In Texas, a community property state, when you divorce, most property acquired during the marriage belongs to both spouses and must be divided. All the property which either spouse acquired during the marriage is considered by Texas courts to be community property. This property is to be divided in a just and fair way when the couple divorces, meaning the division should be equitable.
The court will consider, however, other factors in determining what is equitable, such as:
- Fault in the breakup
- Disparity of earning power
- Each spouse’s health
- Which spouse has custody of the children
- Each spouse’s education and future employability
Throughout this process, you will be able to agree with your spouse on how to split the community property; otherwise, the court will split the assets for you.
Other property which you possessed before entering into the marriage is considered separate property and in most cases this property you will be able to keep during a divorce.
Most couples hold real estate in joint tenancy meaning that if one owner were to pass away, the other owner automatically inherits it. To change the ownership status of your property, you need to execute a Deed which states you wish to change the status.
If you are considering divorce and wondering how your property may end up divided, speak with a Killeen divorce attorney from the Law Office of Brett H. Pritchard and discuss your case with a dedicated professional.