Divorce can be a very frustrating and even scary process. There may be many questions about what will happen once the divorce has been finalized. One issue that can cause anxiety is property division and what each spouse can expect to keep once the divorce is final.
How are assets divided in a Texas divorce?
Divorce property division rules are set forth in a specific Texas statute. This statute places different kinds of property into specific classifications that determine how that property is divided up between spouses. These classifications include:
• community property
• separate property
• commingled property
• converted community property
Community and separate property?
In most cases, property is classified as either community or separate property. Property division is made according to who owns it. These are the easiest to cases decide and can be simple compared toother serious divorce issues. Community property refers to property that was obtained during the marriage. In this case, that community property will be divided equitably between the two spouses during the divorce. Separate property, however, was usually obtained before the marriage. In this case, it is retained by the spouse it originally belonged to.
Understandgin commingled and converted property?
However, dividing a couple’s property isn’t always so simple. There are other factors to consider and that includes whether the property in question has been commingled or converted. Commingled property is property that could have feasibly originated as separate property but is impossible to tell by the court. In this case, the property is treated as community property and divided equally. Similarly, separate property may have been “converted” into community property at some point. This usually happens through an agreement, usually written. Without evidence of that agreement, the property would remain the separate property of a single spouse.
It isn’t always easy to determine who gets what during a divorce. In Texas, the rules use a community property system. Still, just because you believe you will retain property in a divorce does not mean you will. It depends on the judge or what kind of settlement is hashed out in negotiations.