Physical property division often takes a backseat during a divorce to emotions. But, deciding what things are yours is an essential step. Making sure you keep what’s yours during the proceedings will prevent regret later in life. Sometimes, the law can seem to muddy the definition of a couple of shares and what is private. There are some guidelines online, though, to help determine what you might be able to keep.
What Is Considered Personal Property in a Divorce in Texas?
Personal property in a divorce includes items in that spouse’s consideration, custody, or control unless otherwise instructed. However, specific things like cars, real estate, business, personal accounts, and jewelry are not included. Personal property is considered an asset and can determine individual net worth.
It is also helpful to know the opposite of personal property: community property.
In this procedure, the court splits everything up into even sections for each partner. But, of course, the court can’t divide the couple’s possessions into two perfect parts. So, the “inception of title rule” applies. This rule considers the object’s status in deciding which party will receive it. It is crucial to remember that all property is community property unless proven otherwise.
Separate property is something that an individual claimed before they were married. Or they could be items that someone gifted to a person during a marriage. These can include:
- Inherited items
- Family heirlooms
- Things purchased before the wedding
- Some types of personal injury awards
It may be helpful to hire a divorce attorney knowledgeable about the property division during your proceedings. It is easy for emotions to cloud thinking. It is also common to desire to finish the divorce as quickly as possible, leading to poor, rash decisions. A Katy divorce attorney can help interpret the law and guide you through the process. In addition, they may help you keep the things that are rightfully yours.