As Texas is a community state, assets that are accumulated during a marriage will be split evenly between both spouses. This is generally true even if one spouse earned most or all of the money used to acquire them while the other stayed home. In addition, those who worked during a marriage may be required to financially support their spouses as part of a final divorce settlement.
An overview of marital assets
Marital assets typically include anything that was acquired after a union is officially recognized by the state. These items may include a family home, a car or anything else that both parties to a marriage made use of prior to the divorce. Funds deposited into a bank, brokerage or retirement account may also be community property even if one person was responsible for contributing money to those accounts.
Exceptions to property division rules
If you can show that an asset should be considered your sole property, it may not be included in a final settlement. Sole property typically includes anything that you acquired before getting married or gifts received from friends or family members. You may also choose to designate certain items as sole property as part of a prenuptial or postnuptial agreement.
It’s important to note that sole property may become community property if it is commingled. For instance, if you transfer funds from your paycheck to an account in your name, that account may become marital property because it includes funds from the marital estate.
What to know about alimony
Alimony payments are calculated based on factors such as your income, your spouse’s income and the length of the marriage. Other variables may include your spouse’s health, age and ability to obtain gainful employment.
A divorce settlement may include alimony, control of a family home and other resources that may be attractive to you. Reviewing a proposed settlement with a financial advisor or other trusted professionals may enable you to get an objective opinion and allow you to feel confident about any deal that you accept.
