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Division of marital assets doesn't have to cost a Texas fortune

Divorces can be a very trying time for couples who are seeking to separate their once-entangled lives. No longer sharing the same residence is usually the least of a once happily married couple's worries. The division of marital assets, which can include retirement accounts and other savings plans, can be quite costly if not handled correctly during the divorce proceedings. Texas residents can ensure that their financial future is safeguarded from unnecessary tax implications with simple steps that have been put into place early on during the divorce.

Social media can impact the division of marital assets in Texas

Social media has become a part of daily life for most Texas residents. With the ability to share one's day with the click of a button or touch of the screen, many Americans are turning to social media as a way to keep connected with loved ones and friends. But as with any platform that one may use to share their personal life, couples going through a divorce may wish to keep some things off of the screen, especially when it comes the division of marital assets that one may want to keep out of the divorce.

Texas veterans see retirement pay lessen with property division

Texas military families support one another through times of deployment, country instability and the general perils of life. Within the family unit, the constant moving around and lack of physical support during times of deployment can leave the left behind spouse feeling alone and uncertain. Sometimes, these feelings or other disagreements can lead families to separate. As divorces sometimes go, the community assets, which can include disposable retired pay, will be divided. This property division can spell trouble later down the road if not handled correctly during the divorce negotiations.

Inheritance is separate property in Texas divorce

The division of property and assets can be a sore spot for couples who are going through a divorce. In Texas, most assets acquired during the marriage become marital property and belong to both spouses. The exceptions to this are inheritance or gifts and personal injury settlements. These exceptions are categorized as separate property in a Texas divorce.

Considering assets is key to property division

Divorce can cause turmoil for families both emotionally and financially. Fortunately, Texas couples considering divorce can lessen the burden by planning out their property division in the early stages. Acquiring skilled legal counsel for each spouse can also benefit couples by handling the more complex areas of divorce.

Seeking clarification regarding division of marital assets

Many Texas couples will be among those who file for divorce this year. Navigating the process is often wrought with challenge, especially for those who have children. This is not to say, however, that solutions cannot be found to provide all those involved the most opportunity available to move forward toward successful and happy futures. Division of marital assets is often a main concern, and anyone heading to divorce court will want to seek clarification of laws related to such matters.

How a prenuptial agreement affects community property in Texas

Divorce is often a complicated matter. State laws that govern the process vary, and spouses choosing to end their marriages in court in Texas will want to seek clarification on certain issues before taking any formal action. In fact, some say the best time to educate oneself regarding the topic is well before the wedding day. This might help prevent contentious disagreements regarding community property, child custody and other related issues if divorce occurs.

When complications arise regarding community property

Texas, like a number of other states, considers all property acquired during marriage as jointly owned. If divorce occurs, all assets considered community property will be divided equally between spouses.  In situations where spouses do not want particular assets to be shared, complications can arise. 

Property division pitfalls in an uncontested divorce

Couples in Texas who are considering ending their marriages may decide to get them over and done quickly in order to moved forward with their respective single futures. However, although it is true that uncontested divorces are less time-consuming and less costly than litigated divorces, there may be unanticipated pitfalls along the way. For example, property division in a community property state such as Texas involves much more than just keeping the assets each spouse brought into the marriage.

Many questions are asked about the division of marital assets

When a Texas couple files for divorce, the division of property can be a contentious issue in the midst of an environment that is already emotionally-charged. A lot is lost during the division of marital assets, and the losses are not only emotional, but also legal and financial. It is only natural to want to keep assets such as a car or a house, but who wants to be burdened with an ex-spouse's debts?

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Warmbrodt, Winslow & Associates.
One Allen Center, 700 Central Expressway South, Suite 150
Allen, TX 75013
Toll Free: 800-611-2638
Phone: 972-509-2725
Fax: 972-509-2775
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