As a married couple, you are commonly treated as “one unit” in many circumstances. If you decide to get divorced, the assets and debt belonging to the unit must be split so that ownership is clear.
In Texas, property in a marriage is presumptively “community property” meaning that the property belongs to both the husband and the wife. But don’t fall for the common misconception that all of your possessions fall in the community property category and will be split between the parties.
Some property might be able to be categorized as “separate property” because the ownership clearly belongs to one of the spouses and not the other (e.g.: a home owned before the marriage began). Separate property is treated differently in a divorce case.
Generally, community property is split between the parties and the separate property is determined to be the sole ownership of one of the parties.
There are many exceptions and nuances to the law in this area so it is important that we discuss your particular circumstances.
Check out this blog post: Community versus Separate Property
And this blog post: Division of Community Property