Texas, like a number of other states, considers all property acquired during marriage as jointly owned. If divorce occurs, all assets considered community property will be divided equally between spouses. In situations where spouses do not want particular assets to be shared, complications can arise.
If a spouse, for instance, earns money and uses it to purchase a vehicle, that vehicle, if acquired with money earned during marriage, becomes jointly owned property in a community property state. The spouse who purchased the vehicle must acknowledge the other spouse's full half interest in the vehicle should a divorce ever occur. Several factors are considered when determining which assets are community property.
A main guideline regarding money is whether it was earned during the marriage. If it was given as an inheritance or gift to a specific spouse and was intended by the benefactor or giver to only be for that spouse, it will be considered separately owned property. Any money earned or item purchased before the marriage took place would be property owned separately as well.
Most spouses in Texas want to resolve divorce issues as swiftly as possible. Community property problems may lead to lingering courtroom battles if assistance from a skilled negotiator is not sought. A family law attorney is often an experienced negotiator and can provide many services to help expedite the legal process. Warmbrodt, Winslow & Associates are prepared to aggressively litigate a particular issue if necessary to protect your best interests and help you accomplish your financial goals in divorce.