Property Division Family Law Attorney in Texas
If you’re getting a divorce, how will you divide property?
Because divorce is based on state laws, property division differs somewhat in various states. There are basically two different types of property in Texas: community property and separate property. Texas is a community property state. The main focus in a community property state is characterizing the property. Courts must determine what property is community property and what is separate property.
What is separate property?
Separate property is property that the spouses acquired:
- Prior to marriage
- From an inheritance or gift
Separate property is not subject to property division in a divorce case.
What is community property?
Community property is property that a spouse acquired or earned during their marriage. Examples would be gross income, the family home, vacation homes, investments, retirement accounts, bank accounts, long-term insurance, real estate purchases, and so on. When spouses mix (co-mingle) separate property with community property, the courts tend to classify it as community property.
There are a number of factors that the court might take into consideration when dividing community property. Factors include:
- Child custody
- Payments owed for child support or spousal support
- Differences in earning capacities
- The health of both spouses
- Age differences of spouses
- Fault for the marriage breakdown
- The value of separate property each spouse owns
- Gifts received by each spouse
- Anticipation of future inheritances
- Real estate property owned in other jurisdictions
- Waste or careless use of community property
- Tax considerations
- Litigation and attorney fees
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Spouses in this category have typically been married for a long time. They have acquired more assets than younger couples, and therefore have a greater amount of community property to divide. Retirement accounts, pensions, long-term insurance, real estate and other investments may be part of their accumulation of property.
Do You Have Questions About Property Division?
We are glad to answer your questions and to help you address property division during divorce. Either give us a call at 469-283-5580 or contact us through our online form.
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