Community Property

What Does Community Property Mean in Texas?

Texas is a community property state. Community property can be a difficult concept to understand. Most people assume that community property means that assets are divided 50/50 in a divorce. That is not exactly true.

Community property means that all assets and all debts acquired after the date of the marriage are one-hundred percent yours and one-hundred percent your spouse's. How the assets and liabilities are divided in a divorce depends on many factors.

Similarly, one-hundred percent of the debt acquired after the date of the marriage is presumed to be community debt. That means it is one-hundred percent your debt and one-hundred percent the debt of your spouse. In today's economy, the distribution of marital debt in divorce has become an even more important issue. Our knowledge of Bankruptcy Law as well as Family Law will help to best protect you before you finalize the divorce.

Help in Complex Situations

Assets, property or debt acquired before the marriage is generally considered to be separate property. Another example of separate property is that which is received by way of inheritance. However, there are circumstances in which separate property can become commingled with marital property. Also, although an asset may be separate property, the appreciation of that asset which accrues after the date of the marriage is community property. This can make the division of assets and debt much more complicated.

It is ultimately up to the Court to determine the equitable or fair division of marital property during divorce. Accordingly, you need our experienced advocates who have extensive financial knowledge that most divorce lawyers do not have in order to best represent your interests. At Pelley Law Office, L.L.P., our unique knowledge as financial lawyers and as Texas divorce trial attorneys since 1974 gives us an upper hand in disputes over community property.

Contact Pelley Law Office, L.L.P. Today

We invite you to contact our offices to schedule a free, confidential and informative consultation with an attorney who has extensive experience in community property and complex, high-value property division in North Texas. Do not wait, as timing is often critical as to how you proceed in Family Law. Call 972-608-0335 or 903-813-4778 to speak to one of our experienced trial attorneys today.

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