When you and your spouse decide to file for a divorce, the issue of property distribution always comes to mind. Usually, you can see who gets the property by looking at whose name is on the deed or title, but this is not the case for divorce proceedings in Dallas. Texas is one of only nine remaining states that still has jurisdiction over community property. The court divides all the community property equally.
What is community property?
In Dallas, community property includes all the property and earnings accumulated by both spouses during the marriage. It does not matter who paid for it or who has ownership rights as long as the purchase happened after the date of marriage and before the date of divorce.
Below are some examples of community property:
- Vehicles either of the spouses purchased
- All the money earned by either spouse within the duration of the marriage
- Any property purchased by either spouse, regardless of whose name is on the title
- Separate property commingled with community property
- Total savings of the spouses on either one’s joint or personal bank account
It may seem unfair, especially if you were the spouse who purchased the property with your own hard-earned income. Fortunately, you still have your separate property.
What is separate property?
Separate property is all the property you owned, purchased or claimed before you and your spouse were married. Furthermore, if someone gave you any property or asset as a gift during the marriage or if you inherited them, they are still separate property. The court cannot touch, nor can they distribute your separate assets.
Property division is a stressful process. It may seem as if listing your properties and classifying them into separate and community is all there is, but loans, mortgages and taxes also play a role in dividing the property equally.