Determining if Your Property is Community or Non-Community
Understanding whether your assets are considered community or non-community property can help you prepare for your financial future. I can walk you through the specifics of your assets and how they will be divided, and I will work with you to seek the most favorable division possible.
Also called separate property, non-community property is the property that will not be divided during your divorce because it is solely owned by one spouse. The following are some examples of non-community property:
- Property that one of you owned before marriage
- Gifts received by one spouse, regardless of whether it was acquired before or during the marriage
- Assets that both of you have agreed to be owned by only one of you
- An inheritance given from relatives to one spouse
- Property acquired by one spouse during the marriage when it was never used for the benefit of the other
Because each of these examples of property is only legally owned by one spouse, its division during divorce is not up for interpretation. On the other hand, community property will need to be distributed fairly and equally, according to Texas law.
Community property is defined under Texas law as all of the property that either you or your spouse acquired during the marriage, except for assets that are determined to be separate property.
It’s important to remember that “property” doesn’t only refer to tangible assets. In addition to your house or land, community property can also be a business, motor vehicles, furniture, other household goods, savings or retirement accounts, any debts you may have collectively incurred, and so on. In Texas, if any of these things were bought or created while you were married, they are considered community property and will need to be divided.
I understand that the idea of dividing all of your non-tangible and tangible assets may seem impossible. I assure you that we will get through this, together. You deserve to start this new stage of life with a stable and strong financial foundation. I can help you achieve this.
How Is Your Community Property Divided In Texas?
Texas law requires that community property be divided in a "just and right" manner. This simply means that assets should be divided in an equitable fashion. The court will take many things into consideration when determining the equitable division of assets. Some of these considerations include:
- Which party is "at-fault" for the breakdown of the marriage, if any
- Whether one spouse earns more than the other
- The health of each spouse
- The custody arrangement between the spouses
- The education of each spouse
- Future employability of each spouse
Once all of these factors are examined and the situation is fully understood, the property will be divided accordingly.
I have been helping clients with property division in divorces and dissolutions of marriages for over 30 years. My level of confidentiality, professionalism, and compassion is unmatched. If you want an attorney in your corner who will handle your case with the respect and attention it deserves, contact me today in Marble Falls, Texas. Together, we can work toward financial stability and seek to ensure that you can move forward with confidence.