If you or your ex-spouse bought property during your marriage, you may have concerns about how it will be divided after divorce.
Texas is one of ten US states that uses community property law to guide property division in divorce. Under this law, property is typically divided evenly between spouses. However, if you’re preparing to split assets with your ex-spouse, there are a few exceptions and considerations you should take into account.
Property acquired during marriage is considered to belong to both spouses and is therefore split 50/50 in divorce. Courts usually “split” this community property by granting each spouse a percentage of the total value of the marital estate.
Community property can include the following if purchased or earned during the marriage:
- A home
- Interest income earned by business investments and operations
- Debts, unless the property or debt is designated otherwise
Separate property is not split between ex-spouses. This property would have belonged to only one spouse when it was acquired and therefore remains with its owner after divorce.
Separate property can include:
- Property acquired before the marriage
- Property acquired after the date of separation
- Court awards
- Pension proceeds
- Bank accounts that are held separately
- Inheritances if held separately
Special circumstances may apply when dividing property in Texas. Contact a divorce attorney to discuss how the distribution of your marital assets may be negotiated. A lawyer has the experience and knowledge to help you understand Texas' marital property laws.