Sometimes, financial experts tell their clients to separate their earnings during their marriage, as this may help them to avoid conflict. However, even if two people in San Antonio decide to create and maintain separate bank accounts, they may still have to share their money if they get a divorce. Here is a glimpse at how the state of Texas handles property division during divorce proceedings.
Texas follows the community property standard — a standard to which only a few states adhere. Based on this standard, two people who decide to divorce in the Lone Star State must split their earnings 50/50 as part of the property division process. This means that, even if they kept their money separate, they must still split it equally if the money was acquired over the course of the marriage.
Still, if people receive inheritances during their marriages, it may behoove them to keep these assets separate from their spouses. The reason for this is that inheritance funds are not subject to asset distribution during divorce. If the funds are placed in a joint bank account, however, this means that the funds have been comingled, so it must be divided along with the divorcing couple’s other marital property.
Splitting marital assets can no doubt be a complex process in San Antonio. An attorney, however, can provide the direction needed to approach this process in the most personally beneficial way possible. The divorce attorney’s aim is to help the client to attain an outcome that puts him or her in the best financial position possible following the marital break-up.