What is Community Property, and can I keep the house?

Community property is everything that the spouses own together. Generally, that includes all property acquired during the marriage except property received by inheritance or gifts from separate property owned before marriage.

Community property is all property bought during the marriage with income received during the marriage. 

Separate property is any property that you or your spouse owned before the marriage or that you received during the marriage as a gift or inheritance. 

If you’re thinking about divorce or going through one, and live in a community property state, then the majority of your property is likely considered a marital asset.  What this means is the property will have to be divided between both partners.

Assets will include any real property, money in saving/retirement accounts, and any debt acquired during the marriage. There are certain exceptions to community property laws, and you should seek the help of a good family law attorney if you are unsure about your property. We can connect you today.

While you might be wondering what is my house even worth today? The Gifford Group can help you determine its true value. 

Yes!  Texas is one of nine states that is a community property jurisdiction. Community property means that most property acquired by both spouses during the marriage belongs to the community estate and is therefore subject to division at the time of divorce.

You may have heard that Texas is a 50/50 state, the division is not necessarily a 50/50 split.  A court may determine "is just and right" is not a 50/50 split.  A court bases a "just and right" division on the facts of each case.  Texas Family Code

What states have community property laws? Here are the eight other states:

• Arizona
• California
• Idaho
• Louisiana
• Nevada
• New Mexico
• Washington
• Wisconsin

Community property laws can have a major financial effect on your future as a homeowner. To learn more about buying a home and what your options are as a homeowner contact us today. 

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