Community Property vs. Separate Property
Community property generally consists of all assets and all debts accumulated during a marriage, with certain exceptions. Community assets can include real property such as a home, land, or rental houses; mineral interests; businesses; retirement accounts, 401(k)s, pensions, portfolios, investments; intellectual property; vehicles; and household items. Community debts include credit cards, personal loans, mortgages, and other debts incurred during marriage. Upon divorce, the Court must divide the community estate of the parties in a “just and right manner.” This does not mean a 50/50 division. It means that the Court may divide the community estate in any manner the Court determines to be “just and right” based on the facts of the case and the unique circumstances of each party.
Property that is not community property is called “separate property.” In most instances a Court cannot divide separate property and cannot divest one party of their separate property. For this reason it is important that any separate property claims be investigated and secured during a case. Separate Property generally consists of any property owned by a party prior to marriage; any property inherited by a party during marriage; any property acquired during marriage via gift; and certain personal injury recoveries. Separate property may also consist of assets acquired during marriage that can be traced to a separate property source.
Committed to Obtaining the Best Available Property Settlement
The majority of cases, including those involving complex property issues, are resolved through settlement negotiations or specifically through mediation. Understanding the multiple issues involved in property settlements and having the experience necessary to craft a specialized property settlement which specifically protects your unique interests is imperative.
There are many options available to resolve property disputes. Property settlements often involve more than just dividing assets and debts. The attorneys of Moffett Law Firm understand the complex issues involved in our cases and have the skill and ability to guide clients through the process and work with you to address the many options available to achieve an equitable result for our client. Attention to detail is one of the hallmarks of our services and is paramount in any good property settlement. Our attorneys pride themselves on carefully drafting Property Settlement Agreements and Orders to insure their accuracy, clarity, and enforceability.
Our lawyers have extensive experience dealing with division of property claims and are committed to providing comprehensive divorce and community property division representation to clients in Houston, Kingwood, Sugarland, and throughout the surrounding communities. Call us at 713-333-5800 or contact us online to arrange for your confidential consultation with one of our experienced property division attorneys.