How is property shared upon divorce?

It is quite unfortunate that lots of marriages in America are ending up in divorce. When a couple divorces the two partners will basically go their separate ways and sever all ties between them, including co-ownership of property. Sharing of property is often the most acrimonious aspect of divorce proceedings. If a couple has decided to get a divorce then both partners must also face the tough issue of sharing assets. Basically, there are two paths that can be followed. One would be to sit down and amicably decide on who takes what. If this option fails they can go to court and have the judge decide how to split the property.
If both partners are willing they can decide between themselves the best way of sharing their matrimonial property. Unfortunately, this is not commonly the case because during divorce there is likely to be so much ill will between the partners such that it becomes impossible to agree even on simple matters. In such a case the two will need to proceed to court for the adjudication of the case. Each partner will need to hire a divorce attorney McKinney TX to represent him or her during the proceedings.
Generally, courts in the United States divide property based on two principles or a combination of both. There is the principle of equitable distribution whereby the property is shared equitably but not necessarily in equal proportions. Here the courts consider a number of factors in deciding how the assets will be split. In other jurisdictions, including Texas, the courts first classify property as either separate property or community property. Separate property is that property owned by an individual and who maintains ownership even after divorce. Community property is property equally owned by both parties and is usually split in half. Various states define community property differently but it generally includes all assets and incomes earned in the course of the marriage. With community property, neither spouse can claim ownership of an asset even if the title is in his/her name.
Having a court decide property disputes is often time-consuming and the proceedings more often than not leave both parties angry and frustrated. It is for this reason that a divorce attorney McKinney TX will typically advice the partners to try and reach a settlement out of court. This can be a much easier option than many people would imagine since all that divorcing partners will need to do is hire a divorce attorney McKinney TX to guide them through the negotiations.
In a negotiated settlement the partners, working closely with the divorce attorney McKinney TX, start by listing all their property. It is important that neither hides anything from the other because when this is found out the whole process can unravel and the guilty party can end up facing charges. After listing the properties an independent valuation is done to establish its value and then the partners embark on deciding the most agreeable way of sharing it. If the partners successfully agree on a sharing plan the courts will seldom disagree unless the judge becomes worried that one spouse could have bullied the other into accepting less than what seems to be his/her fair share.