If you have been married for many years or have a high amount of assets, one of the most difficult aspects of divorce could be dividing assets between yourself and your spouse. Remember that the state you are choosing to divorce in dictates a significant number of laws around how divorce is processed. Pay specific attention to them.
In Texas, community property law is followed when it comes to asset division. This essentially means that all marital assets are divided equally between spouses. This is in contrast to equitable distribution states. In these states, marital assets are divided between spouses in a way that is deemed to be fair and equitable considering the circumstances. If you want to make sure that you keep your vacation home in Texas, the following are some of the ways that you can do this.
Show that the vacation home is separate property
Assets that were acquired before the marriage took place will always be considered separate property. This means that these will never be subject to division. One of the best ways to go about keeping significant assets is to show that the property is not marital, and specifically belonging to you.
There are two ways that this could be shown. If your purchase of the property preceded the marriage, doing so will be simple. You will need to show proof that you own the property and purchased it with your funds. If you purchased the property after the marriage took place, you may still be able to show that it is a separate property. If, for example, you sold a business that you built before the marriage and used the funds to purchase the vacation home, the property will likely be considered yours.
Negotiate with your divorcing spouse or convince the courts
If the vacation home is considered marital property, you may be able to negotiate with your divorcing spouse and agree that you will keep the home. If this is not possible, you will need to convince the courts.
It’s important to take early action if you have specific asset division goals in an upcoming divorce. Doing so can increase your chances of success.