An Introduction to Community Property Division in Divorces
Apart from the question of child custody, the most often asked question in a divorce is, “Who gets what?” When a divorce quickly follows a marriage, the issue may be less involved, but when a divorce ends a marriage which has lasted years, even decades, separating community property may be a long, drawn out ordeal.
Community property consists of all tangible assets that have been acquired by either spouse during the course of a marriage. This includes almost anything of value such as:
- Real estate
- Stocks, bonds
- Savings accounts and life insurance
- Automobiles, boats or other vehicles
- Retirement benefits, 401(k) and IRA accounts
If the divorcing spouses cannot divide their community property in a settlement, the court will divide it for them in a manner it deems “just and right”, taking into account one or more of the following factors:
- Fault in the breakup of the marriage
- Health and education of both spouses
- Earnings, future earnings and debts of both spouses
- Financial constraints of the custodial parent(s)
- Any fraud that one spouse has committed against the community or the other spouse
Some spouses have unrealistic demands of how community property should be divided, often because emotions are running high. It is precisely at this time when a Houston community property attorney can help cool the situation in order to obtain a fair settlement.
Houston property division lawyer John K. Grubb has negotiated many divorce proceedings. Treating each case with the utmost professionalism, John K. Grubb’s goal is to send each party away from the bargaining table with a sense of satisfaction and closure.
Dividing community assets is not a simple matter. If you are facing this delicate situation, contact the Houston divorce law firm of John K. Grubb & Associates, PC to discuss your options.