As you may know, when it comes to divorce, spouses are often at risk of losing certain marital assets in the equitable distribution process, and if you are currently getting divorced, you should strongly consider hiring a Montgomery County marital property division lawyer here at the Bolton Law Firm, PC. Contact us today to learn more about how we can work to protect what is rightfully yours.
Montgomery County Marital Property Division Lawyer | Protecting What’s Yours
We understand that protecting marital property is oftentimes more than a financial issue; it is also a sentimental one, as assets such as your home may be on the line. Regardless of the assets at stake, it is paramount that you hire a seasoned Montgomery County divorce lawyer who is capable of effectively guiding you through every step of the legal process ahead. Fortunately, you have just found that attorney.
Marital Property Vs. Separate Property
When a couple gets divorced, the courts will have to break their property down into two categories: marital property and separate property. Marital property generally includes all property that was acquired by either spouse during the course of the marriage, while separate property includes property that was acquired before a marriage or outside of a marriage. In most cases, separate property comes in the form of inheritances or gifts from others. While separate property is generally not included in the equitable distribution process, marital property is.
The Equitable Distribution Process in Texas
Once the court determines which property is marital property, they will then distribute that property between the two spouses in a “just and right” fashion. Oftentimes, marital property will include assets in jointly-held bank accounts, real estate, vehicles, and more. However, you should understand that equitable does not mean equal, and oftentimes, one spouse will receive a greater percentage of property than the other. Courts will consider several factors when determining who gets what property, including the following:
- Both spouses’ yearly salaries
- The duration of the marriage
- The value of the property in question
- The standard of living established over the course of the marriage
- Each spouse’s contribution to the marital property (both economic and non-economic contributions count)
- Each spouse’s age and health
- Any other factor the court deems relevant
Contact a Montgomery County Marital Property Division Lawyer
Spouses going through the divorce process have a lot on the line, which is why you cannot afford to proceed without a lawyer who is prepared to fight for the property that is rightfully yours. Contact the Bolton Law Firm, PC today to learn more about how we can assist you.