When spouses get
divorced, they must go through the arduous process of
dividing their property and assets. Texas is a community property state, which means that all
community property, such as money, investments, real estate, and businesses
must be divided as evenly as possible. However, not everything you own
is considered community property.
Separate Property and Community Property
Community property is essentially any property or asset you or your spouse
accumulated throughout the marriage. Regardless of the name attached to
the asset, such as a bank account or a car, it will likely be treated
as community property by the court, unless otherwise stated in a prenuptial
agreement. Separate property, on the other hand, will not land on the
chopping block during a divorce.
Below are some examples of separate property:
- Any assets either party accumulated before the marriage
- Any gifts one spouse received
- Any property one spouse inherited
- Compensation awarded in a personal injury claim for any injuries one spouse sustained
Additionally, in Texas, income accumulated from separate property will
be treated as community property in a divorce. For example, if you bought
a home prior to your marriage and rented it out during your marriage,
the rental payments you received will all be community property.
As for retirement assets, this may be divided as well. However, only the
retirement assets you accumulated during the marriage will be treated
as community property. Retirement assets you accumulated before a marriage
will remain as separate property.
Although the difference between separate and community property seems straightforward,
during a lengthy marriage, assets can sometimes commingle, making it difficult
to assess which assets are separate and which are community property.
An experienced divorce attorney can help ensure your property is protected
and you receive your fair share of marital assets.
Speak to One of Our Experienced Divorce Attorneys About Your Case Today!
If you are ending your marriage and have concerns about protecting your
property, the knowledgeable family law team at the Law Office of Kathryn
Marteeny can assist you. Our team of attorneys has more than three decades
of experience combined, so you can rest assured your case will be in good
hands with us.
Reach out to our law office today at (713) 936-2300 to set up an initial case review with one of our
skilled divorce attorneys to learn more about what we can do to assist
you during this difficult time.