Agreement Division Property With Real Estate In Texas
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Property acquired during the marriage (outside of the noted exceptions) is considered community property. The spouses can, however, agree to convert (or “transmute”) community property into separate property. In Texas, this is done via a written agreement establishing a partition or exchange between the parties.
Unless both spouses agree, a spouse must prove that something is separate property by “clear and convincing evidence.” If a spouse cannot prove something is separate property, it is considered to be community property. Read Gathering and Presenting Evidence to help you understand what is allowed in court.
Texas is one of nine states that is a community property jurisdiction. In general, this means that any property acquired by a couple during their marriage (with a few exceptions) is equally owned by both spouses. This can have a profound effect on the dissolution of property during divorce proceedings.
The undivided interest encompasses the whole property, and its holders have equal rights to the entire property. The undivided interest is not separated into parts or shares. Thus, no individual co-owner has exclusive rights to any specific portion of the property.
Potential solutions for dividing inherited property include selling the property and dividing the proceeds, providing siblings with co-ownership, and having one sibling buy out the other siblings.
One common misconception among divorcing couples in Texas is that all assets are automatically split 50/50. The automatic 50/50 split is a myth!
A partition agreement divides, or partitions, a married couple's community estate into two separate estates. It is sometimes called a post-nuptial or post-marital agreement and is similar to a prenuptial agreement, except that it is executed by a married couple.
Texas is one of nine states that is a community property jurisdiction. In general, this means that any property acquired by a couple during their marriage (with a few exceptions) is equally owned by both spouses.