As you prepare for your Texas divorce, property division is inevitable. In community property states, one of the main issues during a divorce is how to split community assets. While a couple may resolve property division, a judge serves as an unbiased hand to split assets.
Community property refers to all assets and money owned by a couple from the start of marriage until the separation. Community property may refer to the following:
- Real estate
- Businesses
- Retirement accounts
- Money
- Motor vehicles
In community states, it does not matter whose earnings purchased the property. Likewise, it does not matter if only one name is on a title. Community property dictates that you share your property with your spouse.
A judge’s role is to divide community property and to sign a Final Decree of Divorce. In regards to community property, the decree provides a list of all community property. The decree describes who keeps what property. For homeowners, a judge may order the sale of a house with the proceeds split between the couple. The decree includes these circumstances and stipulations.
In property division, you and your spouse do have a say in how to divide your assets. In the case of disagreements, the judge has a duty to divide the property in a just way. Usually, courts will split the property 50/50.
In community property states, property division involves all property owned by either spouse. Courts provide you with a Final Decree of Divorce that splits combined assets. The information here provides you with an idea of how courts divide community property. You should not interpret it as legal advice.