Yours, Mine, Ours...Community or Separate Property?
Often times when people think of community property, they think that this only includes property: 1) that has been purchased with funds contributed by both spouses; and 2) that has been purchased in both spouses names. This is a common mistaken belief. The Community Property Presumption Texas Family Code § 3.003 expressly states that any property possessed by either spouse during or upon dissolution of the marriage is presumed to be community property. This includes property that was acquired in one spouse's name during the marriage. A prime example of this would be earnings during marriage. Spouses often believe that what each person earns during the marriage is their own separate property. While it may be true that the property is subject to the sole management and control of one spouse rather than the joint management and control of both spouses, the earnings during marriage are nonetheless community property absent a marital agreement stating othe