In a community property state like Texas, marital property will be divided equally between divorcing spouses. The goal is to split everything 50-50, and that often starts with wages. Money that both people earned during the marriage qualifies as marital property and has to be split.
That being said, while wages are a good starting point, they are not the only type of property to consider. Below are a few other examples.
Marital purchases
To begin with, those wages were likely used to make joint purchases. This could include a home, a car, a vacation property, home furnishings and much more. Joint purchases are also community property.
Investments
If some of the marital wages were invested, the growth of that investment portfolio is also marital property. The spouses will need to figure out how to divide stocks or investment accounts.
Other types of earnings
Additionally, wages are not the only thing an employee may be earning. They could also be earning retirement benefits or a pension, for example. They may earn bonuses, commissions or stock options in the company that they work for.
Marital liabilities
Finally, couples need to remember that some of their financial liabilities are also owned jointly. This could include things like credit card debt or a mortgage that both people took out together. Financial obligations also need to be divided during a divorce, along with property and assets.
Moving through a divorce
The property division side of a divorce can get complex in Texas. Those who are going through this process must know what legal steps to take and what rights they have under local divorce laws.
