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Asset division big part of divorce process

People of all income levels stress out about money for one reason or another. This money-related stress may, unfortunately, lead to divorce, but money issues do not end once a person decides to dissolve a marriage. One common point of contention during this type of family law proceeding is the division of assets.

People getting divorced have to deal with questions, such as who will get to keep the marital home or who will get the family vehicle. Even a shoebox of cookie cutters that the couple collected over the years has to undergo asset division. Texas is a community property state, which means it views all assets that have been accumulated during a couple's marriage as belonging to both parties equally.

Just because a couple lives in a community property state does not mean that all items will be split down the middle, however. Ideally, the couple's property will be divided in a manner that is even and fair. Community property states are different from equitable distribution states in that any property that was obtained during a couple's marriage in an equitable distribution state belongs to the party who earned it.

The divorce process in the state of Texas can understandably be overwhelming, both emotionally and financially. However, an understanding of a person's rights may help that person to fight for his or her fair share of assets. Proper legal guidance may enable the person to achieve an outcome that is ultimately in his or her best interests financially.

Source: goodmenproject.com, "4 Top Money Issues In Divorce", Colin Amos, Oct. 24, 2016

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