Many of the San Antonio clients that we’ve worked with here at The Law Office of Roland R. Esparza, P.C. come to us panicked for not having signed a prenuptial agreement prior to marrying. Now, they’re concerned that with their marriages ending, they will lose much of what they might have brought into the relationships. If you share this same concern, than it may be important for you to take long look at how property is classified in Texas, and what steps need to be taken before property that was brought into a marriage is considered shared.
The first thing to understand is the difference between separate and community property. Your community properties are those assets that you acquired while you and your soon-to-be ex-spouse were together. Separate property is that which you already possessed going into a marriage. It may include:
- A home or condominium
- Retirement accounts
- An investment portfolio
While those assets are considered your separate property, any income that they generate during your marriage could be considered to be community. However, In order for your predetermined separate property to convert over to be shared, both you and your spouse need to identify and agree, in writing, what specific property is being converted, and that it now will be considered community property. Simply adding your spouse’s name to the ownership title may not satisfy this requirement according to the Texas Family Code. Thus, even though you may have added your spouse onto an account or a deed, without a written agreement to classify the property in question as being shared, it’s still would be considered property in your divorce.
More information on property division can be found by browsing our site.