When going through a divorce, you are often forced to deal with a myriad of issues. One of the most difficult issues may be that of property division. You may have strong emotions tied to your property and assets, making it hard to determine who is entitled to what in the divorce settlement. Texas is a community property state, meaning all marital property is divided equally in half between spouses. Yet, it is important to know just what constitutes marital property, so you can be sure you get everything you are entitled to in the final divorce settlement.
While you may think of the family home, vehicles, furniture and possessions as marital property, there are some things you may not consider. All of the following are considered community property and are eligible for division in the final decree:
- Expensive art, coin, car, coin, book and antique collections
- Lottery ticket winnings and income tax refunds
- Memberships to exclusive golf and country clubs
- Term life insurance policies
- Travel reward points and other program points
- Trademarks, copyrights and patents
Any gifts you and your spouse exchanged during the course of the marriage is considered marital property. Furthermore, if your spouse loaned money or property to a third-party during the marriage, you are entitled to half of that amount once it is repaid, even if that is after the divorce is finalized. Both parties are required to disclose all property and assets during divorce negotiations.
This information is intended to educate and should not be taken as legal advice.