What Is Community Property?
Property and assets that a couple accumulates during the course of a marriage is defined by law as community property. Texas is a community property state, which means that when a couple decides to split, the community property must be divided evenly. This is also referred to as a “just and equitable” division of marital property.While it’s an easy definition to understand, dividing property is a difficult and an emotional task that can become more complicated when a spouse hides property or assets. Further complications arise if a spouse entered into the marriage owning a business, home or any other sizable asset.
What Counts As Marital Property?
After the marriage became official, any property acquired takes on the designation of marital property. An example is one spouse owning a small business before the marriage, and continuing to operate the business during the marriage.
Where property division is concerned, the value of the business at the start of the marriage would be considered separate property. If the value of that business increases during the course of the marriage though, that increase would count as part of the community property.
In the case of any marriage, if no prenuptial or postnuptial agreement exists, everything will be put into one category and then divided. One way to simplify the division is to divide part of the assets via alimony.
Whatever the case, evenly dividing the property requires a knowledgeable, experienced attorney from Engel Law Group, P.S.. Our team is familiar with all aspects of divorce law and dividing community property.
Contact Engel Law Group, P.S., today, we’ll make sure you get what you deserve.