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.
Texas is home to numerous military families. Like any other family, military families will face their moments of tranquility and their moments of challenge. When the moments of challenge become a problem, and the couple decides that it is time to divorce, these families have a number of property division issues that need to be considered.
When it comes to divorce, there are often numerous decisions that need to be made. Financial and property division decisions can be some of the most significant for the Texas individual. These decisions often affect the individual in both the long and short term.
Some things in life are just more stressful than others. For many Texas residents, the prospect of a divorce can be stressful. However, with the proper guidance, property division and other aspects of this stressful situation can be made easier for the individual.
The dissolution of a marriage can be financially challenging no matter how long or short of a period two people have been married. One of the most contentious aspects of a divorce in Texas and elsewhere is property division. A particular area of property division that has especially sparked a lot of discussion lately is the division of an individual retirement account, or IRA, that has been inherited.
Many Texas family law attorneys and court officials know that January is a busy month. Divorce filings drastically increase with the new year and the resolutions made by many to make some changes in their lives. These changes may include seeking marriage counseling or simply parting ways from a spouse with whom issues just cannot be resolved. Regardless of the reason, understanding how the division of marital assets will go is important to making sure that one leaves the union with what is rightfully his or hers.
Marriage and divorce have become two words that are commonly uttered in the same sentence. What was once thought to be a lifelong commitment and partnership with another can deteriorate to the point where ending the relationship may become the only option. For many Texas residents, the financial aspect of what happens after the divorce is not given thought until the inevitable is looming on the horizon. Money is property and property division is part of the dissolution of a marriage. Preparing for the possibility of not staying married does not guarantee that a divorce will happen, but it does help to ensure that both parties are prepared should the unfortunate happen.