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.
Marital assets fall under state law jurisdiction for the most part. Such laws vary by state, although guidelines in various states might be similar. Texas happens to be a community property state, which means all income earned and assets acquired during marriage are considered jointly owned and thus typically subject to equal division in divorce.
This law also pertains to liabilities. Whether a person planning to divorce has high net worth means or is already struggling to make ends meet, most people want to land on solid ground when it comes to protecting financial interests during divorce proceedings. In order to better understand community property laws and seek guidance regarding other financial matters, one can request a meeting with a family law attorney who is used to dealing with these issues.
It's often possible to protect financial stability in divorce. Taking inventory where assets, savings, outstanding bills and all other money-related issues are concerned is a logical first step. Listing one's financial goals also be helpful. A Texas attorney can provide assistance in these and many other ways to guide someone through division of marital assets and all divorce-related problems.
Source: businessinsider.com, "How to keep from losing everything in a divorce, in 6 steps", Emmie Martin, Feb. 2, 2017