The division of community property, liabilities
Do you live in the state of Texas? Are you going through a divorce? If so, you realize that there will be many challenges, some of which are based on questions regarding property division.
In addition to community property, the court is responsible for dividing liabilities among both parties. For this reason, you should not get so caught up in what you are receiving that you overlook the debt you will be responsible for in the future.
How is community property different than separate property?
Community property is anything acquired during marriage, such as a home that has both people’s name on it.
Separate property, on the other hand, is property that a person brings into the marriage. For the purpose of property division, this does not typically come into play. Instead, the person who solely owns the property is allowed to keep it.
There are times when it is difficult to decide what is community property and what is separate property. When this happens, a complex marital estate comes into play. Not only does this make decisions more difficult on the court, but it can lead to challenges for the divorcing parties.
Divorce means that your life will change forever. This holds true regarding what you receive in the settlement, as well as the debts that you are asked to take on.
If you are concerned about your ability to secure your fair amount of property, contact us to have all your questions answered. We are available online or via phone, and are more than willing to point you in the right direction.