One of the questions you may have is what will happen to the property we own as a couple or what I own as an individual if we divorce?
In a perfect world, divorces would be amicable and property would be an equal division of the community property between the parties.
However, that is not always the case.
Will I be able to keep my house in the divorce?
Many factors influence who gets what in a divorce. If the house is community property, that is property acquired during the marriage that is not considered separate property, you may be able to negotiate compensating your partner for their half or there may be other ways of dividing property that may allow you to keep your home.
Call us for a free consultation so we can help you navigate your unique circumstances and safeguard your rights to property.
Will I be Able to Keep My Separate Property in a Divorce?
A spouse’s separate property consists of property acquired before marriage, any property gifted during the marriage, and the recovery of personal injuries that were sustained during the marriage, except medical and loss of earning capacity.
In most cases, you will be awarded separate property but each case is unique with factors that can influence this award.
Let us help you sort through the property issues in a way that protects what is most important to you.
Can I Keep the Money in My Retirement Plan in a Divorce?
In the case where a retirement plan is started during the marriage, the entire plan benefit, valued at the time of divorce, is community property. This property is subject to “just and right” division.
When the participation of a retirement plan begins prior to marriage, the benefit is part separate and part community property.
If the divorce happens after retirement the formula to determine community share is found by dividing the number of years married and participating in the plan by the number of years employed while participating in the plan multiplied times the value at the time of divorce.
Spouse’s married 10 years to a service person has a community property right in military retirement benefits. There is an exception if the spouse signs there benefit rights away at the time of retirement. The exception is no community property right in disability retirement benefits.
There is a community property right in federal civil service retirement plans.
Social security benefits are not subject to division during a divorce because of federal preemption.
Disability benefits (non-military) are considered community property.
These are some property basics when it comes to the dissolution of marriage. This is not all-inclusive and not considered legal advice. Reading this does not establish the attorney-client relationship. Further questions can be directed to our office, 512-373-4200, where we are here to help.