When you are going through a divorce, there are likely to be many aspects that you feel need to be resolved. These might be related to your personal life goals, your relationship with your children and the division of your assets so that you can be sure of what will remain yours.
When looking into asset division in a divorce, it is important that you understand the specific laws that are in place in your state, because the law can differ widely across the country. Texas has community property laws, which means that all assets (and debts) that were acquired during the marriage are considered joint possessions subject to equal division in the event of a divorce.
This, however, does not mean that asset division is always simple in the state of Texas. Pre- or postnuptial agreements have the power to alter the situation greatly, and in addition, assets that are acquired during the marriage can be exempt from this community property law if it can be proven that they are separate property.
How can separate property be proven in a community property divorce?
The Texas Constitution lays out the specifics of which assets count and do not count as community property. Any asset that was owned before the marriage took place will be considered under the law as separate property, even if these are gifts that were intended for both spouses but claimed by only one.
In addition, there are several examples of assets that can count as separate property when they were acquired during the marriage. These assets could include things that were given as birthday gifts, heirlooms that belonged to one side of the family, inheritances made out only to one spouse, and funds generated from certain types of personal injury claims.
As a person going through a high-asset divorce in Texas, it is important that you make sure that you understand which assets will be treated as community property, and which will be considered separate property. This is especially vital when it comes to real estate. If you are in doubt about how your assets will be divided in Texas, you should make sure to research thoroughly.