Property Division in Your Golden Years: What Assets Must I Give Up in a Texas Divorce?

 Posted on March 30,2023 in Divorce

The divorce rate has tripled for people who are 65 years of age and older. At this stage of life, you likely have more assets to divide than other couples, and you may be more set in your ways. But if you have made the decision to end the marriage, you will likely have to divide both assets and liabilities. A skilled divorce attorney can help you make sense of the division of marital assets and how to protect your interests.

Property Division

If you and your spouse purchased a home during the marriage, or any other property, for that matter, it is subject to division during the divorce. Texas is considered a community property state which means marital property is divided equally. In other words, property acquired during the marriage is considered joint property and should be divided in a divorce proceeding. Separate property includes assets acquired before marriage.

What Happens to Our Business?

If you and your spouse have a business, it is important that you preserve your investment. You need an attorney who knows how to determine the value of a business and make sure your interests are protected. At The Law Office of Linda Risinger, we will agree on strategy and valuation methods with a business appraiser and negotiate a fair settlement for the division of business assets.

Retirement accounts

Retirement accounts, including IRAs and 401ks, are considered marital property if contributions are made to those accounts during the marriage. That money will be equally divided during the divorce proceedings. If contributions are made before either spouse gets married, only a percentage of the total balance is considered marital property. Pension benefits are also marital property, and the other spouse is entitled to a percentage of that money when it is paid out at retirement. 

Division of Debts

Debts, including mortgages and credit card debt, are also subject to division during the divorce proceedings. Your attorney can help you determine how much each spouse is responsible for paying. Spouses are encouraged to pay off joint debt if possible because joint debt can be tricky to manage during a divorce.

Contact a Frisco Property Division Divorce Lawyer

At The Law Office of Linda Risinger we have more than 30 years of experience handling divorces in Texas. A skilled Collin County property division attorney can help you assess the value of your assets and evaluate your retirement needs. Call 972-294-6533 for a free consultation.

Sources:

https://statutes.capitol.texas.gov/Docs/FA/htm/FA.3.htm

https://www.pewresearch.org/fact-tank/2017/03/09/led-by-baby-boomers-divorce-rates-climb-for-americas-50-population/