There are a lot of misconceptions floating around regarding property in a divorce. Know the facts before you meet with your attorney.
Fiction: Community property is always divided 50/50.
When you start talking about community property, people automatically assume that it’s a 50/50 division, but that’s not what community property means. Community property means that each property has undivided interest in the whole. You could have a 50/50 split, or a 60/40 split, or a 70/30 split. It is all driven based on the type of assets you have.
Fact: Economic difference between parties influences property divisions.
One thing that is often overlooked when dividing property is the economic disparity between parties. A good example would be the financial difference between a stay-at-home spouse and a high-wage earning spouse. This would factor in to how the property is divided.
Fiction: Separation is the same thing as divorce.
In Texas, a couple is married until they get a divorce, so there is no true legal separation. There are cases where it wouldn’t benefit either party to get a divorce at that point in time, but they can agree to a separation until a later date when they will divorce.
Fact: Property division can be agreed upon during a separation.
A post-marital agreement can be put forth stating what each party is entitled to in terms of bank accounts, retirement accounts, and things of that nature. The couple agrees that they are going to operate under that agreement for a number of years and maintain it after they divorce. At the point of divorce, you’ve already agreed to your property division so there wouldn’t need to be litigation for that purpose.