One important thing to know about divorce is that, when a couple gets divorced, not all of the property the two spouses have is necessarily on the table when it comes to property division in the divorce.
Here in Texas, property division generally involves the splitting of the couple’s community property. However, not all property the two spouses have is necessarily community property. It is possible for an asset a spouse has to be a separate, nonmarital asset. Nonmarital assets are generally exempt from being divided in a divorce.
A variety of factors can impact whether a given asset is community property or nonmarital property, including:
- How it was obtained (for example, inheritances are often separate property).
- When it was obtained (for example, property obtained before a marriage is often separate property).
- Whether it was commingled with community assets.
Sometimes, whether a given asset is a community asset or a separate asset can be a very complex issue. When a person who is getting divorced doesn’t have an accurate picture of what assets are community property and what assets are nonmarital property, it could leave them without the information they need to make property-division-related decisions in a well-informed manner.
So, having accurate information about the property classification of the different kinds of assets they and their spouse have can be incredibly important when a person is getting divorced.
Our firm understands the great importance of a divorcing individual being well-informed when it comes to property division matters. We can conduct detailed reviews of property in a divorce aimed at providing a divorcing individual with a clear picture of the various important details regarding the property, including what property is community property and what property is likely separate property.