If you find yourself thinking about divorce, you probably have questions about what kind of impact the end of your marriage would have on your financial stability and your future. Almost everyone has heard some kind of horror story about an utterly unfair divorce ruling that benefits one spouse over the other.
Worries about such an unfair outcome could keep you from filing divorce when you know you would be happier after the end of your marriage. Understanding how Texas manages asset distribution at the end of a marriage can help you make more informed decisions.
Texas is a community property state
When trying to determine how the courts will split up your assets, you first need to know which possessions and debts are actually vulnerable to division in the divorce. Given that Texas is a community property state, the courts generally treat anything acquired during the marriage as shared or community property.
Even if only one spouse is on a certain account or ever contributed financially to the household, both spouses have a shared ownership interest in the marital assets and debts. Once you establish what is part of the community property pool, you can then advocate for your fair share of those assets. With the exception of separate property, such as an inheritance or gifts, as well as assets owned prior to marriage, most everything you own may be subject to division in the divorce.
Although the courts do try to create fair solutions, the circumstances of your marriage may sometimes necessitate an uneven division of assets or debts to make things as reasonable as possible.