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#12791334 - 06/13/18 10:25 PM Learned something new about community property in Texas
Uncle Zeek Online   content
Perry Mason

Registered: 09/26/05
Posts: 21098
Loc: Lewisville
So most everyone here probably knows the basics about community property: when you get married, everything you own becomes her stuff. grin

Ok, seriously, the rule is that there's a rebuttable presumption that all marital property is community property. You can show that property is NOT community property with clear & convincing evidence that it is separate property. Separate property is property that you a) owned before marriage, b) inherited during the marriage, or c) was given to you as a gift during the marriage. In general, most people tend to let their separate property get commingled with community property to the point where you can no longer prove that it is your separate property.

One way to prevent property from becoming community property is to have a written agreement before the marriage that certain property (like income from a rental house) will remain separate property after getting married.

So here's the new thing I didn't know about: a married couple can sign a contract agreeing to "partition" certain community property into separate property. Handy estate planning tool for folks on a 2nd (or later) marriage and/or who have children from a previous relationship. This is practical for long-term planning, because everyone dies eventually ... and if you have kids from a previous marriage, you might want to ensure that certain property goes to them no matter what.

(Yeah, I know, boring stuff, but some of this will be on the bar exam!)
_________________________
"Decency is not news; it is buried in the obituaries --but it is a force stronger than crime" ~ Robert A. Heinlein, 1952

I can't give legal advice yet, but this site may have some of the answers you need: https://texaslawhelp.org/

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#12791345 - 06/13/18 10:29 PM Re: Learned something new about community property in Texas [Re: Uncle Zeek]
Sawhorse Online   content
Angler

Registered: 02/22/18
Posts: 438
Loc: N. Texas
Settlement money from personal injury lawsuits (not including compensation for lost wages) is considered separate too.

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#12791408 - 06/13/18 11:56 PM Re: Learned something new about community property in Texas [Re: Uncle Zeek]
collincountytx Online   content
TFF Guru

Registered: 04/08/08
Posts: 15193
Loc: Dallas, TX
I don’t understand why anyone would want to get married more than once
_________________________

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#12791489 - 06/14/18 06:51 AM Re: Learned something new about community property in Texas [Re: Uncle Zeek]
Roller22 Online   content
TFF Celebrity

Registered: 03/30/04
Posts: 6199
Loc: Justin, TX
Zeek you helped me a month or so ago with a property tax question and protesting. Went to the CAD in Denton yesterday and came away better than expected. Dropped my home property tax from $211K to $188K by simply looking at comps. Huge because I was only looking for $191K. Rental went from $140K to $130K.

Thanks again for your help, sorry this is off topic of your original post which was informative.
_________________________
I Thes. 5:16-18

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#12791565 - 06/14/18 08:14 AM Re: Learned something new about community property in Texas [Re: Uncle Zeek]
PondFish Online   content
Extreme Angler

Registered: 05/01/14
Posts: 2201
Wife and I covered all of that in the Pre-Nup.

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#12791646 - 06/14/18 09:07 AM Re: Learned something new about community property in Texas [Re: Roller22]
Uncle Zeek Online   content
Perry Mason

Registered: 09/26/05
Posts: 21098
Loc: Lewisville
Originally Posted By: Roller22
Zeek you helped me a month or so ago with a property tax question and protesting. Went to the CAD in Denton yesterday and came away better than expected. Dropped my home property tax from $211K to $188K by simply looking at comps. Huge because I was only looking for $191K. Rental went from $140K to $130K.

Thanks again for your help, sorry this is off topic of your original post which was informative.


Oh, I don't mind pointing people to information on how to protest property taxes, or similar things. In a perfect world, everyone would protest their property taxes every year, everyone would take all possible deductions on their income taxes and MAIL the paper returns in, everyone would claim their fuel tax refund for boat fuel use, etc, etc.
_________________________
"Decency is not news; it is buried in the obituaries --but it is a force stronger than crime" ~ Robert A. Heinlein, 1952

I can't give legal advice yet, but this site may have some of the answers you need: https://texaslawhelp.org/

Top
#12791688 - 06/14/18 09:26 AM Re: Learned something new about community property in Texas [Re: collincountytx]
GTrigg Online   content
Angler

Registered: 11/25/14
Posts: 444
Loc: East Texas
Originally Posted By: collincountytx
I don’t understand why anyone would want to get married more than once


Geeze, where were you when I got married for the fourth time? Although after two divorces, half of nothing is nothing so you don't really loose much... roflmao
_________________________
G. Trigg
Gilmer, TX


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#12792127 - 06/14/18 02:58 PM Re: Learned something new about community property in Texas [Re: Uncle Zeek]
Fishin' Nut Online   content
TFF Celebrity

Registered: 03/14/03
Posts: 6673
Loc: Huntsville, AL
I think this is called a "QTIP". My MIL is on marriage #3. He is a very wealthy man. If he dies first, she gets a lump sum settlement and the remainder of his estate goes back to his two sons. If either of them contest the lump sum settlement and lose, they forfeit their portion of their inheritance and it reverts back to the MIL. The lump sum is not small change, so he had that put in there because his two sons would/could litigate my MIL into bankruptcy, if they chose to do so.
_________________________


Kirk Long (Kikr) March 4, 1959 - June 19, 2009
I guess the Lord needed a fishing buddy more than me.

