Every state has its own laws regarding how your property will be divided during a divorce. The general rule in Texas is that the court will divide property in a way that it deems to be just and right. The exact particulars of how the court reaches this decision are important for you to be aware of as you move forward with divorce proceedings.
Division of insurance and other benefits
The Texas State legislature states that the court evaluates any kind of insurance benefits based on who is named in a given insurance policy. If both you and your spouse are named on the policy, the court will divide the rights accordingly, based on the terms of the policy.
As far as the rights of you and your spouse in employee benefits and retirement plans, the court will also make a decision based on what is stipulated in each individual plan. This can affect you whether you are self-employed, or if you are participating in employee stock options, individual retirement accounts, annuities, retirement plans or pensions.
Separate property vs marital property
You may provide a written agreement with your spouse in order for the court to determine income and earnings as separate property. Separate property will be divided to respective spouses owning the property, even if it was acquired in another state.
Even if your property was acquired in another state, if it would have been considered as community property, the court will make the decision as to how it will be divided. This included property acquired and property exchanged.
This is an informative article and should not be construed as legal advice.