Couples who realize that a marriage is no longer sustainable often seek separation before they begin divorce proceedings. Those who have initiated those proceedings may believe that property division agreements only apply to those assets that were jointly owned during the time of their co-habitation in marriage. However, depending on the circumstances and Texas laws, assets that were acquired during a separation will likely be included.
The process of going through a divorce includes critical decisions that may impact one for the foreseeable future. If, during the divorce proceedings, one or the other spouses loses a job, then there will be concerns over property division. Texas residents who are preparing for a divorce may benefit from keeping all possible scenarios in mind.
The decision to divorce was probably made after much careful consideration. Likewise, when it comes to the property division settlement, Texas residents are encouraged to approach this process carefully. Though this is a community property state, the division of certain assets can quickly become complicated.
During a divorce, it is easy to lose track of details that need to be addressed later. Forgetting to tend to some important housekeeping duties could mean that one is not complying with the property division agreement. Texas residents may benefit from reviewing their estate plans to ensure they are in agreement with a divorce settlement.
While the overall divorce rate has purportedly declined, the same cannot be said for those aged 50 and older. Though there may be a variety of reasons for a couple to seek a divorce, the property division for those nearer to retirement age becomes more challenging and critical. Texas residents who are facing this prospect may have several concerns regarding their finances.
In many homes, pets are considered to be cherished family members and are loved almost as much as children. As a result, the idea of parting with a beloved pet after a divorce is often repugnant to Texas pet parents. Unfortunately, pets are usually considered to be a part of the property division when it comes to settling a divorce.
In general, the manner in which marital assets are divided during a divorce depends on the laws of the state in which the couple resides. The majority of states subscribe to the equitable distribution approach, in which assets are divided in a fair, but not always equal manner. Texas, however, is one of the few states that adheres to community property laws, in which all marital property is divided equally among spouses during the division of marital assets.
A divorce is an emotionally and financially turbulent undertaking. In the wake of the division of marital assets, the ability to rebuild may seem insurmountable. Texas residents who are facing a divorce typically have all of the tools they need to rebound and enjoy financial stability.
The marriage is over and it is time for the Texas couple to separate their lives as well as their assets. As a part of the process, each individual is required to submit a financial statement that can be used to determine the various assets in addition to liabilities that should be considered as part of the community property. While one would like to assume that each individual will be honest when it comes to this statement, there are times when one spouse may believe that the other is not being truthful and thus attempting to hide assets that should be included in the property division settlement.
The entrepreneurial spirit is alive and well in Texas and elsewhere in the country. The desire to be one's own boss and follow one's passion drives many people to start their own businesses. While many businesses do fail, others do not. Many entrepreneurs go into a venture with or without the support of a spouse. In the event of a divorce, the business may become a contentious issue in property division negotiations.