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lwpat
lwpat, Lawyer
Category: Family Law
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Experience:  Practicing family law attorney
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What are the laws concerning assets in a marriage? There were

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What are the laws concerning assets in a marriage? There were assets before marriage. One asset is a business that has been there for 17 years. She came into the picture 10 years ago. and the only assets she has brought was $26000.00. She has worked in the businesses both to start with and one exclusively for the past 2 yours. This one is located in Midland Texas(I own the building $150,000 and owned it before) and has done well due to the increase in the oil prices, established business, Good reputation, and she has worked it hard for the last 2 years. The other business is in a different city because we wanted to get out of the ups and downs of the market economy in Midland. It is only 4 years old and just breaking even. There is a house with about $30,000.00 equity in it now smaller assets not amounting to much. She will claim she did it all in Midland and wants all assets.
Submitted: 4 years ago.
Category: Family Law
Expert:  lwpat replied 4 years ago.
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In a community property state, all property that has been acquired during the marriage is community property, with the exception of property acquired through a gift or inheritance. Community property includes personal property, cars, real estate, shared savings and checking accounts, stocks, bonds, shares or interest in a business, retirement accounts, pensions and insurance policies. You might think property is something with value, but in fact even things that you might think have "no value" can be classified as property. For example: debt (loans, credit cards) goodwill, business name, professional degree or license, trade mark, copyright etc. Even if one spouse has earned all the money or a greater portion of the money to acquire the property, all the property is considered community property. In community property jurisdictions, spouses equally own all community property (fifty percent owned by the husband and fifty percent owned by the wife), and it is then divided between the spouses in the event of a divorce

The property that was yours prior to the marriage remains as yours. If the business was started during the marriage, then it is a marital asset. If you owned the business prior to the marriage, the increase in value of the business would be community property.
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