The Difference between Community and Separate Property
In Texas, property division in divorce is based on equitable division. This means that all community property is separated based on a “fair” assessment of which spouse is due or responsible for certain property or debt. However, property is only divided between spouses by a court when it is considered community property. Because of this, our team at Alexander & Associates believes it is important for people in Texas who are seeking a divorce to understand the difference between community and separate property.
Understanding the Key Differences of Property Division
Separate property is inherently different than community property in divorce. Community property is any property (including debts) that is acquired during a marriage. Separate property, on the other hand, is property that:
- Was owned separately prior to the marriage
- Was gifted or inherited separately from one’s spouse
- Was acquired after the period of separation
These distinctions are important for every divorcing couple to know, as you likely want to make sure that you retain property that is rightfully yours. This isn’t as much of a problem when a court handles your divorce, but sometimes couples decide to divide property on their own, sans court intervention. This is when a careful understanding of separate and community property is important.
Learn More about Property Division from an Attorney in Lewisville
If you and your spouse are dividing your property during divorce, and you want legal advice about separate and community property, speak with the attorneys of Alexander & Associates today by calling our local office at (972) 420-6560. We can help you understand what property will be considered eligible for property division and help protect your rights throughout a divorce.