Texas is a community property state. What does this mean? All assets and liabilities (like debts) are classified as either separate property or community property. Very generally speaking, property acquired before marriage or property received as a gift during the marriage is considered separate property, and property acquired during the marriage belongs to the community or, in other words, is the property of both spouses, equally. Truthfully, few couples probably put much thought into the legal significance of this before and even during their marriage.
However, in divorce the concept of community property can shift from the abstract to very real feelings of fear and insecurity. You may be worried about a truly equal or equitable division of property or the disposition of a specific asset.
When it comes to property division, the first priority should be to preserve your wealth. The conventional approach to divorce involves hiring two attorneys at an average of $300 an hour, who are financially incentivized for a protracted battle, oftentimes leaving families tens of thousands- if not hundreds of thousands- of dollars poorer.
Affordable Divorce Texas offers a truly affordable way to- and through- divorce, beginning with a free one-hour consultation, and a one-time, flat fee structure.
Marital property can include a wide array of assets, and while the distinction between separate property and community property can seem straightforward, it gets very complicated very quickly. Below is a list of the types of property that may need to be addressed in a divorce.
A better way to- and through- divorce.