COMMUNITY VS. SEPARATE PROPERTY
Community property is the only type of property that is divided upon divorce. All property is presumed to be community unless you can prove it’s your separate property.
Property that was owned before the marriage.
Property that was inherited by you from any person.
Property that was gifted to you from any person, even your spouse, at anytime including during the marriage.
PROPERTY DIVIDED UPON DIVORCE
Real Estate (Home)
Retirement Benefits (IRA, Pensions, 401K plan, etc)
Oil and Gas Interests
FACTORS CONSIDERED IN PROPERTY DIVISION
- Length of marriage.
- Fault in Breaking up the marriage.
- Minor children
- Age of the parties
- Health of the parties
- Earning capacity of the parties
VALUATION OF PROPERTY
- How much your property is really worth is important to obtain a correct division of the marital estate.
- It may be necessary to employ experts to value certain items of property.
- Debts owed are considered when dividing property and must be accounted for.
- Courts divide property on what is referred to as “a just and right division” of property.
- This does not mean and equal division of property.
- You must inform the Court on what the value of your property really is in order to have a good outcome.