Dividing Assets During Divorce
When it comes to dividing assets during a divorce in Texas, there are two main categories: community property and separate property. In this blog, learn the differences between these two types of property as well as how they are divided during a divorce. If you are considering a divorce, these concepts can help you make informed decisions about your financial future.
Defining the Differences
Community property is defined as any property that is acquired by either spouse during the marriage. All earnings from employment or investments made during the marriage are also considered to be community property. In Texas, all community property is subject to division in a divorce.
Separate property is defined as any property that was owned prior to the marriage or that was inherited by either spouse during the marriage. Gifts that were given specifically to one spouse are also considered to be separate property. Property that has been kept separate from the other spouse throughout the marriage may also be classified as separate property. If there is evidence of commingling, then a court may decide that the separate status of the asset no longer applies.
How Property is Divided
In Texas, community property is divided in a divorce using the principle of "equal rights." This means that the court will attempt to divide the property in a way that is fair and equitable to both spouses. However, the court does have the discretion to deviate from an equal division if there are extenuating circumstances.
Separate property is not subject to division in a divorce. Each spouse is entitled to keep any separate property that they own without having to share it with their ex-spouse.
Work with a Property Division Attorney
If you are going through a divorce in Texas, it is important to understand the difference between community property and separate property. An experienced family law attorney can help you protect your rights and interests throughout the process.
At Verner Brumley Mueller Parker, we work to protect your rights to your property in a divorce. Learn more about how we can help with complex property division or schedule a consultation by calling (214) 225-6766 or by visiting us online.