Understandably, Texas residents going through a divorce often wonder how their property will be divided. After all, there are many assets a couple may own that can hold not only great financial value, but great sentimental value as well. It is easy to understand why many do not wish to part with such assets. However, it is important to realize that there are certain laws in place governing how these assets are divided.
Some of the laws governing how property is divided in divorce are known as community property laws. Other states follow different property division laws — namely, what is known as common law — but Texas is a community property state. This means that community property is supposed to be split 50/50. Some may be wondering just what is considered community property.
Community property includes all earnings, all property and all debts that have accrued or been earned during the time in which a couple has been married. What is considered community property is that which began to accrue during the beginning of the marriage and ends when the couple separates. Therefore, community property can include money earned by either spouse during the course of the marriage and any possessions bought during the marriage. Property not considered community property, known as separate property, can include anything owned by or given to just one of the spouses prior to the marriage.
Understanding property division laws can be challenging. There can be many complexities in divorce cases and couples can often feel overwhelmed. Thankfully, divorcing spouses are not required to undergo the process alone. Attorneys are available to guide spouses through every step of the divorce process.
Source: FindLaw, “Who Owns What in Marital Property?,” Accessed on January 18, 2016