Getting divorced may seem daunting at first, but your decision may allow you the freedom to move forward with your life and set new goals for your future. Understanding how a divorce in Texas will impact your finances, property ownership and livelihood may help you to make wise decisions as you prepare for separation.
Property division is one area of divorce that may leave you feeling uneasy. What if you lose your home? What will happen to your business if you co-own it with your spouse? Who will be given family heirlooms with sentimental value? These determinations may be made differently depending on your situation.
Community vs. separate property
Community property is anything that both you and your spouse have bought together. Often, this is determined by assessing whose name is included in legal documentation. If both of your names are listed on paperwork and formal agreements, the associated property will be split between the two of you.
On the contrary, separate property is anything that you or your spouse independently owns. This can include gifts that you have been given. If you have been listed as the beneficiary on another person’s estate plan and your spouse has not, you will still be given everything outlined in that inheritance and you will not be required to share.
Your fair share
According to Business Insider, the assets that you will be required to split with your spouse include a variety of things from investments and joint bank accounts, to cars and children, to real estate and retirement benefits. Texas is one state that requires all marital assets to be listed as community property and split 50/50. As such, you can anticipate splitting a good portion of your assets with your spouse.