Under Texas law, inheritances are separate property not subject to division in divorce, even if assets are inherited during the course of a marriage. A husband received a $10,000 inheritance during his marriage, and deposits that inheritance into a joint account he has with his husband.
How do I protect my inheritance from my husband in Texas?
The best way to protect your inheritance is to deposit it into a separate bank account with only your name on it. If you deposit the inheritance into a joint bank account or if you use it to pay off marital debt, it can become a marital asset and therefore subject to division in a divorce.
What kind of property does a married spouse have in Texas?
In Texas, all property owned by married spouses falls into two categories. Community property is property that belongs to both spouses and is usually property that is acquired during marriage. This is the property that is divided in a divorce.
What makes property a separate property in Texas?
Separate property is property that belongs to only one spouse, usually due to a spouse owning the property prior to the marriage. Property that a spouse receives during a marriage through gift or inheritance is considered separate property in Texas and is not divided in a divorce.
How does co-ownership of property in Texas work?
Prior to the adoption of the Estates Code, the old common law method was for the owner to transfer the property out to a third party (the attorney or some other trusted individual) who then transferred the property back into the two desired names with JTWROS language. Why this circuitous route?
What happens when a spouse dies in Texas?
When a spouse dies and has a will, the will determines how his property is distributed. However, Texas requires that the surviving spouse receive one half of the community property in the estate.
