Financial Resource

If you and your spouse have been forced to file for divorce, there are several things that you will have to think about, including, but not limited to: Child Custody, Assets, and Liability’s.  It is always best to reach an agreement with your spouse rather than wage battle in court.  When attempting to settle with your spouse on asset issues please keep in mind that there are two major types of property ownership categories in the State of Texas: Community Property and Separate Property.

Separate property is:

1.
property owned prior to marriage;

2.
property acquired at any time by gift or inheritance;

3.
recoveries for personal injuries sustained by a spouse during marriage (except for loss of earnings); and

4.
property exchanged for and of the items listed in bullet point 1 – 3.

Community property consists of the property, other than separate property, acquired by either spouse during marriage. This is true even if only one spouse has possession of the property. Just because one spouse is named on the title, deed, or account; one person receives the asset as payment for personal services (ie: salary); or the asset will not be paid until a future date (ie: retirement) do not make it separate property.

Each spouse will keep their own separate property.  Community Property will be divided in a fair and equitable manner – which does not always mean 50/50.  However, the good rule of thumb is an equal division on Community Property.  If you need any guidance on Community and Separate Property issue’s in connection with divorce, please feel free to give me a call, I will be happy to help you.

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