Divorce is generally an emotionally painful experience even when both spouses agree a divorce is in their best interest. They both may have a list of questions. At the top of that list is often: “Who gets the house?” It is not an easy answer, but at Springer & Lyle, we do our best to help you understand your options. All options require an appraisal of the property to determine its monetary value. Selling the House Texas is a community property state which means that any asset spouses accumulate during their marriage belongs equally to each spouse. Bank accounts are … [Read more...]
Is Community Property in Texas Always Split 50/50 In A Divorce?
Texas is a community property state, which means all property acquired by a couple during their marriage is considered to belong equally to them both. This appears that the community property should then be split 50/50 between the spouses, but this is not always the way it turns out. Texas law instructs the court to “order a division of the estate of the parties in a manner that the court deems just and right, having due regard for the rights of each party and any children of the marriage.” This means property will not always be divided 50/50. Factors Court Considers … [Read more...]
Are All Assets Community Property?
When a married couple in Texas divorces, the law presumes that all property accumulated during the marriage is community property, which means it is owned jointly by both parties and should be divided equally between them. But all property may not belong to the community. One party may claim some assets as their own separate property. The law requires them to prove an asset is their own separate property by clear and convincing evidence. Assets Considered Community Property Assets that were accumulated during the marriage that are considered community property according to law … [Read more...]