In Texas, property is viewed as separate property or community property. If you are married, usually any assets and debts that are acquired during the marriage are considered to be owned by both spouses of the marriage.
Community Property – Community property can best be defined as everything acquired after the date of marriage. In other words, community property is everything that the spouses own together. In Texas, all property is presumed to be community property. If divorcing spouses are unable to come to an agreement about how to divide community property, the courts will divide it among the spouses.
Separate Property – Separate property includes gifts, inheritances, and property acquired prior to the marriage. In order for an asset or debt to be considered separate property by the courts, the divorcing spouses must prove that only one spouse owns the property or debt or come to an agreement that it is separate property.
Typically, property is classified at “the inception of title”. It does not matter that only one spouse’s name is on a bank account, a property deed, an investment account, or a motor vehicle. In Texas, all property is presumed to be community property, but a spouse may be able to overcome this presumption and prove an item is separate property. To overcome this presumption, often one must able to “trace” the property, which is often very complicated to do and can be expensive.
If you are considering divorce or going through a divorce, call Jane Gekhman at (940) 222-6014, we can help.