Austin Division of Debt Lawyers

While a couple may enjoy the benefits of a shared household during marriage, financial problems and debts that are generated during the marriage are considered an equal burden in the event of a divorce. This means that settling a shared estate takes into consideration the successes and the failures, allowing marital, or community, property to consist of both valuable assets and debts.

If you are working through a divorce and need legal help with property division issues, contact the Austin division of debt lawyers of Slater, Kennon & Pugh Ltd.LLP, at 512-472-2431 for a free consultation.

Debt Division in Texas

In the state of Texas, debt is divided in much the same manner as property, which means that it is classified as either community or separate property. If a piece of property or a particular debt is found to be under the separate ownership of one spouse, he or she will retain the right or responsibility to keep that property or debt. On the other hand, if the debt is considered community property, the sum may be broken apart to be handled by the divided spouses. Debt division works accordingly in Texas:

• Debts acquired prior to marriage are often considered separate property
• Debts acquired using shared funds may become community property
• Other debts acquired during marriage are often community property
• Community property is often divided in half and assigned accordingly

There is a middle ground of ownership, which may apply to debts taken out prior to marriage. Known as comingled property, debt that was acquired using money from both spouses’ estates may be considered community property at the time of a divorce, depending on the determination of the court.

Contact Us

For more information regarding your divorce options, contact the Austin division of debt attorneys of Slater, Kennon & Pugh Ltd.LLP, by calling 512-472-2431 today.