During their marriage, James receives a $100,000 inheritance from his grandmother. He deposits the inheritance into a separate bank account in only his name. Under the Texas Family Code, how is this inheritance classified?
Correct Answer
C) James's separate property because property acquired by gift, devise, or descent during marriage is separate property
Under Texas Family Code §3.001(2), property acquired by a spouse during marriage by gift, devise, or descent is that spouse's separate property. An inheritance is property acquired by descent, so James's $100,000 inheritance remains his separate property regardless of when it was received, as long as it is not commingled with community funds to the point where it becomes untraceable.
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Before her marriage to David, Sarah owned a rental house in Austin. After the wedding, rental income from the property accumulates in a joint bank account. Under the Texas Family Code, how is the rental income classified?
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A married couple in Texas wants to sell their community property home. Under the Texas Family Code, which of the following is required for a valid conveyance?