How property is divided during a divorce varies depending on the state. Texas law recognizes community property rules during a divorce. This is where both spouses have equal ownership of properties or assets that were acquired during marriage.
How community property is divided depends on the circumstances. Texas law requires community property to be divided in a “fair and right” manner. This does not mean that properties and assets are divided 50/50. Many factors may be taken into consideration when dividing community property.
Certain assets or joint debts may also be considered community property. For instance, retirement accounts may be divided. The family dog might also be considered community property during a divorce. In this case, the dog would go to either you or your spouse.
What Property Can I Keep After a Divorce?
You could also retain properties that are considered separate from your marriage. These may be properties that were acquired before you married, but there are also other types of separate properties. Examples of separate properties during a divorce might include:
- Birthday presents that were given to you as a personal gift.
- Family heirlooms, such as jewelry.
- Certain types of personal injury awards.
- Money or property that you inherited.
- Pets that you bought prior to your marriage.
- Vehicles that you bought prior to your marriage.
You could also protect your property prior to getting married by signing a prenuptial agreement with your fiancé. These agreements can characterize properties and how they will be divided upon a divorce or death. There are several scenarios where a prenuptial agreement is a good idea. We have more information about prenuptial agreements on our website.
The Texas divorce lawyers at Julian, Crowder & Shuster, P.C. could answer your questions about property division during a divorce. We could also answer questions about whether a prenuptial agreement would be a good idea for your situation. For future blog updates, follow us on Facebook and Twitter.