Among the biggest challenges that a divorcing couple might face during this time is what they could do in regards to separate property, the acquisition of separate property assets, and separate property debts.
If you are property that you inherited and are going through a divorce, then having an attorney by your side is advised. This is because unique issues might come up in such cases. So, it’s better to schedule a free consultation with Turner-Monahan, PLLC., Fort Worth, Texas at https://tumolaw.com/contact-us/, and discuss your case in detail.
What is Community Property?
According to Texas law, all property and earnings acquired by the spouses during their marriage are considered community property. These are the assets that are owned together by the spouses.
It doesn’t matter whose income was used to buy it or who is on the title, contract, account, or note, as long as it was bought between the date of marriage and the date of divorce and it wasn’t a gift, inheritance, or personal injury settlement.
Request to Confirm Separate Property
In the video, Managing Partner Tyler Monahan of Turner Monahan PLLC elaborates that there are some cases in which you can request to confirm separate property that you either acquired before or during your marriage by gift or bequest. In some cases, you might have inherited it through a will or probate.
So, If you are the person that wants to prove the separate property or have a separate property claim, then the burden of taking the legal action will fall on you. The courts will presume that all property and debts are a part of the marriage or community unless proven otherwise.
According to the Texas Family Code, chapter 3, Marital property rights and liabilities, Sec. 3.001, a spouse’s separate property consists of:
- the property owned or claimed by the spouse before marriage;
- the property acquired by the spouse during marriage by gift, devise, or descent; and
- the recovery for personal injuries sustained by the spouse during marriage, except any recovery for loss of earning capacity during marriage.
Suppose, if you have a circumstance where you have a home, and you want to claim that it is separate property, then you have to make sure that you have the proper documentation, information and all the paperwork is approved.
Examples of separate property:
- House purchased by one of the spouses before marriage
- A car gifted to one of the spouses by their parents
- Gifts that were given to each other during or before marriage, such as jewelry
- Contributions to a spouse’s retirement account before the marriage
- Inheritance of the spouses
Why Do You Need An Experienced Fort Worth Attorney?
Inheritances are viewed as special assets in terms of marriage and divorce since they are often associated with a sense of legacy and intimacy. As a result, inheritances are protected from property division in divorce as long as spouses can establish that they are separate property.
Our experienced team at Turner Monahan can help you with a Texas divorce with an inheritance or a prenuptial agreement, or a postnuptial agreement. So, if you need assistance with it, you can contact attorney Tyler Monahan and schedule a free consultation.
Get information on Prenuptial and Postnuptial agreements, or click here to find out more about our services.
Disclaimer
The commentary and opinions are for informational and educational purposes only and not to provide legal advice. You should contact an attorney in your state to obtain legal advice concerning any particular issue or problem. You can become a client and enter the attorney-client privilege only after hiring Turner-Monahan, PPLC, by signing a written retainer agreement.
