Community Versus Separate Property
During a divorce, the division of the assets can be a stressful time. Who gets what can often depend on the type of the property that you are dividing. In Texas, the two most important categories of property are community and separate.
Separate Property Classification
Separate property is not often split between the spouses in the instance of a divorce. Therefore, proving individual property can be a very important aspect during divorce. Separate property is defined as the following:
- Property owned by an individual before marriage
- Property received by a specific individual as a gift or part of an inheritance, either before or after marriage
- Money awarded to a spouse for a personal injury inflicted during the marriage, but not loss of earnings
- Anything received for an exchange or as a profit from the above items
Community Property Category
Texas is one of a handful of states that has community property laws. Property is communal unless proven otherwise, and a court of law has the right to divide the property based on what they believe is right. However, this does not guarantee that the division of the property will be exactly even. The court can take into account any of the following reasons:
- Who will have the major responsibility of taking care of the children
- Whose fault the divorce is, if any
- Whether or not either spouse will receive an inheritance
- The present and future earnings of each person
Remember, debt accrued during the marriage could be considered community property as well, and it can also be divided accordingly.
If you or someone you know needs more information regarding property division or divorce, please contact the Denton divorce attorneys of Alexander & Associates at 972-420-6560 today.
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