Q&A: What are the rights of dividing up assets in TX?

May 12, 2013 | By

Question by Life is a Maze: What are the rights of dividing up assets in TX?
If a couple got divorced, how would all their money and property be divided if they money and property were in one spouse's name but not the other's? Would it still be a 50/50 split? IF the couple each has a bank account in their own name, is it still gonna be 50/50 since the wealth was acquired after marriage? Same goes for property too? Just asking.

Best answer:

Answer by HIS!
Texas is a community property state. Everything owned by one spouse is considered owned by the other and would stand the chance of being split 50/50 or however the divorce was decided. The only exception I know of if an inheritance. An inheritance is not subject to being community property.

EDIT: Assets acquired before marriage become community property once you are married. If you own a business before you're married, your spouse owns 1/2 of your share after marriage unless you sign a pre-nup to prevent it.

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Comments (1)

  1. mmuscs

    HIS is correct. The only other thing not considered community property is what you had before the marriage.