In Texas, if all or part of the pension was earned during marriage, then the pension is considered community property and is subject to being divided. A pension is divided by a Qualified Domestic Relations order signed at the time of divorce. The division does not happen automatically. The way the pension is divided varies case by case and needs to be decided between your spouse or by a judge. <\/p>\n\n\n\n
Whether your spouse’s business is considered separate or community property depends on when the business was started. If the business was created before marriage, it\u2019ll be considered separate property. If it was curated during the marriage, it will likely be considered community property and may be divided. You can learn more about this topic in Rob Frazer\u2019s blog, Can My Spouse Take Half of My Business in Divorce<\/a>.<\/p>\n\n\n\n Debt is treated in the same as assets during divorce and are part of the community estate. Any debt incurred during the marriage will be seen as an object of the community estate no matter which spouse incurred it. The debt will be divided equitably and not necessarily split 50\/50 in divorce. This means if one spouse personally incurred most of the debt, they may end up with the bulk of it in divorce. <\/p>\n\n\n\n It\u2019s important to note, however, if your spouse misses payments or defaults on something like your mortgage, lenders will likely come to you looking for payment. For this reason, it\u2019s important to work with an experienced property division attorney who understands your circumstances and can help you accordingly. <\/p>\n\n\n\n When it comes to debt and bankruptcy, the type of debt owed and the type of bankruptcy your ex-spouse files affects what you owe. Generally, just because your former spouse files for bankruptcy doesn\u2019t mean that the debt just disappears. If your former spouse was ordered to pay unsecured debt that was in both of your names and files for bankruptcy, the creditor could come to you to collect the debt instead of your spouse. In this instance, you need the help of a good bankruptcy attorney. <\/p>\n\n\n\n To learn the difference between community and separate property, you can visit our Characterization of Separate and Community Property page<\/a> or read the blog post, Division of Community & Separate Property in Texas Divorce<\/a>.<\/p>\n\n\n\nHow is Debt Divided at Divorce?<\/h3>\n\n\n\n
What Happens To My Debt If My Ex-Spouse Files For Bankruptcy?<\/h3>\n\n\n\n
What is the Difference Between Community & Separate Property? <\/h3>\n\n\n\n