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Texas is a community property state and by statute all property held by either or both spouses at the time of divorce is presumed to be community property and thus subject to division by the court. The court is required to divide the community property in a just and right manner.
Right now, this year, more than ever before; working men and women are facing the long-term financial effects of failed marriages. What can you do today if you are separating assets, because of a divorce?
The significance of separate property is that a court cannot divest a spouse of their separate property. Therefore, once a court determines that a particular piece of property is separate property, then it must set that property aside to the separate property owner. The burden is upon a spouse to prove that property is his or her separate property by clear and convincing evidence.
Retirement Benefits are classified as property and therefore can be subject to a ’just and right’ division by the court.
Before the court can divide community property, the property needs to be identified and valued. Each spouse is qualified to express an opinion as to the value of property.
Texas divides marital property as community property. This means any property owned by either spouse during the marriage is community property between the spouses. The court also divides marital debt at this time and ownership is recognized the same way. However, property that is owned by either spouse before the marriage is considered separate property. In a case involving children, the Texas divorce court often divides the property unequally. An equal division of the community property is not required by the Texas divorce laws, were as some other community property states adhere more to the 50-50 split rule.
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