples may have to trade assets to avoid cashing in an annuity and losing significant value.
Dividing assets in a divorce can be a contentious, complicated process. Because many people have never been through it before, they often don't know what to expect and may not understand how the process works. Factor in fears about losing property and money and it is not surprising that this is such a difficult step in a Texas divorce.