Under the Texas Family Code, what is the legal term for a written agreement between spouses that converts community property into one spouse's separate property?
Correct Answer
D) Partition and exchange agreement
Under Texas Family Code §4.102, spouses may enter into a partition or exchange agreement to divide their existing community property into separate property. This written agreement allows spouses to change the community character of their property to separate property during marriage.
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Previous Question
A Texas wife operates a business she started during the marriage. She wants to use community funds to invest $200,000 in expanding the business without her husband's involvement. Under Texas community property management rules, can she proceed?
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A Texas license holder is working with a divorced seller who owned property as community property with a former spouse. The divorce decree awards the property to the seller. Under Texas law, what document should the license holder ensure exists in the chain of title?