While it is well-known that a divorcing couple needs to split their shared assets, many people may not realize the extent of this process. In addition to dividing tangible assets, the court must also decide how to allocate assets such as oil or mineral rights in a divorce. These assets are often of high value, and individuals seeking a divorce may benefit from seeking legal advice to determine how this property will be affected by the dissolution of their marriage.
In Texas, community property is subject to equitable division when a couple gets divorced. Community property refers to property that belongs to both spouses equally, which can include income, interest on bank accounts, and oil or mineral rights acquired during the marriage, with some exceptions such as property obtained through inheritance or a gift, or precluded from becoming community property via a prenuptial or postnuptial agreement, and property awarded as damages for bodily harm in a civil lawsuit. Anything not considered community property is classified as separate property, which includes property owned by either spouse before the marriage. It is important to note that equitable division of community property does not always mean an equal division.
Real estate in Texas is divided into surface rights and mineral rights. The former grants ownership of the land and everything on it, while the latter allows control of anything below the surface, including oil, minerals, and water. When a couple decides to divorce, they must determine the value of both surface and mineral rights before dividing the real estate equitably. It can be challenging to divide mineral rights when one or both parties lease them to third parties. A skilled divorce attorney can assist in determining how bonuses, royalty, and working interest payments are allocated in such cases. If mineral rights are jointly owned, they are community property subject to equitable distribution. If one spouse solely owns the mineral rights, they will likely retain ownership after the divorce. In Texas, oil royalties are not considered income, but are treated as proceeds from the sale of the land. Therefore, if mineral rights are separate property, royalties are also separate property.
Dividing assets such as oil and mineral rights in a divorce can be complex, and it's crucial for anyone pursuing a marital dissolution to consult with an attorney about their choices. At Wilson Whitaker Rynell, we have extensive experience assisting clients in securing a fair division of assets, and we are committed to advocating aggressively for your interests. Our firm represents clients in divorce cases in various Texas cities, including Dallas, Austin, Houston, Fort Worth, and all cities within Dallas County, Tarrant County, Collin County, and Denton County.
Getting in touch is easy. Use the form below and request a free consultation today.
In order to best prepare yourself during the divorce process, it is vital that you have a
qualified divorce attorney by your side. Our divorce law firm is dedicated to providing knowledgeable, professional, and effective legal counsel for all types of
family and
divorce matters. When you work with our experienced Dallas family law attorneys, you can trust that we will have your best interests in mind.
Recognized in the legal industry as dedicated board-certified lawyers and Rising Stars.
Your project will be handled by legal experts every time. You will have the most experienced attorneys working for you.
Let's talk about your legal issue
Wilson Legal Group P.C.
d/b/a Wilson Whitaker Rynell
(972) 248-8080 (Dallas) MAIN OFFICE
(713) 830-2207 (Houston) Appointment Only
(512) 691-4100 (Austin) Appointment Only
For more information on how we can assist in your intellectual property, commercial litigation, divorce, or other personal needs, let us know how we can help you:
WILSON WHITAKER RYNELL
Thank You for Contacting Us!
Your information has been sent, and we will contact you shorlty...issues.
WILSON WHITAKER RYNELL
Oops, there was an error sending your message.
Please try again later.
Disclaimer:
This form does not establish an attorney-client relationship, and should only be used to contact the firm about scheduling a call or meeting. No confidential or sensitive information should be sent using this form.
We represent clients nationwide, including Dallas, Austin, Houston, and other Texas areas such as Fort Worth, Arlington, Carrollton, Plano, Allen, Lewisville, Flower Mound, Irving, Denton, McKinney, North Richland Hills, and all cities within Dallas County, Tarrant County, Collin County, and Denton County.
Wilson Whitaker Rynell
16610 Dallas Parkway, Suite 1000
Dallas, Texas 75248
972-248-8080 (MAIN)
972-248-8088 (FAX)
info@wrrlegal.com (E-MAIL)