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Posts tagged "marital property"

Dividing gifts and inheritances during divorce

Texas couples who are considering divorce will also need to consider asset division. One question that may arise is whether inheritances and gifts go to one spouse or are split between both spouses. Texas is a community property state, but this does not mean that an inheritance is automatically divided 50/50 between spouses. In fact, inheritances and gifts are considered to be separate property as opposed to marital property.

What is community property?

Texas is one of 10 states that operate according to community property law. Sometimes community property is referred to as marital property. These laws are used to govern how debt and assets are divided in a divorce. Some of these states divide the debt and assets equally between divorcing couples while other states, including Texas, use equitable division. Equitable division allows judges to use discretion when distributing the assets and debts to each member of the divorcing couple.

Ensuring for financial security post-divorce

For most men and women who are going through a divorce, the process is new and intimidating. While many divorcing individuals simply want to finalize a divorce settlement as soon as possible and move on with their lives, it's important not to rush through the process or make decisions in haste.