Separate vs. Community Property
Although divorces vary from couple to couple, most separating couples have to deal with property division and debt division. In some states, divisions are based on equitable distribution, in which each couple gets a “fair” amount of property and debt from the divorce (note that this does not necessarily mean an “equal” amount). In Texas, however, property and debt division are based on understanding separate property and community property.
Separate property and debt is that which is acquired prior to a marriage, after the separation, or under unique circumstances. Community property, on the other hand, refers to property and debt acquired during the marriage. It is community property and debt that will be divided during divorce in Texas. The attorneys of BB Law Group PLLC work hard to ensure that residents in The Woodlands fully understand these distinctions, and that they are prepared for their divorces with all the knowledge they need.
What Is Community Property?
Community property is widely defined. In fact, it can include things such as:
- Financial earnings during marriage
- Debts incurred during marriage that are not separate
- Cars / vehicles / ATVs
- Physical property / real estate
- Personal belongings
These things are typically considered community property, unless they are the result of an inheritance or acquired after the couple separate, and are subject to division in the event of a divorce.
Contact a Property Division Attorney in The Woodlands
Distinguishing separate property from community property may seem difficult, but the attorneys of BB Law Group PLLC can make this easier on you. Contact our offices in The Woodlands today at (832) 534-2589 to discuss property and debt division with knowledgeable legal professionals.