Working Through Asset Division
When a couple in Texas decides to get divorced, one of the first things they need to do is figure out how property will be divided. This process can be complicated, especially if there are questions about what is community property and what is separate property. In this blog, we will discuss how community property works in Texas, as well as the difference between commingled and separate property. We will also provide information on how to handle property division during a divorce in Texas, and give some examples of what can happen in different situations.
Texas Community Property Laws
In Texas, all property acquired during a marriage is considered community property and will be divided evenly between spouses in a divorce. This includes all income earned by both spouses during the marriage as well as any debts incurred by either spouse during this time. Community property can also include items that were acquired before the marriage as long as they were not designated as separate property in a prenuptial agreement. However, there are some exceptions to this rule to be aware of.
Separate Property
While community property takes all property acquired in a marriage into consideration, it does not take into account property acquired outside this timeframe. Any property owned by either spouse prior to the marriage is considered separate property and is not subject to division in a divorce. This includes inheritances and gifts received during the marriage. Additionally, any property that is acquired after the filing of divorce papers is also considered separate property.
Commingled Property
If either spouse commingles their separate property with community property, it can become difficult to determine what is considered community property and what is considered separate property. For example, if a spouse uses their inheritance to purchase a home during the marriage, the home would then be considered community property. Another example would be if a spouse uses their income from a job they had prior to the marriage to help pay for bills or expenses during the marriage. In this case, the income would be considered community property.
Working Out Property Division in a Texas Divorce
When divorcing in Texas, it is important to have an attorney who can help you navigate the community property laws and ensure that your property is divided fairly. If you and your spouse are able to come to an agreement on how to divide your property, your divorce will likely be quicker and less expensive. However, if you are unable to reach an agreement, a judge will make the decision for you.
Some property may have sentimental value to one or both spouses but may not have a lot of monetary value. In these cases, it may be best to come to an agreement on who will get which items.
Having an Attorney for a Texas Divorce
It is important to have an attorney help you determine which property is considered community property and which is separate property. This can be a complex process, and an experienced attorney will be able to ensure that your rights are protected. An attorney can also help you if you are unable to come to an agreement with your spouse by advocating on your behalf in court.
If you are going through a divorce in Texas, contact Law Offices Of Mark M. Childress today to schedule a consultation. Our experienced attorneys can help you navigate the property division process and protect your interests throughout the entirety of your divorce.
Learn more about how our Texas family law attorneys can help with divorce or schedule your consultation by calling (817) 497-8148 or by visiting our website.