Texas Law - Students - IMPORTANCE OF LAW IN FAMILY FINANCE...

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IMPORTANCE OF LAW IN FAMILY FINANCE Premarital Agreements Common Law Marriage Texas Homestead Law Texas Intestate Law
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PROPERTY OWNERSHIP IN TEXAS COMMUNITY PROPERTY COMMUNITY PROPERTY , ownership by spouses of marital property Acquired by either spouse during marriage Includes rents, issues, revenues of separate property
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Community Property States
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SEPARATE PROPERTY SEPARATE PROPERTY Owned before marriage Acquired by or inheritance Acquired through personal injury recovery while married Community property that has been converted to separate property by partition
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INCOME FLOW FROM SEPARATE PROPERTY IS USUALLY COMMUNITY PROPERTY!! Exceptions : Stock share dividend, Oil bonus/royalty, Capital appreciation
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IN MOST SITUATIONS, TEXAS HAS " COMMUNITY DEBT .“ Can you ID property types in Texas?
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PREMARITAL AGREEMENTS 1980 -- Constitutional amendment to allow greater flexibility in interspousal handling of community property Uniform Premarital Agreement Act was then passed by the Texas Legislature - child support cannot be affected adversely - must be made voluntarily by both spouses
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May 1992 = Texas court ruled in favor of premarital agreements 1993 = Federal Appeals Court ruled that only spouses (not spouses-to-be) can waive pension benefit rights
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This note was uploaded on 02/06/2011 for the course HDF 322 taught by Professor Kitt during the Spring '08 term at University of Texas at Austin.

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Texas Law - Students - IMPORTANCE OF LAW IN FAMILY FINANCE...

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