What is a Marital Asset and How is It Divided?
On the day that you get married, there's no more his money and her money. Everything that is accumulated by you and your husband or wife is community property. There's three exceptions to the general rule of community property, and that has to do with property that was owned prior to the marriage, property that is inherited, or property that is gifted to you. So, there's no hard and fast rule for dividing community property here in Texas. Generally speaking, the court is going to divide it equitably, and what that means is fairly. So, while a lot of times that will be a 50-50 division, sometimes there's reasons that it would be an offset division where one party would get more than the other.
The most important thing for clients to understand when they're dividing assets is that not all assets are created equal. So, for instance, if I have $100,000 in a bank account, that is not the same as $100,000 in a 401k. So, my goal in working with clients is to help them get through this very stressful and painful process and understanding that this is a process and you will get through it.
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