Texas is a state that subscribes to similar divorce laws as other states. One of the fundamental issues in separating spouses is dividing property and assets the two have.
At Oliva, Saks, Garcia & Curiel, LLP, we strive to give you the best information to help you through even the most difficult of situations. Knowing what the court considers community property may help you get through a potentially contentious issue with less stress.
Community property jointly held
When you and your spouse purchased your home, you did so together. The deed and mortgage list both of your names. Your bank account and vehicles are the same way. Both of you have equal rights to this property as you jointly hold it. Items that both spouses have a corresponding right to and have legal rights to are items that get split evenly as community property.
Some community property only lists one spouse
Some items may only have one or the other spouse’s name listed, but not both. Do these get placed in the marital pot? Any piece of property, asset, or even debt that one or both spouses obtained after the wedding date is community property. If only one name shows on the account, both spouses have rights when it comes to splitting it. Common examples include retirement accounts, insurance policies and savings accounts. Things that do not qualify include those pieces of property obtained as part of an inheritance or trust.
Divorce may make even the most amicable spouses angry. It is imperative that you educate yourself as much as possible to avoid adverse reactions. Take a look at some of the other information on our website that may pertain to the issues concerning your situation.