Which assets may I receive a portion of after my divorce?

Which assets may I receive a portion of after my divorce?

On Behalf of | Jan 18, 2022 | Divorce, High-Asset Divorce |

Texas statutes recognize most assets purchased during your marriage as shared community property. For example, you and your soon-to-be ex-spouse may divide homes and cars evenly regardless of who paid for them. The law also recognizes household income earned while married as community property.

In some cases, you may receive as much as half of your ex-spouse’s income as child or spousal support. As noted by SmartAsset.com, if you need financial help after a long-term marriage, the court may review your circumstances to set a payment schedule.

How much financial support could I count on?

By taking custody of your children, a divorce settlement may include financial support from your ex-spouse. In Texas, judges may order noncustodial parents to provide a percentage of their net income based on how many children a couple has.

If you take custody of one child, for example, the court may award you 20% of your ex-spouse’s net resources. To receive more support to cover your personal needs, a judge may request proof that you cannot earn a sufficient amount of income on your own.

How may I take ownership of the assets I wish to keep?

As noted by U.S. News, a divorce may include giving up some marital assets to keep your home. You may need property that appreciates in value as a source of support during an unforeseen emergency. By negotiating ownership of property that has the potential to grow in value, you may dissolve a marriage with a more secure future.

Divorce may result in a different lifestyle than the one you had while married. You may, however, plan for a single-income household that includes taking up to half of your community property under Texas law. You may also have an option to obtain court-ordered financial support.