Fabio & Merrill

Make sure you include all marital property in a divorce

There are many factors to negotiate when filing for divorce in Texas. Property division, however, may be one of the most complicated. People grow attached to their property and possessions, and it can be difficult to separate those items in the divorce settlement. Texas is a community property state, meaning all marital property is divided equally in half between spouses. It is critical that people understand what marital property is so they can be certain to get everything they are entitled to in the divorce settlement. 

When thinking of marital property, the family home, furniture and vehicles may come to mind. Yet, there are many other less commonly thought of items that should be divided in the divorce settlement as well. These include the following:

  • Term life insurance policies, 401k plans, stocks and retirement accounts

  • Lottery ticket winnings

  • Travel miles and reward points

  • Expensive antiques, such as cars, coins, stamps and art

  • Memberships to exclusive country clubs and golf courses

  • Intellectual property, such as trademarks, copyrights and patents

Any gifts given to one another during the course of the marriage are considered marital property and can be divided in the divorce settlement. Furthermore, if one spouse loaned money or property to another person during the marriage, the other spouse is entitled to half of that money or property once it is repaid. Divorcing couples should keep in mind that marital property involves everything that was accumulated throughout the marriage and that these items should be distributed in the divorce settlement.

 

 

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