Property division during divorce proceedings is a topic that is often shrouded in complexity and uncertainty. Many couples tend to worry about how properties and debts will be distributed upon the dissolution of their marriage. Texas is among nine U.S. states with a legal statute stipulating a clear “community property” law over assets shared while married. As a result, many partners assume that Texas is a 50/50 state, meaning all marital property and debts will be split evenly between spouses. However, this is not the case.
For legal guidance in the Texas property division process, contact a qualified attorney to ensure you are aware of your essential responsibilities at this time.
Property Division the Texas Way
Texas’s recognition of community property distinguishes it from non-community property states. The asset distribution process in Texas is not only concerned with property division but also with the asset classification used. As a result, property and assets acquired during the marriage will be subject to division in Texas.
Here in the Lone Star State, assets are classified into two categories: community and separate. Separate property is acquired during the marriage unless commingled with community property. Meanwhile, community property is to be split in a way that is just and fair in relation to the situation, which is explicitly different from a 50/50 split.
For example, let us say that a couple here in Texas gets married. The husband owned a farm before the marriage. Since the husband owned the farm before the marriage, it would be considered separate property. However, let us say during the marriage, the wife helps pay for improvements to the farm. At this point, even though the farm was owned by the husband before the marriage began since the wife contributed financially to upgrading the farm, it would then be considered commingled property. And since it is now commingled property, it would be subject to division during the divorce proceedings.
Additional Considerations to Be Aware of
Many spouses decide to create prenuptial or postnuptial agreements. These legal documents can clearly articulate what is to happen regarding property division in the event of divorce or the death of one of the spouses. Such agreements can help clarify the divorce process, ensuring that there is no confusion regarding who is entitled to what.
Contact a Wylie Divorce Attorney
Get in touch with the knowledgeable Sachse divorce lawyer at Law Office of Brian Bagley for legal assistance. Call (972) 843-7158 for a free consultation.