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Asset protection during a Texas divorce

Wednesday, June 20, 2018

Separations typically become more complicated the more assets that a couple has accrued during the course of their marriage. While courts officiating over a Texas divorce attempt to be as equitable as possible in the dispersion of material and fiscal assets, it is always possible that some of your assets will be remanded to your former spouse. However, depending upon where you are in the country, some of your assets may be exempt.

Texas divorce law identifies the state as a "community property" state. This means that most assets acquired by the couple during the marriage are considered joint property, regardless of who did the actual purchasing. The court does its best to divide these assets equally between the two parties.

However, any property an individual spouse acquired before the marriage was legally performed is considered exempt from this division. The same is true for property or other assets that were acquired during the marriage through an inheritance. Income generated by an external asset can also be excluded, even if that income continued to accrue during the course of the marriage.

Knowledge of Texas divorce law is always useful for individuals undergoing a marital split. In order to ensure you are in the best possible financial standing at the end of your divorce proceedings, it may be helpful to look into the details of community property law as it relates to your specific case. No matter whether your divorce is amicable or not, ensuring you keep what is rightfully yours can make a huge difference when it comes time to move on toward a happier future.

Source: opposingviews.com, "What Assets Are Protected From Divorce Settlements?" Amanda McMullen, May 10, 2013

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