What Property is Exempt from Asset Division?
What is Asset Division and which assets are exempt from that division.
Joint PropertyOn behalf of Becker Family Law
As a divorcing couple, you will need to be up to date with all of the latest Texan laws regarding divorce and property. Who will get the home? What about other big purchases like vehicles or electronics? Becker Family Law, will help you determine everything you need to know about the matter
.First of all, joint property is what is largely being discussed when people talk about splitting up assets during a divorce. This means things that you and your spouse bought together, or things that were funded by your joint assets. In many cases, separate property is not brought into the equation.
What is separate property, then?Under Texan law, this includes:
Property that was either given as a gift or left as an inheritance
Property that you owned before the marriage
Recovery damages from injuries that were sustained by a spouse during the course of the marriage
Many different items can fall into these categories. It can include anything from physical property like houses that were passed down in a will, to sums of money left in an inheritance, to a car that you bought before you got married. These items will fortunately be protected.As you go through the process of divorce, make sure that you know what assets are yours and how to protect them from unfair division.