Monday, December 21, 2009

What is community property in Texas?

In Texas, "Community Property" basically consists of all property acquired by either spouse during marriage that is not otherwise Separate Property. All marital is presumed to be community property unless it is proved to be separate property. Spouses may also agree in writing that his or her separate property is converted to community property.

Another question that often comes up is "What about property we acquired in another state?" The general rule in Texas is that marital property acquired by either spouse while residing elsewhere is community property if it would have been considered as community property if the spouse was living in Texas at the time of acquisition.

Sometimes, these questions of community property versus separate property are very complex, and you may need legal help to determine the status of a marital asset.

If you need a Texas divorce lawyer, contact Peterson Law Group.

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