Types of Assets in Austin

In Austin, understanding the different types of assets involved in a divorce is crucial, as Texas follows a community property principle where both sides generally split their assets and debts evenly. However, it is important to note that the Court has the discretion to do a disproportionate split if the facts warrant it.

Talk to an experienced property division attorney today about handling your assets after a divorce today.

What Is Community Property?

Community property generally refers to the assets two people own as a married couple. Most of the time, they are purchased while the couple is together. This includes not only objects of value like cars and homes but also the salaries earned during the marriage. While courts often divide this property evenly, they are not always obligated to do so. Instead, the judge has the power to divide assets in a way that they deem is just and right.

Certain assets fall into the community property category, such as the income spouses earn during the union, property purchased with those marital funds, and the family home. The outcome of these asset splits might not always seem fair. It is entirely possible for a party who did not contribute with their direct paycheck to the purchase of a valuable property to own it in the end. An experienced lawyer in Austin could work to ensure a reasonable division of community property assets at the end of a marriage.

What Is Separate Property?

There are some things of value that are not divisible during divorce proceedings. The most common example of this is an asset that a spouse owned individually prior to the marriage. Some property obtained during the course of the marriage might also qualify, including gifts or inheritance from family members, the proceeds of personal injury settlements, and certain types of disability benefits.

Ultimately, if there’s a dispute that the parties cannot resolve outside of court about the characterization of the property, a judge will determine if the property is community property or separate property. There must be clear and convincing evidence to make this type of case successful. A skilled Austin legal professional could help determine which types of assets are considered separate property.

Talk to an Attorney in Austin About the Types of Assets in a Divorce

Property division frequently leads to conflict during the divorce process. If you have questions about the types of assets in Austin and how likely you are to receive them, reach out to our firm as soon as possible. Call to schedule a consultation today.