Divorce is not only emotionally taxing but also financially intricate, especially when it comes to dividing marital assets. In Texas, the process of splitting money and property is guided by community property laws, which will, along with the spouses or judge, dictate the final settlement. Understanding how money is divided during a divorce in Texas is crucial for both spouses to ensure a fair and equitable outcome. It is best to enlist the skills and knowledge of a Frisco high net worth divorce attorney to help ensure your rights are protected.
Community Property Laws in Texas
Texas is one of the few states in the United States that follows the community property system. Under this system, any assets acquired during the marriage are generally considered community property, belonging equally to both spouses. This includes income, real estate, investments, and other property obtained during the marriage. Community property laws work the same in a high net worth divorce.
Separate Property
However, not all assets fall under the umbrella of community property. Separate property is assets owned by one spouse individually before the marriage or acquired by gift, inheritance, or personal injury settlement during the marriage. These assets are generally not legally subject to division during divorce.
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