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#12792146 - 06/14/18 03:14 PM Re: Learned something new about community property in Texas [Re: GTrigg]
collincountytx Online   content
TFF Guru

Registered: 04/08/08
Posts: 15193
Loc: Dallas, TX
Originally Posted By: GTrigg
Originally Posted By: collincountytx
I don’t understand why anyone would want to get married more than once


Geeze, where were you when I got married for the fourth time? Although after two divorces, half of nothing is nothing so you don't really loose much... roflmao


Bless you. Sounds like your sense of humor has survived intact
_________________________

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#12792276 - 06/14/18 05:03 PM Re: Learned something new about community property in Texas [Re: Fishin' Nut]
Uncle Zeek Online   content
Perry Mason

Registered: 09/26/05
Posts: 21098
Loc: Lewisville
Originally Posted By: Fishin' Nut
I think this is called a "QTIP". My MIL is on marriage #3. He is a very wealthy man. If he dies first, she gets a lump sum settlement and the remainder of his estate goes back to his two sons. If either of them contest the lump sum settlement and lose, they forfeit their portion of their inheritance and it reverts back to the MIL. The lump sum is not small change, so he had that put in there because his two sons would/could litigate my MIL into bankruptcy, if they chose to do so.


That sounds like a will provision rather than a property partition.
_________________________
"Decency is not news; it is buried in the obituaries --but it is a force stronger than crime" ~ Robert A. Heinlein, 1952

I can't give legal advice yet, but this site may have some of the answers you need: https://texaslawhelp.org/

Top
#12792304 - 06/14/18 05:33 PM Re: Learned something new about community property in Texas [Re: Uncle Zeek]
BThomas Offline
TFF Celebrity

Registered: 02/15/09
Posts: 7919
Loc: Rockwall,Tx
Originally Posted By: Uncle Zeek
So most everyone here probably knows the basics about community property: when you get married, everything you own becomes her stuff. grin

Ok, seriously, the rule is that there's a rebuttable presumption that all marital property is community property. You can show that property is NOT community property with clear & convincing evidence that it is separate property. Separate property is property that you a) owned before marriage, b) inherited during the marriage, or c) was given to you as a gift during the marriage. In general, most people tend to let their separate property get commingled with community property to the point where you can no longer prove that it is your separate property.

One way to prevent property from becoming community property is to have a written agreement before the marriage that certain property (like income from a rental house) will remain separate property after getting married.

So here's the new thing I didn't know about: a married couple can sign a contract agreeing to "partition" certain community property into separate property. Handy estate planning tool for folks on a 2nd (or later) marriage and/or who have children from a previous relationship. This is practical for long-term planning, because everyone dies eventually ... and if you have kids from a previous marriage, you might want to ensure that certain property goes to them no matter what.

(Yeah, I know, boring stuff, but some of this will be on the bar exam!)



Sounds like a prenuptial agreement.

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#12792322 - 06/14/18 05:52 PM Re: Learned something new about community property in Texas [Re: BThomas]
Uncle Zeek Online   content
Perry Mason

Registered: 09/26/05
Posts: 21098
Loc: Lewisville
Originally Posted By: BThomas
Sounds like a prenuptial agreement.


Yeah, it's almost exactly like a prenup. The difference is that a prenup is an agreement made BEFORE marriage, that only becomes effective UPON marriage.

A partition is an agreement made DURING the marriage, that is effective immediately.
_________________________
"Decency is not news; it is buried in the obituaries --but it is a force stronger than crime" ~ Robert A. Heinlein, 1952

I can't give legal advice yet, but this site may have some of the answers you need: https://texaslawhelp.org/

Top
#12792339 - 06/14/18 06:14 PM Re: Learned something new about community property in Texas [Re: Uncle Zeek]
tmd11111 Online   content
Pro Angler

Registered: 04/30/17
Posts: 786
Loc: San Angelo
All I know is when i got divorced almost 5 years ago it cost me a little over $300k. Community property laws bite the big one.

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#12792353 - 06/14/18 06:34 PM Re: Learned something new about community property in Texas [Re: Uncle Zeek]
BThomas Offline
TFF Celebrity

Registered: 02/15/09
Posts: 7919
Loc: Rockwall,Tx
Originally Posted By: Uncle Zeek
Originally Posted By: BThomas
Sounds like a prenuptial agreement.


Yeah, it's almost exactly like a prenup. The difference is that a prenup is an agreement made BEFORE marriage, that only becomes effective UPON marriage.

A partition is an agreement made DURING the marriage, that is effective immediately.



A partition should be called a postnuptial. lol just kidding.

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#12792355 - 06/14/18 06:37 PM Re: Learned something new about community property in Texas [Re: Uncle Zeek]
BThomas Offline
TFF Celebrity

Registered: 02/15/09
Posts: 7919
Loc: Rockwall,Tx
At my age I am not getting a divorce.. She would get everything and I would never get to retire. She would get half of my pension, 401K, and the house. She would not get the boat though.

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