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TX divorce lawyerTexas residents who file for divorce and who are unable to come to an agreement regarding how their assets will be divided are often concerned about how their inherited assets will be handled by the court during the process of property division. While it is true that for the most part, inheritances that are left to only one spouse during a marriage are considered the separate property of that spouse, this is not always the case. For help determining whether your own inheritance could be divided between you and your soon-to-be former spouse upon divorce, please contact our dedicated high asset divorce legal team today.

What Is Separate Property?

Texas is a community property state, which means that during divorce, all of a couple’s marital property must be divided equally. For this reason, determining which assets qualify as marital and which are considered separate is extremely important to the results of the property division process. Marital property is made up of assets accumulated by the couple during the marriage, regardless of which spouse purchased or acquired them. The term separate property, on the other hand, refers to assets that the parties brought into the marriage.

Important Exceptions

While determining which type of property an asset qualifies as depends largely on when the asset was acquired, there are a few exceptions to this general rule. For instance, inheritances that are left to one party exclusively are usually considered to be separate property, even when the bequest is made during the course of the beneficiary’s marriage. Similarly, assets that would initially qualify as separate property can become marital property if they were commingled with the couple’s marital property during the marriage. This same rule applies to inheritances, so just because a person received an inheritance during his or her marriage, does not automatically mean that it will be considered separate property. Instead, courts will also look at what the inheritor used the bequest for when determining whether it should be divided equally.

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TX divorce lawyerFor couples who are going through a high asset divorce and who also own unique or particularly valuable assets, property division negotiations can be one of the most complex parts of the entire divorce process. Whether an asset falls under the category of a personal possession, a business asset, real property, or another type of asset, its purchase date will have an extremely important impact on how it is divided upon divorce. For this reason, most couples who are going through a high asset divorce are strongly encouraged to carefully evaluate and separate marital property from assets that were accrued prior to marriage.

To ensure that this task is manageable for both parties, couples in this position may want to consider creating a marital property checklist, a tool that often proves invaluable to divorcing parties who are concerned about coming up with a fair and equitable property division settlement. Unfortunately, creating this type of list can be difficult, so if you and your spouse have decided to file for divorce, it is important to contact an experienced high asset divorce attorney who can help protect your interests.

What to Include on a Marital Property Checklist

In an effort to keep the property division process as organized as possible, many divorcing couples choose to create a list of all the marital property that must be divided. Most marital property checklists contain at least four categories of assets, including:

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Texas complex litigation attorneyAlthough many families treat their pets like members of the family, the reality is that for the purposes of deciding who gets the pets in a divorce, animals are legally considered property in Texas. This means that if a couple is unable to come to an out-of-court agreement about who will get custody of the pet, the court will assess the situation based on community property law. This can have unfair results, so if you are going through a divorce and have questions about who will retain custody of your family pet, please contact a family law attorney who has experience in complex property litigation matters.

Community Property Rule

Because animals are considered property in Texas, courts will apply the standard community property rules when deciding pet custody issues. This means that the court will attempt to divide the property in a way that is equitable. When a family pet is the property at issue, the court may assess who has historically been the pet’s primary caretaker, evaluate each spouse’s living situation, and if a couple has children, determine whether they are especially attached to the animal.

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Texas high asset divorce attorney, Texas complex divorce lawyerOne of the most contentious issues faced by many couples going through a divorce is who will retain ownership of the family home. Texas is a community property state, which means that all assets acquired by a couple during their marriage must be divided equitably upon divorce. The family home falls under this category as well, which means that if a couple is unable to come to an agreement outside of court, a judge will need to devise an equitable arrangement. Property division is a complicated legal issue, which can be made even more complex by the emotionally charged nature of many divorces, so if you are considering a divorce and have concerns about property division, it is important to contact an experienced complex divorce attorney who can explain your options.

Community Property

All property acquired during a marriage will need to be divided during a divorce, including:

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Texas divorce attorney, Texas complex litigation attorney, high-asset divorce,A premarital agreement can hardly be considered romantic, but it is an important part of a strong marital foundation. Many couples fight over money issues, and although the issue is normally dealing with debt, dealing with large assets can be every bit as stressful.

By executing a solid premarital agreement, you can eliminate a potential source of conflict before it ever manifests itself in the first place. If there is a high-asset divorce later, a premarital agreement may help narrow the issues, and the spouses might avoid a legal battle that is both financially and emotionally costly.

Who Needs a Premarital Agreement?

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