The Role of What is Given To You
When a couple decides to end their marriage via a divorce, one of the first questions that often comes up is what happens to the assets they own, including the gifts that have been given between them. Are they considered marital property? Or are they considered separate property? In this blog, learn what happens to gifts in a divorce when one occurs and how gifts could become commingled with other property.
Are Gifts Community or Separate Property?
In a divorce, gifts are considered separate property unless they have been commingled. This means that if you have received a gift during the marriage, it is yours and does not have to be divided between you and your spouse in the divorce. However, if you have placed the gift into a joint account or used it for joint expenses, then it may be considered community property because it was mixed (or commingled) with that community property.
It is important to keep track of gifts received during the marriage so that you can prove that they are separate property in the event of a divorce. Gifts can include anything from jewelry and clothing to cars and houses. If you are unsure if an asset you own is considered a gift and, therefore, separate property, it is in your best interests to speak with an experienced family law attorney who can help you determine how it should be classified.
Get Help from a Property Division Attorney
Determining ownership of certain assets can be confusing at times. If you have any questions about gifts and divorce, please contact the attorneys at Law Offices Of Mark M. Childress. Our team of experienced family law attorneys can help you with any questions you may have regarding gifts and property division in Texas.
Learn more about how we can help with property division in a Texas divorce or schedule a consultation with a member of our team by calling (817) 497-8148 or by visiting our website.