People who are divorcing in Texas will normally have all of the property they acquired during their marriage divided equally between them and their former spouses. Texas, as a community property state, has a presumption of equal division of the community property.
When two people with significant assets are going through a divorce in Texas, the matter of property division can become extraordinarily complicated. Although the rules governing the division of marital property and separate property might appear straightforward, the actual implementation of these rules involves any number of variables. If one or both of the spouses hold multiple high-value assets, the process is especially difficult.
In addition to custody and alimony decisions, courts also conduct an equitable division of property as a major component of final divorce orders. Not all property is subject to division, however. There are some categories of property that are considered the separate property of one spouse or the other.
There are varying opinions when it comes to getting a prenuptial agreement. While some Texas couples who are about to get married believe that it can be a prudent document to create before a wedding, others see it as a bad omen for the relationship. Ultimately, the decision to get a prenuptial agreement is a personal one, and there can be arguments on both sides of the issue.
Preserving one's ownership of an inheritance or a gift can be a challenge when trying to handle a divorce, especially in a state like Texas. Texas is a community property state, meaning that all marital property is subject to equal division. Certain assets are exempted from this rule and are considered separate property.
Receiving an inheritance can make a world of difference in one's financial outlook. Deciding how to spend, save or invest those funds is a serious matter, and deserves careful attention. When an inheritance is received by a person who is married, the assets are considered to be that individual's separate property. However, without the proper care, inheritance funds can be converted into marital property, and subject to property division in the event of a Texas divorce.