Posted by Mary E. Ramos | Divorce
Money in divorce is often a contentious aspect of the process. Income created during the marriage is considered community property. Community property in Texas divorce must be shared with one’s spouse. Gambling winnings gained during the marriage are considered community property even if the gambling was funded by one spouse’s separate property. In other words, even if a lottery ticket is purchased with one spouse’s separate money, the winnings must be shared with the other spouse.
Interest payments received during the course of a marriage are also considered community property in Texas divorce cases. If you win big before you are married, your spouse is entitled to share in the interest gained on your winnings from the date of marriage until the date of divorce (unless a carefully drafted prenuptial agreement is entered into by both parties prior to marriage).
Winnings collected during the marriage are subject to being divided money in divorce. Winnings received after the marriage, however, belong completely to the spouse who purchased the ticket, even if the ticket was purchased the day after the divorce. In a 2003 Texas case known as In re Marriage of Joyner, 196 S.W.3d 883 a man purchased a winning lottery ticket following the final hearing of divorce and won $2,080,000. The money was held to be his separate property.
Reach Out To a Family Law Expert
If it is possible your marriage will end in a way that money in divorce will become a difficult issue, it’s best to reach out to professionals in family law. The board-certified attorneys at Ramos Law Group, PLLC can help to preserve your assets and ensure a fair split of community property in Texas divorce cases. Contact Ramos Law Group for expert advice from divorce lawyers among Houston’s best.
Last Updated on March 1, 2019 by Ramos Law Group, PLLC