The state of Texas is a community property divorce state, meaning that property owned by a couple is divided between them as part of the divorce agreement arranged with their divorce lawyer.
It includes wealth gained during the marriage and excludes any property or assets that were owned by each spouse individually before the marriage.
Divorce attorneys advise their clients that community property is divided fairly as determined by the court and that while some property may not be divided 50/50 depending on the circumstances of the divorce, the goal is to disperse things as equally as possible.
What Is Considered Community Property?
What types of property and assets do divorce firms consider to be community property when acquired during a marriage and thus being subject to dispersal by the family court?
- Income - Any income earned by either spouse during a marriage and then either saved or used to purchase assets is all considered community property. Bank accounts, whether joint or individual, also fall into this category.
- Real Estate - Homes, vacation properties, business properties, land, and other real estate regardless of whose name is on the deed are community property according to divorce lawyers.
- Vehicles - Cars, boats, planes, campers, and other vehicles, regardless of whose name is on the title.
- Possessions - Personal property like jewelry, antiques, art, electronics, furnishings, and other possessions might all fall under community property if they were purchased during the marriage and with community funds.
- Retirement Accounts – Divorce attorneys advise their clients that portions of retirement accounts collected during the marriage period, regardless of which spouse contributed to the retirement account.
What Is Not Considered Community Property?
Though that does cover many types of property that is legally considered community property for division according to most divorce lawyers, there are certain assets that are not subject to dispersal as part of the divorce:
- Inheritance - Assets handed down to one person and meant to stay within a family.
- Gifts - Personal gifts intended for only one spouse.
- Personal Injury Settlements - Injured spouses may keep their entire settlement value, even in divorce.
Division of Marital Assets Needs Help From Divorce Lawyers
Determining who gets what while negotiating a divorce can be challenging, sometimes even leading to arguments and animosity.
For this reason, it is essential that divorcing couples with substantial estates work with an experienced divorce law firm, especially if there is disagreement on how certain property should be dispersed.
An experienced divorce lawyer will help couples understand the laws pertaining to their property and how to best divide it based on the circumstance of the divorce as the court will see it.
Ultimately, it is every divorce attorney’s goal to help each spouse retain what is rightfully theirs once they part ways.