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What is considered marital property?

On Behalf of | Jul 30, 2018 | High Asset Divorce

Going through a divorce in Texas can often be daunting. While there are many difficult topics to discuss, one of the most overwhelming may be that of property division. You may find it difficult to separate property that you have accumulated throughout years of marriage. Before you finalize your divorce settlement, however, it is important to ensure you fully understand all of the items that are eligible for division.

When you think of marital property, you may instantly think of the family home, vehicles, furniture and the assets found in your savings account. Yet there are many more items you’ll want to consider. These include the following:

  •          Antique, vehicle, coin, art, wine and coin collections.
  •          Frequent travel miles or rewards points.
  •          Intellectual property, such as copyrights, trademarks and patents.
  •          Gifts given to one another during the marriage.
  •          Golf course and country club memberships.

You shouldn’t forget to take into account assets, such as retirement plans, term life insurance policies, stocks, pensions, 401k plans and benefits from former employers. Any lottery ticket winnings or tax refunds received after filing while married can also be divided as marital property.

If a situation should arise where money or property is loaned out to a third-party during the course of a marriage, you are entitled to receive half of the amount once that money is repaid. This is true even if it is given back after your divorce is finalized.

This information is intended to educate and should not be taken as legal advice.