Full question:
On the petition form, under discovery, level 1 asks about less than $50,000 in property. Does this include a house with a mortgage? We are trying to sell the house and have agreed to split any profit or debt associated. We also agree to divide community property on our own, so does property need to be itemized on the decree form?
- Category: Divorce
- Subcategory: Property Settlements
- Date:
- State: Texas
Answer:
In a divorce case, all the marital property of the couple is dealt with and divided in the final decree according to applicable law. If a couple owns a home at the time the divorce petition is filed, it should be included as part of the property owned. If the couple agree to sell the home during the divorce process, the agreement for division of proceeds may be incorporated in the final divorce decree. The property settlement in the divorce decree governs the division of debts and assets. A couple cannot alter the divorce decree by private agreement and such private agreements will not be enforceable in court.
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.
