Community Property and Your Texas Divorce
In Texas, community property refers to that property you acquired during your marriage. If a post-marital agreement specifically detailing the division of your properties isn’t in effect, this property will be divided between you and your spouse during your divorce proceedings. Premarital agreements also affect community property and can characterize how property is to be divided upon a potential divorce.
Your Community Property
In your marriage, you and your spouse acquired community property. A couple’s community property is typically comprised of specific assets such as:
- Houses, other residences, buildings, businesses, and parcels of land
- Cars, trucks, SUVs, motorcycles, and other forms of transportation
- Recreational vehicles, including boats, and RVs
- Stocks and bonds
- Bank accounts
Additionally, your community property may include retirement plans, pension plans, and IRAs.
Community Property Exceptions
Generally, all those assets and properties acquired throughout your marriage are considered community property. As such, the court will divide them during your divorce proceedings. There are, however, exceptions, including:
- Property that either of you owned before your marriage
- Property that either of you acquired as a gift or inheritance while you were married
- Capital gains that either of you earned on property owned before you were married.
Personal Injury Settlements
If either you or your spouse was awarded a personal injury settlement during your marriage, that settlement may be considered in a variety of different ways in a Texas divorce. For instance, settlement amounts that are meant to compensate for lost wages might fall under community property, while compensation for medical expenses or pain and suffering might not.
Community property is one of the most significant elements of any divorce. Because divorce is stressful, it may be difficult to create an accurate snapshot of everything you own. Take the time to list and document the property you acquired during your marriage. If you are going through a divorce, you need an experienced Texas divorce attorney.
If You’re Facing a Texas Divorce, Consult with a Skilled Katy, Texas, Family Law Attorney
If you’re divorcing in Texas, it’s in your best interest to retain an experienced lawyer. The financial outcome of your divorce will likely hinge upon your community property, and an accurate snapshot of that community property is paramount. Your legal counsel will guide you to build an accurate representation of the community property and will vigorously defend your rights.
To discuss your case with an experienced Sugar Land Texas divorce attorney, contact The Vendt Law Firm, P.L.L.C. today. Attorney Frank J. Vendt is committed to protecting your rights and to resolving your divorce as favorably as possible. To schedule a consultation with Mr. Vendt, call our office today at (832) 276-9474 or send us an email through our online contact form.