Community property versus separate property
During the divorce process, questions regarding property division will eventually become the attention of all parties involved. With both partners wanting what is best for them, the division of assets is not always as simple as it sounds. There is more to this than splitting everything down the middle.
It is important to understand the difference between community property and separate property. Any asset acquired by both partners during their marriage is considered community property. In the state of Texas, for example, only assets that are determined to be community property are subject to the division of property during a divorce.
Separate property is the opposite of community property: this is assets that you brought into the marriage. As noted above, in Texas, this type of property is not eligible for division.
It is easy to understand the basics of community and separate property. What isn’t simple is knowing where to draw the line. There are times when arguments arise over whether or not a particular asset was purchased together or brought into a marriage. This makes it much more difficult to divide, as both parties stand their ground.
Divorce is difficult enough. When you throw in questions regarding property division, the process can intensify with each passing day.
Our lawyers are skilled at helping clients understand their rights, while also ensuring that they get what they deserve. If you want to learn more about property division, community property and separate property, our website is the place to start. You can begin your search on our “Property” webpage and blog.