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How is property divided in a divorce?

On Behalf of | Jan 22, 2021 | Divorce |

When couples in Texas go through the process of divorce, they are essentially dividing up the one life they shared together into two separate lives. This is not an easy process and involves determining when each parent will have the children and how they will make major decisions regarding their children. It also involves dividing the property that they shared together throughout their marriage.

Dividing property can be a complicated process though. Couples can acquire significant amounts of assets, which can come in many different forms as well. People may have checking and savings accounts, retirement accounts, investment accounts, homes, vehicles, collectables, household goods and many other assets. All of these will need to be divided in the divorce.

Community property vs. separate property

Texas is a community property state. This means that each spouse has an equal claim to all assets that were acquired during the marriage. It does not matter which spouse earned the income to purchase or grow the assets or which spouse is on the title to the property. This property will be what is divided.

However, each spouse may also own property which they acquired before they were married. They may also receive inheritances or other gifts during the marriage as well. This property is considered separate property and each spouse will keep their separate property after the divorce. Separate property can become co-mingled with community property though and if this occurs it can become community property and will be divided with the other community property.

Divorces in Texas can be a difficult and emotional process. It is not easy to split a life even if both people want to be done with the marriage. Property division is one part of this process and it can be a very complicated one depending on the amount and type of assets people own. Experienced attorneys understand this process though and may be able to guide one through it.