Property division is one of the biggest issues during a Texas divorce. Knowing what combined property exists between the couple is not only important, but is legally necessary. Hiding property is unlawful and can hurt you in the long run. However, it is also important to have a grasp on what type of property is considered marital property, and what may be considered personal. If you are going through a divorce, an experienced divorce lawyer Cypress, TX clients trust can provide invaluable advice and legal assistance throughout the process.
Community Property vs. Separate Property
Texas law recognizes two types of property: community and separate. Community property is property that is owned by a married couple or a domestic partnership, according to Texas law. Debt acquired during the marriage is also considered community property. Each spouse owns one half of the community property, including the debt. Separate property is property of an individual that they owned before the marriage, was a gift or inheritance to them alone during the marriage, or any property that they earned, acquired, or were given after the date of separation. Additionally, gifts and inheritance are considered to be separate property, as well as financial compensation earned from a civil lawsuit.
As a divorce lawyer in Cypress, TX can explain, any property that was acquired or earned out of state (including debt acquired out of state) is considered by Texas law to be quasi-community property. Quasi-community property is treated the same as community property: each spouse is entitled to half.
Real property is often the biggest piece of the financial puzzle that must be divided. Real property includes houses, condominiums, land, apartment complexes, office buildings, and any other property that was earned or acquired during the marriage.
Cars, Kayaks, Couches, and Other Home Furnishings
Community property also includes automobiles, home appliances, furniture, electronics, and any other item that has a physical presence that was acquired during the marriage.
Finances and Debt
Other types of property that must be looked at include, but are not limited to, the following:
VA Benefits Not Included in Community Property
As per Title 38 of the U.S. Code, veterans’ benefits are not included in community property and cannot be divided. Additionally, military disability retirement benefits are generally not up for division during divorce. However, the VA may garnish veterans benefits if child support or alimony is not paid after the divorce has been settled and the court has made rulings on those two items.
Contact Our Firm
If you are considering a divorce, we encourage you to reach out to the Winfrey Law Firm today for any divorce needs or questions you may have. We can schedule a free and confidential consultation with a Cypress, TX divorce lawyer. Call our office today.