HOW DO COURTS DIVIDE MARITAL PROPERTY IN A TEXAS DIVORCE? MARITAL PROPERTY vs SEPARATE PROPERTY
The court must also determine which property is marital property and which is separate property.
–Separate property is property that was owned individually by one of the parties prior to the marriage, or acquired after the marriage by a gift, inheritance, or personal injury award. Separate property will be retained by the owner of the property.
–Marital or community property is all property acquired by the couple during their marriage. This includes real estate, income, investments, retirement plans, etc. Community property will be divided between the couple.
Texas Law: Equitable Division of Property According to Texas law, property will be divided equitably, or according to what the court deems is “just and right.” The interpretation of what is just and right is up to the individual judge. The judge looks at the facts of the case and determines what is equitable.
Real Estate: The Family Home How the home is divided depends on many things. Did the couple buy the house together, or was it the separate property of one of the spouses prior to the marriage? It may be awarded to one spouse, and the other spouse pays the equity share to the one who keeps the house. The spouses can remain co-owners of the home if there are minor children, so the parties would list the home for sale when the last minor child graduates from high school. The house will then be sold, and proceeds divided.