There is so much on the table when a couple decides to divorce. And there is so much a couple may not understand about the divorce process in Texas, including issues that go along with property division. Are there certain situations that impact who receives which assets during a divorce, considering Texas is a community property state?
What’s a community property state?
Texas is one of only nine community property states in the United States. That means assets shared by spouses — which have been amassed during the marriage — will be equally split. Some assets on the table for division include:
- Funds in savings and checking accounts
- Real estate, including dividing the equity in the family home if owned
- Investment assets
- Retirement savings
- Business assets
- Vehicles, jewelry, furniture and other household items
- Art collections, antiques and other collectibles
Debts must also be divided in the same way, including credit card debt, mortgage debt and medical debt. So, in Texas, it doesn’t matter if one spouse stayed at home raising the children and looking after the home or if he or she worked part-time. Those things won’t impact property division in a divorce situation. In Texas, it’s 50-50. Even when each spouse gets 50% of everything in property division, it can still get confusing as to what that means and how that should take place.
Seeking help and support
Each spouse could strongly benefit by seeking out independent legal advice before negotiating dividing property in a divorce. It must be determined what qualifies as separate property (property each spouse owned independently before marriage) and what qualifies as marital property (which is divisible). Property division in Texas can feel overwhelming, but with legal help, each person may get a better picture of what the financial situation will be after the divorce is final.