Nobody plans on getting divorced.
The decision to get a divorce is a difficult one. No matter how common, it is one of the most challenging of life’s experiences.
When a couple finally resigns to the idea of going separate ways, their entire life shifts. Along with this, there are many issues that must be handled including child custody disputes, parenting time, alimony and child support and equitable distribution of property.
A number of divorce disputes lie in identifying, valuing and distributing assets and liabilities subject to equitable distribution.
The procedure for San Antonio real property division is much more than a simple "this is mine" and "that is yours." When couples divorce, they can either reach an agreement on their own as to how to divide marital property or have a judge decide for them. There are certain laws and regulations that must be followed in order to ensure an equitable distribution.
What is the difference between community property and separate property?
If a person acquired property before marriage, Texas considers it to be separate property that belongs only to that individual. For property to be considered separate property, the person must provide clear and convincing pieces of evidence. Community property, on the other hand, refers to any property acquired during the marriage.
Texas law dictates that community property is subject to equitable division, but not necessarily equal division. This means that the assets and property do not have to be split fifty-fifty. The judge may consider factors such as who, if anyone, was at fault in breaking up the marriage; who will have custody of the children; and the ages and needs of the spouses. In those situations, the judge may order a 55-45 or 60-40 division of the marital property.
The Division of the Home
For many couples, their greatest asset is the family home. Because of a home’s economic and emotional value, it can often be the most difficult to settle.
There are two main options when it comes to dividing marital property in a San Antonio divorce.
Option #1: Buyout
In a buyout, one spouse may be awarded the house and associated liabilities. The other party will be compensated with other assets from the marital estate.
Option #2: Sell the house
If the divorcing couple decides to sell the house, the proceeds from the sale would be subject to an equitable distribution because Texas is a community property state.
However, it does not mean that each party would receive a half of the profit received. One spouse may receive a larger amount of the proceeds, while the other gets a smaller amount but may receive additional compensation in the form of other property or assets.
Selling a house during a divorce is tough. That’s why we are here to help. We have the knowledge, resources, and commitment to excellence to help protect what is most important to our clients.
Visit our website at SanAntonioRealEstateResource.com for more information.
Call us today at 210-332-0310. We take our responsibility seriously.
In case you can not view this video here, please click the link below to view San Antonio Real Property Division on my YouTube channel: https://youtu.be/Iz3GmDLaYGc