What Do Texas Marital Property Laws Mean For Your Contested Or High-Asset Divorce?
Property, for marital and divorce purposes in Texas, consist of the following: Community Property and Separate Property.
- Community Property: Generally speaking, community property consists of anything of value acquired or earned by either spouse, or by both spouses, during the marriage. It usually makes no difference in whose name an asset is titled, or who earned the money to acquire the asset. So long as it was acquired during the marriage (and was not a gift or an inheritance) it will be presumed to be a community asset. The court in a Texas divorce is required to approve or render an order dividing the community property between the spouses.
- Separate Property: Generally speaking, separate property is property that a spouse already owned prior to the marriage. Separate property can also include an inheritance or certain gifts received by a spouse during the marriage, as well as certain monetary recovery from personal injury claims or lawsuits. A Texas Court is not authorized to divide or award any share of a spouse’s separate property to the other spouse. However, in appropriate cases, a spouse may be able to assert or to raise a reimbursement claim against the other spouse’s separate property.
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Typically, these major examples of community property are among the many at play during negotiation and litigation of property division outcomes during a Texas divorce:
- Real estate, including primary, secondary, vacation, and retirement residences
- Retirement plans and accounts (for instance 401(k) plans, IRAs, pension plans, etc.)
- Motor vehicles
- Cash bank accounts (checking accounts, savings accounts, PayPal Accounts, Zelle and Cash App accounts, etc.
- Brokerage accounts, stocks, and bonds (including cryptocurrency)
- Intellectual property (copyrights, patents, etc.)
- Business interests (including sole proprietorships, limited partnerships, family corporations)
- Deferred income
- Offshore assets
- Club memberships and travel awards, heirlooms, memorabilia, and antiques
- Furnishings, personal effects, and other personal property
Travis Thompson personalizes his legal leadership, tailoring quality counsel to fit the unique situations that both traditional and nontraditional families find themselves in. He also offers round-the-clock accessibility so that any concern, no matter how large or small, can be addressed in ways that bring you peace of mind.
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To speak with us about your goals, or schedule a consultation, contact our law firm by phone at 281-369-8665 or remain online to communicate with us by email. We represent clients in Harris County and Montgomery County.