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What people should know about property division in TX

When dividing assets in a divorce, people should understand how the process works.

Going through a divorce is often an emotional process for couples in Texas and across the United States. People are forced to negotiate difficult topics, such as property division, while they are struggling with losing their family structure. Although the process of dividing all of the community property that the couple amassed during the marriage is hard, there are some things people should understand about property division in Texas.

Community property

Texas is one of several states that follows a community property model of property division. Rather than distribute marital items and assets based on need and other factors, the judge presiding over the case will separate all shared property and assets exactly in half. If the couple, however, should decide to go through mediation, they may be able to negotiate who gets what in the divorce settlement without interference from the court.

Community property consists of more than simply the family home, vehicles, furniture and bank accounts. There are other items and assets that people may not think of when dividing their things. This includes the following:

· Lottery ticket winnings and tax refunds.

· Expensive collections, such as horses, wine, art, antiques, coins and cars.

· Gifts that couples gave to one another during the marriage.

· Exclusive memberships to golf courses and country clubs.

· Intellectual property, such as copyrights, patents and trademarks.

Assets that were earned during the marriage, such as term life insurance, 401k plans, stocks and bonds, are also considered community property and are eligible for division in a divorce.

What is separate property?

There are some items that may stay with the original owner when a marriage is terminated. Separate property is usually not eligible for division in a divorce if it meets certain criteria. Any inheritance money that was given to a party before, during or after the marriage may stay with that party, even during property division. Furthermore, gifts that were given to a spouse by an outside party are also considered separate property. If a spouse owned property prior to the marriage and the title of the property remained in his or her name throughout the marriage, it may stay with the original owner as well.

Obtaining legal assistance

It can be hard making crucial life decisions when you are dealing with the pain of a divorce. Having the legal assistance of an experienced attorney may be essential to your during your divorce. In addition to answering any questions you may have, an attorney may help to ensure you get everything you deserve in a divorce settlement.

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Bruce Turner

In addition to his law degree, Bruce Turner has a master's degree in tax law and is Board Certified in Commercial Real Estate Law by the Texas Board of Legal Specialization.

Bruce Turner - Attorney Profile

Office Locations

Turner, Bruce E.
1603 Lyndon B. Johnson Freeway Suite 280
Dallas, TX 75234

Phone: 800-486-9553
Fax: 214-373-2570
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Bruce Turner with Bennett, Weston LaJone & Turner, P.C.

Attorney Bruce Turner is located in Dallas and represents people and businesses throughout DFW and the Metroplex, including Denton, Carrollton, Lewisville, Flower Mound, Farmers Branch, Irving, Las Colinas, Corinth, Highland Village, The Colony, Plano, Frisco, Allen, McKinney, Mesquite, Grand Prairie, Garland and Grapevine as well as Collin County, Denton County and Dallas County in Texas.

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