In the state of Texas, community property refers to any property acquired during a marriage. This property will be divided during divorce proceedings unless a post-marital agreement detailing the division of specific properties has been signed. Pre-marital agreements do not cover community property.
Community property may include:
- Houses or parcels of land
- Cars, trucks, SUVs, boats, and other forms of transportation
- Jewelry, furniture, and appliances
- Stocks and bonds
- Bank accounts
Community property may also include retirement plans, IRAs, and pensions – even if you remarry.
Exceptions to Community Property
As a general rule, all property and assets acquired during a marriage are consider community property and are divided by the court during a divorce. Exceptions to this include:
- Property that was owned individually before the marriage
- Capital gains on property owned before the marriage
- Property acquired through inheritance or as a gift while married
Personal injury settlements may fall under both community and personal property in Texas. Settlement amounts for lost wages may be considered community property. Compensation for medical expenses or noneconomic damages such as pain and suffering are not. If you have received a settlement for an injury, Sugar Land divorce attorney Yasmin Kutty will discuss which portions may be divisible in greater detail.
If you have questions about community property or if you need an experienced divorce attorney in Houston, please contact the Kutty Law Firm today. Located in Sugar Land, Mrs. Kutty serves The Woodlands, Conroe, Katy, and all surrounding communities.