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Short Sales and Foreclosures in Divorce

Short Sales and Foreclosures in Divorce

The financial security of both parties depends on the proper distribution of both debts and assets, causing the division of property can be a matter of extreme contention between those getting divorced. Much depends on the proper designation and distribution of shared property, so hiring a knowledgeable divorce attorney with a firm grasp of the laws surrounding property division can be the most essential of decisions. If you are going through the process of a divorce, speaking with an attorney should be one of your biggest priorities. Texas Family Code ยง 7.001- 7.009 covers the grounds of dividing separate and community property when a marriage is ending.

Separate and Community Property

The process of going through a legal separation can be exasperating and exceedingly complicated, especially when with regard to dividing property. The first step in dividing property is to determine whether a given property is a separate (belonging to a single individual) or community (belonging to both) property. Once designated, dividing up community property and any debts accumulated during the marriage becomes the most important objective of the divorce process. State law designates that most property acquired during the marriage is considered community, or marital, property. Texas law also states that this community/marital property must be divided on a fair and equitable, though not necessarily equal basis.

When property is divided in this manner, both spouses may come out with different awards. The court will consider each parties contribution to the marriage, their financial standing, their part in acquiring property and more when making their decision. Typically the items that a person owned prior to marriage will be considered theirs in the event of divorce. Property that was gained before the marriage or during through means such as inheritance, a gift or through a personal injury settlement will often be used as separate property that is kept by the individual spouse it belongs to.