What Assets Are Part of Your Divorce and Which Ones Are Not
Some states in the US are not community property states while others are. The State of Texas falls in the latter category. A community property state is one that accepts that all property that is made after the marriage is capable of being divided between the two spouses once they decide to part ways and go for a divorce.
Division of property and assets post divorce is one of the most hotly contested aspects in a divorce case as your divorce lawyer in Texas will tell you. Unfortunately, there is almost always confusion over which assets are a part of your divorce proceedings and which ones are not. This articles looks at both.
What Assets aren’t Part of Your Divorce?
There are two types of asset divisions, separate property and community property. The later is also called marital property. Assets and property that falls under the category of separate property are not part of the divorce proceedings since they have no contribution either monetary or in any other way made towards its valuation by the spouse other than the one it originally belongs to.
Some of the assets that fall under this category include:
- Assets that have been acquired by the party as a gift.
- Assets that have been inherited by the party
- Finances and bank accounts from money earned pre marriage as long as they are kept separate
- Property owner pre marriage (if post marriage money is used in upkeep, the situation can become complex)
- Includes all liabilities that are inherited before marriage
What Assets are Part of Your Divorce?
Community assets are assets known as marital assets. These assets are the ones that the court has to divide between the two spouses. Community assets typically include all assets that have been accumulated post divorce. The concept behind a community asset is that irrespective of the legal title of the asset, the two spouses have jointly contributed to the asset in ways other than simple monetary contributions.
Some of the assets that are covered under community assets and are part of a divorce include:
- Marital Home
- Income during the time the Marriage lasted
- Clothes and jewellery bought during the marriage
- Dividends and shares bought during the marriage
- Personal property such as furniture, etc.
- Retirement benefits and vested pensions.
It can be complex for a layman to understand what assets are part of a divorce proceeding and which one are not. If you live in Flower Mound Texas, Denton Texas and Lewisville Texas areas then, you have the answers to your legal problems. Nelson Law Firm PC is there to help you deal with all your family law and divorce related problems. Just contact us at Nelson Law Group PC at 972) 808.7227. To find out more about Brett Nelson visit BrettANelson.com