A mediated talk between divorcing couples is a promising start to an easy divorce process. This especially holds true if there are assets and responsibilities that are to be divided amongst the two parties.
If a couple has accumulated a number of properties or businesses that can be considered highly profitable, a mediated talk might become a little difficult.
With a lot at stake and possible financial gain on the line, couples would often resort to taking the other party to court to have a clear property division between them. But, what exactly does the Texas Family Code say about property division?
In this article, we’re going to review the directions of the Texas Family Code when it comes to dividing properties and even retirement funds. Furthermore, we’re also going to examine the surrounding legislation regarding child support.
What does the Texas Family Code Say About Property Division?
The Texas Family Code is a great way of learning about the jurisdiction that encompasses family matters and domestic affairs.
That being said, the Texas Family Code does not explicitly state any specifics as to how couples should divide their marital assets and responsibilities amongst themselves.
Despite this, there is what is called ‘views’ that somehow provides a way of dividing the assets between the two parties. The first being the spouses’ view and the second being what is otherwise known as the court view.
The big difference between these two views is the amount of intervention that the Texas court will have in terms of the marital asset division.
Using a Just and Right Approach to Divide Your Marital Assets and Responsibilities
Because the Texas Family Code doesn’t necessarily provide a law that states how properties and responsibilities are to be divided, as attorneys, we advocate approaching the matter with a just and right approach.
With the just and right approach, the two spouses will have to sit down and figure out between themselves and study how to best divide any assets accumulated over the course of their relationship in the best way possible. Hence the term, just and right.
Through this method, both parties are expected to approach the said division of assets and responsibilities fairly and that will be beneficial for the both parties.
However, equal, fair, and just doesn’t necessarily mean a 50-50 division. Again, a clear communication of how much will go to who is what’s needed to come up with a mutual agreement.
In terms of child support and child visitation, it is also widely advocated to have a mutual agreement between the two parties. This helps lessen the amount of emotional and psychological stress that could affect the two parties as well as the children.
However, unlike properties and assets, the Texas Family Code has a computation of how much child support is meant to be paid.
Based on the Texas Family Code Chapter 154, Section 125 the court-ordered child support should comply with the following and only applies if the “monthly net resources are not greater than $7,500 or the adjusted amount determined under Subsection (a-1), whichever is greater…”
1 child 20% of Obligor’s Net Resources
2 children 25% of Obligor’s Net Resources
3 children 30% of Obligor’s Net Resources
4 children 35% of Obligor’s Net Resources
5 children 40% of Obligor’s Net Resources
6+ children Not less than the amount for 5 children
Get Expert Help on Mediation with Divorce Attorneys in Fort Worth, Texas
Before going straight ahead to court to request for help on how to divide your marital assets, try to sit down with your ex-partner and go through the best possible way to divide these assets between yourselves.
If mediation is necessary, you may ask for assistance from experienced divorce attorneys to help you create a just and right division for your assets and responsibilities.
Here at Turner-Monahan, PLLC. we pride ourselves with experience not only in representing you in court, but also looking out for your best interests when it comes down to a fair division of marital assets.
