During the property division part of a divorce, assets and debts are divided among the couple. As we discussed last week, there are several points to consider when dividing credit accounts. There are also several points to consider when you have an inheritance that must be divided.
Property division is one topic in a divorce that can lead to problems. Each party probably has very specific desires that might not line up with what the other party wants. Because Texas is a community property state, marital property is classified as either separate property or community property. The items considered community property are divided equally between the spouses. What our readers might not realize is that debts are also classified as community property or separate property.
Discovering that your marriage is ending isn't a pleasant feeling for anyone. When the realization is made that you will have go through the property division process hits, the actual difficulty of the divorce might seem even worse. In those times, it is important that you understand how property division works in Texas so that you can ensure that you get your share of the assets you obtained during your marriage.
When most people think about divorce, they think of having to divide assets. In some divorces, it is also necessary to divide significant debts. Just as not all assets are created equally, not all debts are created equally when it comes to a divorce. Residents of Arlington might wonder how student loan debt would be divided up during a divorce. The short answer to that question is "it depends."