Marital property is divided between the divorcing spouses when they divorce. Because of this, it is crucial for divorcing spouses to be familiar with what marital property is, and how it is different from other types of property, so they can prioritize and protect their property interests during divorce.
Texas follows community property laws when dividing property during divorce. That generally means that marital property will be divided 50-50 between the divorcing couple when they make the decision to divorce. This makes understanding what is considered marital property crucial for divorcing spouses in Texas.
What is marital property?
Marital property, in general, includes income, property and assets acquired by the spouses during their marriage. Marital property is typically subject to the property division process during divorce. Examples of marital property may include a family home purchased while the couple were married; cars purchased with community funds; and household furnishings acquired during the marriage.
What is separate property?
Separate property is generally not subject to the property division process during divorce. Examples of separate property may include inheritances, gifts, personal injury awards, and property one spouse entered into the marriage with.
It is important to note that complexities can arise in situations when funds were comingled or, as an example, when separate property funds were used to improve a family home. There are ways spouses can protect themselves and their property interests when entering marriage, and also during their marriage, that it is useful for them to be familiar with.
Property division is an understandable concern on the minds of many divorcing spouses. As a result, it helps to be able to anticipate what may be divided during divorce and to plan for the process.