Texas is a community property state. Property possessed or owned by either spouse during a marriage is presumed to be community property. The degree of proof necessary to establish that property is separate is clear and convincing evidence.
To establish what property is community or separate can be a complicated process. Depending on the size of the marital estate and whether there are any businesses owned by the parties, it may be necessary to hire a third party such as a business evaluator, a CPA, or tax consultant to determine the value of a business or property, what portion of the marital estate is community or separate, and what, if any, are the tax consequences at the time of dissolution of marriage.
Being informed as to the value of all the assets and liabilities when dividing the marital estate, whether by agreement between the parties or by the Court plays a significant role at the time of divorce.