Partition Agreement Template For Divorce In San Antonio
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The partition deed is the legal document that allows a property to be divided among co-owners, ending joint ownership of the property. A partition deed clearly indicates which portion of the property belongs to which person.
Legal and Practical Considerations: Legally, both spouses have an equal right to stay in the marital home unless a court decides otherwise. This is because, in Texas, a home bought during the marriage is considered community property, owned equally by both spouses.
A partition agreement divides, or partitions, a married couple's community estate into two separate estates. It is sometimes called a post-nuptial or post-marital agreement and is similar to a prenuptial agreement, except that it is executed by a married couple.
In Texas, there is no presumption that each party owns separate property. However, spouses do have equal ownership rights to their respective properties.
Property acquired during the marriage (outside of the noted exceptions) is considered community property. The spouses can, however, agree to convert (or “transmute”) community property into separate property. In Texas, this is done via a written agreement establishing a partition or exchange between the parties.
Even if only one spouse's name is on the deed, any property bought during the marriage is presumed to be community property, unless it was bought with separate property funds. The spouse claiming it as separate property must prove it in court.
4.102. PARTITION OR EXCHANGE OF COMMUNITY PROPERTY. At any time, the spouses may partition or exchange between themselves all or part of their community property, then existing or to be acquired, as the spouses may desire.
In the Lone Star State, the community property law implies that assets, including businesses acquired during the marriage, are deemed as 'community property' and are thus subject to division upon divorce. This even includes the appreciation in business value during the marriage period.