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What assets are marital in a Texas divorce?

On Behalf of | Mar 20, 2023 | Divorce

Property division is a tricky subject during divorce proceedings. The court typically needs to assess your assets and categorize them based on the circumstances when you received them.

The Texas family code generally defines marital or community property as assets gained during the marriage. However, exceptions apply to the property one spouse receives as a gift, inheritance or compensation for personal injuries.

Community property includes the following assets:

  • Wages and other monetary income
  • Real estate
  • Cars and other vehicles
  • Pensions or benefits acquired while married
  • Compensation for unemployment or lost income
  • Money in savings or checking accounts, regardless of ownership status

Even if one spouse fully controls a bank account, it is still marital property if it contains money earned during the marriage.

Additionally, the court reviews liabilities, such as debt. Like community property, the judge will fairly divide debt depending on the circumstances.

Your behavior can impact vital divorce matters

Divorce could become challenging in many ways. However, it would be best to watch your behavior when sorting out critical issues to avoid property division and child custody disputes.

You could get through divorce smoothly while keeping family relationships intact by putting in some work. Here are some tips for a good divorce:

  • Practice open communication
  • Manage your emotions to stop them from influencing your decision making
  • Organize your paperwork efficiently to meet necessary deadlines
  • Always prioritize the children’s needs

Sometimes, you might need to compromise and meet your ex halfway to settle issues. You might feel apprehensive about finding a middle ground regarding financial matters, but making an effort could be more helpful overall.