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. By speaking with us, you will gain a better understanding of how the law applies to your specific case.
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. 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 originally be sole 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 divorce trial attorneys since 1974 gives us an upper hand in disputes over community property.