If you and your spouse are heading for divorce, you probably have questions about what property you must share. Texas divorce laws are different than many other states, so it is important to ensure you have state-specific information to help you prepare.
Here are some frequently asked questions about asset division in Texas.
1. How will a court divide our assets?
Texas is a community property state, so most of what you and your spouse acquired during the marriage is eligible for division. While a 50/50 split is not always the case, this is a common community property division ratio. Separate property, on the other hand, is an exception. Property gained before the marriage or inherited at any time is separate and exempt from division.
2. Can my ex and I decide on property division without a court’s say?
If you and your spouse can agree on a fair property division and create a thorough plan to present to the judge, they will likely approve your arrangements. Your divorce still goes through the court system, but with less interference.
3. Is a house always community property?
Typically, if you buy a house during a marriage, it is community property. However, if you or your spouse inherited the property or purchased it with money that was separate, the owner of the separate property also owns the house.
4. How does shared debt affect me after my divorce?
Even after your divorce is final, you are responsible for any debt that has your name attached. If your spouse fails to pay their share of the debt, the lender may come to you seeking payment.
Knowing what to expect in the asset division stage of your Texas divorce can help you prepare and securely move forward in the next chapter of your life.