Texas Community Property Estate Attorney
When addressing property division, one of the most confusing and difficult concepts for people to deal with is the concept of community property and separate property.
At the law office of Barbara L. Jouette, Attorney, P.C., we explain it this way: There are three estates. First, there is your separate property estate, which includes all of the money and assets you came into your marriage with, and any gifts or bequests you received after the date of your marriage. Second, there is your spouse's separate property estate, encompassing assets owned prior to marriage, and gifts or bequests received during the marriage. Third is the community property estate, which likely contains the bulk of the assets. This estate belongs to you and your spouse and is subject to division by the court.
You Earned Money for the You and Your Spouse, Not Just Yourself
Unless you have a prenuptial agreement that says otherwise, the money you earned and assets you acquired during your marriage are not just yours. They belong to you and your spouse. In other words, if you made a dollar, you did not actually make a dollar. You made 50 cents, and your spouse made 50 cents.
The same is true not only of income, but of retirement funds and investment accounts, interest, dividends and more. Nearly everything obtained during the marriage becomes part of that community property estate and is subject to division by the court. Even debts have a community or separate character, regardless of whose name is on them. We are committed to seeing that you get your fair share of the community property.
Separating Your Separate Property
We need to make certain that your separate property is designated and treated as such, and not combined with community property in the division of assets during divorce proceedings. This may not be as easy a task as it seems. For example, if you had a certain amount of money in your bank account prior to marriage, but the bank account became shared after marriage, tracing what is your separate property can be difficult. With more than a decade of experience on our side, we are ready to take on these sorts of challenges.
Free 30-Minute Consultation
For comprehensive, personalized counsel, support and advocacy on community and separate property from a McKinney divorce lawyer, contact us today. We care about your future. Let us help you move forward.