Property Division
Property Division | Family Law Attorney in Texas
If you’re getting a divorce, how will you divide property?
Because divorce is based on state laws, property division differs somewhat in various states. There are basically two different types of property in Texas: community property and separate property. Texas is a community property state. The main focus in a community property state is characterizing the property. Courts must determine what property is community property and what is separate property.
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What is separate property?
Separate property is property that the spouses acquired:
- Prior to marriage
- From an inheritance or gift
What is community property?
Community property is property that a spouse acquired or earned during their marriage. Examples would be gross income, the family home, vacation homes, investments, retirement accounts, bank accounts, long-term insurance, real estate purchases, and so on. When spouses mix (co-mingle) separate property with community property, the courts tend to classify it as community property.
What is separate property?
Separate property is property that the spouses acquired:
- Prior to marriage
- From an inheritance or gift
What is community property?
Community property is property that a spouse acquired or earned during their marriage. Examples would be gross income, the family home, vacation homes, investments, retirement accounts, bank accounts, long-term insurance, real estate purchases, and so on. When spouses mix (co-mingle) separate property with community property, the courts tend to classify it as community property.
What is separate property?
Separate property is property that the spouses acquired:
- Prior to marriage
- From an inheritance or gift
What is community property?
Community property is property that a spouse acquired or earned during their marriage. Examples would be gross income, the family home, vacation homes, investments, retirement accounts, bank accounts, long-term insurance, real estate purchases, and so on. When spouses mix (co-mingle) separate property with community property, the courts tend to classify it as community property.
What factors can influence community property division in a Texas divorce case?
There are a number of factors that the court might take into consideration when dividing community property. Factors include:
- Child custody
- Payments owed for child support or spousal support
- Differences in earning capacities
- The health of both spouses
- Age differences of spouses
- Fault for the marriage breakdown
- The value of separate property each spouse owns
- Gifts received by each spouse
- Anticipation of future inheritances
- Real estate property owned in other jurisdictions
- Waste or careless use of community property
- Tax considerations
- Litigation and attorney fees
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How does property division differ in a divorce after age 50?
Spouses in this category have typically been married for a long time. They have acquired more assets than younger couples, and therefore have a greater amount of community property to divide. Retirement accounts, pensions, long-term insurance, real estate and other investments may be part of their accumulation of property.
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Flower Mound, Tx 75028
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Do You Have Questions About Property Division?
We are glad to answer your questions and to help you address property division during divorce. Either give us a call at 469-933-6091 or contact us through our online form.