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In Texas, if all or part of the pension was earned during marriage, then the pension is considered community property and is subject to being divided. A pension is divided by a Qualified Domestic Relations order signed at the time of divorce. The division does not happen automatically. The way the pension is divided varies case by case and needs to be decided between your spouse or by a judge.
Whether your spouse’s business is considered separate or community property depends on when the business was started. If the business was created before marriage, it’ll be considered separate property. If it was curated during the marriage, it will likely be considered community property and may be divided. You can learn more about this topic in Rob Frazer’s blog, Can My Spouse Take Half of My Business in Divorce.
Debt is treated in the same as assets during divorce and are part of the community estate. Any debt incurred during the marriage will be seen as an object of the community estate no matter which spouse incurred it. The debt will be divided equitably and not necessarily split 50/50 in divorce. This means if one spouse personally incurred most of the debt, they may end up with the bulk of it in divorce.
It’s important to note, however, if your spouse misses payments or defaults on something like your mortgage, lenders will likely come to you looking for payment. For this reason, it’s important to work with an experienced property division attorney who understands your circumstances and can help you accordingly.
When it comes to debt and bankruptcy, the type of debt owed and the type of bankruptcy your ex-spouse files affects what you owe. Generally, just because your former spouse files for bankruptcy doesn’t mean that the debt just disappears. If your former spouse was ordered to pay unsecured debt that was in both of your names and files for bankruptcy, the creditor could come to you to collect the debt instead of your spouse. In this instance, you need the help of a good bankruptcy attorney.
To learn the difference between community and separate property, you can visit our Characterization of Separate and Community Property page or read the blog post, Division of Community & Separate Property in Texas Divorce.
Our attorneys are experienced in all aspects of family law and will guide you through each step of the process, ensuring you have the information you need to make wise decisions and prepare for the future.
At Goranson Bain Ausley, we strive to deliver clarity about what comes next and confidence that you and your family’s future are more secure. Contact our team and discover how we can help you.
Get Started Online
Save time and costs. Before your consultation, use our confidential online questionnaire to receive a personalized information pack in minutes.
Schedule a Consultation
Schedule an in-person or remote consultation with one of our experienced family lawyers by calling us or filling out the “contact us” form.