During a marriage, a couple will usually acquire assets and debts together. During a divorce, the property of the couple must be divided between the parties. Division of property is an important part of the divorce process.
Texas is a community property state. When a marriage ends, the community property is divided amongst the parties. Separate property is property that belongs to only one spouse. Separate property is not divided up at the end of the marriage. Examples of separate property include gifts, inheritances, and personal injury awards.
Sometimes the parties will have a premarital agreement, which determines in advance how the property will be divided up in a divorce. If there is no such agreement, then the parties may come to an agreement during mediation, and if that is not possible, then the family court will determine division of assets.
Call (214) 618-1700 For A Free Consultation
To discuss how filing divorce could affect division of your assets, call Graham Legal, PLLC at (214) 618-1700 to speak with an attorney. We offer free consultations.