Asset Protection in Community Property States

[tailfins]

Why is this such a “wonderful opportunity”? Because by dividing up the Community Property and making each spouse liable for their own debts only — by way of a relatively simple agreement — we’ve just reduced the number of creditors by 1/2 instead of allowing the Community Property assets to be available to the creditors of both spouses.

http://www.forbes.com/sites/jayadkisson/2012/05/20/community-property-and-creditor-debtor-law-explained/

[fj1200]

^This seems contrary to cleaving together.

[tailfins]

^This seems contrary to cleaving together.

I thought of that too. Fortunately, wage garnishment is illegal in Texas plus there is an unlimited homestead exemption. However, bank accounts are vulnerable. If you see a judgement coming, you should tell your employer to pay you via pre-paid debit card or check, then CASH the check.