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What property is exempt from asset division?

On Behalf of | May 18, 2018 | Divorce

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? Lisa E. McKnight, PC, 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 yu 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. You may want to take a look at our web page on divorce, linked here. It can provide you with further insight into property division and their related laws, which could help you determine how to protect your own assets when you head to court.