When spouses get divorced, assets and property are divided according to state law, unless they have a marital agreement that states otherwise. Texas is one of nine states in the country that is a community property state, which means that, during the divorce process, all marital assets and property are divided evenly rather than equitably. The state presumes that any of the property acquired by either spouse throughout the marriage equally belongs to both parties no matter who has more separate property or who purchased it.
Community Property and Separate Property
Generally, any property acquired throughout the marriage belongs to both spouses. Wages, furniture, property, business investments, retirement assets, and vehicles are all examples of community property, which you and your spouse may have acquired throughout the marriage. Separate property, on the other hand, is not subject to division. It is crucial to accurately classify any items or assets that are separate property, so they remain in your possession rather than be deemed subject to division by the court.
Below are some examples of separate property:
- Property acquired before marriage
In some cases, separate property may commingle with marital property, which means you may have to split some of those assets with your spouse. For example, if you purchased a home before you tied the knot, but your spouse contributed to the payments made on the home, this would be a commingled asset.
Just as you and your spouse may have separate property and assets, some debts may be separate as well. To ensure you do not get saddled with any of your spouse’s debts, you will need an experienced attorney to ensure you are only responsible for your share of marital debts and any separate debts you might owe.
Discuss Your Divorce Case with Our Knowledgeable Family Law Team Today!
If you are pursuing a divorce, you need to hire skilled legal guidance. At Blanchard & Thomas, PLLC, our family law attorneys have the experience and knowledge necessary to help you navigate the complexities of your divorce case. We seek to provide personalized solutions to ensure each of our client’s unique goals are met, so they can move forward. With our team on your side, you can rest assured your assets will be protected and that you will receive competent zealous legal assistance. Our team knows this is a difficult time for you and your family and will do what we can to ease your burdens and let you move into your new life as smoothly as possible.
Reach out to our law office today at (866) 219-6119 to set up an initial case review with a trusted member of our legal team.