What is Community Property?
Community property is a basic tenant of divorce law in Texas. Community property is defined as any asset acquired during the course of the marriage. Hi. My name is Eric Engel. I’m a divorce lawyer with the Engel Law Firm here in Dallas, Texas.
Whether that be 401k asset, a home, a car, cash in your bank account, anything at all that is acquired during the course of your marriage is considered community property. There are 3 basic exemptions to community property.
One: if it’s a gift.
Two: if it’s an inheritance.
Three: if it’s a settlement from a personal injury lawsuit.
In Texas, community property is usually split between the spouses. It can either be a 50/50 split or it can be a more one-sided split if one spouse makes significantly more than the other.
Why am I telling you this? I’m telling you this because you’re thinking about getting a divorce and you want to know what your financial exposure is to your husband or your wife. I deal with these sorts of problems every day.
Pick up the phone and call us at 214-377-0166. Thank you for watching my video on community property.