Upon deciding to dissolve your marital union, you may wonder whether you or your spouse will retain ownership of your home. If both of you own title to the house jointly (which is often the case in a divorce) or if the house was purchased while you were married, then it will be part of the community property pool that must be split. If both you and your spouse cannot agree, then it will be left up to the court to decide.
When trying to understand how your home and other property are distributed in a divorce, it is crucial to consult with our property division attorneys in San Antonio, TX.
Types of Property in a Divorce
In a Texas divorce, property is generally divided into two categories: community property and separate property, which determine how assets are divided.
Community Property
Community property, also known as marital funds, is considered any property that was acquired during the marriage. This applies regardless of whose name is on the title. Community property can include wages, bank accounts, retirement accounts, vehicles, and real estate. In a divorce, the court will typically divide assets equally, or in the fairest way possible, if a judge believes that a 50/50 split is not equitable. In determining the most “just and right” manner of splitting marital funds, the court will examine a list of factors (we will discuss this in more detail later).
Separate Property
In contrast, separate property is any property that is acquired before or after marriage. An exception lies with inheritances and gifts. Inheritances and gifts remain the property of the individual, even when the funds are received during the course of the marriage. To protect their sole rights to the property, the spouse who inherits or is gifted the property should keep it separate from marital funds.
Commingled Assets
Commingled assets occur whenever separate and marital funds are mixed. Common examples of commingled assets include depositing an inheritance in a joint bank account or adding your spouse’s name to the deed of a home you owned before marriage. While you are married, this rarely poses a problem; however, in the event of divorce, it becomes complicated to distinguish between separate and marital property. Since separate property should not be included in property division, it is essential to maintain careful records and documentation to protect these assets.
What Factors Does a San Antonio Court Look at In Deciding Property Distribution?
Texas family law judges examine certain statutory factors when determining the fairest way of dividing community property, some of which include:
- Length of the marriage
- Education level and earning potential of each spouse
- Financial and non-financial contributions made during the marriage
- The emotional and physical health of both spouses
- Specific needs of the children
- The parent was awarded custody of the children
- Evidence of marital misconduct
- Other factors the court considers relevant
Given all these considerations, the court will determine which spouse should keep the house. If the house was bought by either person before marriage, then the court may decide to let that spouse retain ownership. However, the court will consider custody rights, each spouse’s financial independence, and each spouse’s ability to earn a living before issuing a final decision.
Reach Out to a San Antonio, TX, Property Division Lawyer Today
Embarking upon divorce can be a traumatic time. After years of financial stability, you may find yourself questioning how you will pay rent. At Cook Law, our property division lawyers in San Antonio, TX, are committed to assisting individuals as they navigate the divorce process. If you need help on your next steps, our firm is only a call or click away. To schedule a meeting with a divorce lawyer, we can be reached online or by calling (210) 740-0281.