The Two Types of Assets in a Texas Divorce
Essentially, we have two kinds of assets in Texas. One is separate property, the other is community. If in fact something is separate property, it cannot be taken from you at the time of the divorce and given to the spouse. If it is community property, then it is jointly owned at the time the divorce starts and it has to be divided. In Texas there is a presumption that all property is community property, but clearly, many times folks have separate property.
One of the things they should focus on is getting a complete list of all of the assets and all of the debts. And then secondly, to focus on the source of the funds. And so, it’s a matter of getting information on the front end, as much information as you can initially give to your lawyer saves time, money, and energy. We represent good people at the worst time of their lives. So, it’s very difficult. You want to protect them and you want to do everything you can to not make it worse.
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