The state of Texas has what it refers to as community property. After two people get married, anything the married couple acquires during their marriage is considered community property. This means that everything belongs to both people equally. Some examples of community property are furniture, 401k, rental property, or 401k growth stocks. Needless to say, community property can make it challenging for the married couple to sell their home during a divorce.
However, a divorce court will attempt to decide who is at fault for the divorce, who makes most of the money, and who is the primary caretaker for any children. These factors will help the court decide how to divide community property. So, sometimes everything will not be divided equally during a divorce, even though both people have a claim to the community property.
Another type of property a divorce couple should know about is called separate property. Separate property consists of things each person in the marriage acquired before they were married. Below are some examples of separate property:
Gifts - When one spouse gives the other spouse a gift, such as jewelry or clothing, it is considered separate property.
Personal injury claims – If a spouse received a claim through an injury during the marriage, any property or future awards will belong to this spouse solely.
Inherited property – Anytime a spouse inherits a property in their name alone, the state of Texas will consider this as separate property.
Selling your house in divorce can be very challenging. For this reason, 123soldfast is a great place to come and get the services you need so that you can sell your home quickly. Give us a call at 713-322-3861 for more information, and we’ll be happy to help!