Texas Community Property & Separate Property
Dividing a marital estate in Texas at the time of a divorce has become an increasingly complex process. Divorce is no longer simply a matter of identifying bank accounts and dividing liquid assets. Today's Texas divorce client requires knowledge and expertise to identify and evaluate a variety of financial and real estate interests. While some divorcing spouses are able to agree on the equitable division of marital property, marital assets and marital debts, others are not. If there is no marital property agreement then a Texas court will divide the property after considering certain factors including:
- Appreciation and increase in value of property during a marriage
- Assets, debts and financial condition of each spouse
- Business interests and self-employed income
- Community property acquired by either spouse during the marriage
- Future financial needs and liabilities of each spouse
- Contribution by one spouse to the education or earning power of the other spouse
- Premarital and postmarital agreements, separate property, gifts and inheritance
- Property acquired through gift or inheritance
- Property owned prior to a marriage
- Spousal maintenance or alimony obligations
- Tax consequences
- Retirement accounts, 401(k) plans, pensions, stocks and bonds
Texas was the last state to pass an alimony or spousal maintenance provision. Even though Texas courts can now award spousal maintenance, there are strict rules regarding when it can be awarded and under what conditions. Unless family violence has occurred or the couple has been married for 10 years or longer, maintenance cannot be awarded.
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