Today we are talking about another aspect of our tips for selling a home during divorce. If you are getting a divorce in the state of Texas, whether or not you plan to sell the house, the first thing you need to do is decide how to divide your property and assets.
In Texas, we have something called community property. Anything acquired during marriage is considered community property and belongs to both people equally. Texas defines community property as anything acquired during marriage, and includes things such as 401k, 401k growth stocks bonds rental property or furniture. When you are getting a divorce, the best thing you can do is work with your spouse to determine who will get what. Even though both people have a claim to it, it doesn’t necessarily mean everything will be divided equally. Many times the court will look at who is at fault for the divorce, who is the primary “bread winner” and who will be the primary caretaker of any children to help determine how to divide community property.
Separate property is anything acquired before marriage, but can include the following:
1. Inherited property – If one spouse inherits a property solely in their name, it is considered separate property by the state of Texas.
2. Gifted item or property – If one spouse is gifted an item from the other, such as wedding rings or watches for example, it is separate property.
3. Personal injury claims – If one spouse was injured during the marriage and received a claim, the property and future awards belongs to them solely.
4. Anything that you buy and deed as sole and separate property – Both parties must agree that the item was purchased separately and solely for one spouse.
For more detail, watch the video below!
For more information regarding how to sell your house quickly in a divorce, check out our other posts on the topic, or call us for a no-obligation quote on your Houston house.