Dividing property can be one of the most challenging aspects of divorce. While it can be challenging, when divorcing couples know the property division rules that will guide their property division process, it can help them better resolve their property division concerns.
Texas follows community property laws which means that the couple’s community property is divided in half. This makes the definition of community property important. Community property is commonly considered property acquired by the couple during marriage.
Marital property is subject to the property division process while separate property is typically not subject to the property division process. Separate property, on the other hand, generally refers to property one spouse enters the marriage with, gifts, inheritances, personal injury awards and some other types of property.
Examples of marital property can include the family home, cars, real estate, household furnishings and other items. Some property may be considered comingled and divorcing couples should be familiar with the different classifications and how they are defined and may be applied. Complex assets may also need to be addressed.
Property division in during divorce
Though community property division usually calls for property to be divided in half, it may not be a straight down the middle property division. The divorce court will see to divide the property as equally as possible and as close to in half as possible.
Though divorce can be difficult on divorcing couples, property division can be worked out with the help of the property division process and knowledge of how it works. It will better equip divorcing spouses with what to expect and allow them to prioritize and negotiate their interests as they progress through the property division process.