What assets and debts are Community?

Texas is a “community property” state, meaning there is a presumption that all property acquired during a marriage is community property, the property of both the husband and the wife. Likewise, all debts acquired during the marriage are presumed to be community debt, the debt of both the husband and wife. Both community assets and debts need to be distributed in order to finalize the divorce. Of course a prenup or a separation agreement can change the characterization of any property.