In a Texas family law case, dividing property in a way both sides believe is fair can be a major sticking point in forging a resolution. While that often means dividing a home, automobiles, bank accounts, investments, retirement accounts and items of sentimental value located in the state, there are complexities that can arise.
It is important to remember that Texas adheres to a community property template. That means that anything – in general – that was acquired after the couple was married will be evenly split. Still, there is nuance. Understanding special circumstances for property division is imperative for both sides if they are in this unusual situation.
Recognizing special circumstances for dividing property
Many Texas residents have investments outside the Lone Star State. If a person made a purchase while they lived in another state and it would be categorized as community property had they bought it in Texas, it is considered community property for the purposes of divorce.
There are instances where this type of property could be declared separate and stay with the party who acquired it without needing to split it. If it was a property that one acquired prior to the marriage, received it as part of an inheritance or after a personal injury settlement, then it is separate property.
Some couples have an agreement regarding splitting property. That includes income and earnings from the first of the year when they filed for divorce. It is the same for a different year when they were married for part of that year.
Preparation is crucial with potentially difficult divorce situations
The more property a couple has, the harder it can be to divide as part of a divorce. People could be unfamiliar with the basics of property division and not realize that Texas is a community property state. Then when there are special circumstances, it gets even more difficult. With any aspect of a divorce, it is wise to know what can be done to try and reach a fair resolution whether that is through negotiation or by going to court.
