Texas is a community property state, meaning that when a couple gets divorced, their assets must be divided evenly between both parties. This can make the property division process easier, but it can cause added stress if the individuals don’t want to share their assets with their former spouse. Here’s what people should know about community property states.
How are assets divided in a community property state?
During the property division process, both parties will have to divide up their financial assets in a 50/50 share. However, this only includes assets that were earned during the marriage. This can include income, properties, savings accounts, retirement funds and debts. Gifts and inheritances are usually excluded.
If the couple signed a prenuptial agreement before they got married, the prenup will likely override the community property laws. In this way, people can avoid splitting up their assets 50/50. They can also avoid community property laws if both parties agree to a different arrangement.
Where can an individual find help with property division?
Property division can be one of the most challenging parts of a divorce. Even if the individuals live in a community property state, they still have to assess and value their financial properties. They also have to figure out how to split financial assets that can’t be divided in half, like a house or a boat.
For help during the process, an individual may wish to hire an attorney. An attorney might help them assess their financial assets and figure out the best way to proceed. The attorney may also help them negotiate with the judge and their former spouse so that they can receive the best possible outcome. Additionally, a legal professional may help their client deal with complicated situations like dividing up a house.