Dividing Up Property In A Contested Divorce
When you are getting a divorce, emotions can run high even during the most amicable of breakups. If your spouse is contesting the divorce, you will need a divorce attorney that can represent you and help you fight for what is rightfully yours. In Texas, all assets that were acquired during the marriage are marital property, and they are divided in half, regardless of who tries to claim the assets. If you brought any property into the marriage, inherited property, or received a gift, these are all considered separate property.
Pensions, Retirement and Business Property
If one party has established a retirement plan and pension during the length of the marriage, this is considered community property and is divided in half. If one party has established a business during the course of the marriage, this is also considered community property. If one party is awarded an equal share of the retirement benefits of the other party, an attorney draws up a QDRO, or Qualified Domestic Relations Order, which goes to the employer who then has to divide up benefits for each spouse as per the order of the court. If the account is a 401(k), fund distribution can take up to 90 days.
Property You Owned Previously
If your divorce is contested be prepared to have your spouse argue about every asset that either of you own. If you have assets that you brought in to the marriage, find the documentation to prove that the assets are yours. When you owned a house prior to getting married, this is easy to prove. If you have an extensive collection of valuables, it can be harder to prove that the collection was yours prior to the marriage.
Marital Assets That are Divided
Anything earned during the course of the marriage is subject to division between the two parties. If you own a home together, each person will get half. If you want to stay in the marital home, you will have to buy out your former partner in order to remain in the home. While each asset is divided in half, it is the value you want to establish so that you can negotiate who gets to keep what in the contested divorce.
When you are going through a divorce and the assets are considerable, it's time to work with a divorce lawyer that can help you get what you want. When the divorce is contested, it's important to stand your ground and get what you deserve.