Monday, January 29, 2007

Separate Property vs. Community Property

Section 3 of the Family Law Code for the State of Texas tells us the designations of Marital Property.

Separate Property

(1) property owned or claimed by the spouse before marriage;

(2) property acquired by the spouse during marriage by gift, devise, or descent; and

(3) property recovered for personal injuries sustained by the spouse during marriage, with the exception of earning capacity during the marriage.

Community Property

Community property includes all the property not considered separate property. Community property is property acquired during marriage.