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Property Division Archives

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?

Personal injury settlement separate property in Texas divorce

Property division is often a contentious aspect of divorce proceedings. In Texas -- one nine community property states -- most assets acquired during the marriage are marital assets and belong to both spouses. Exceptions are gifts and/or inheritances received by one spouse. However, if these funds are commingled with martial property, they may no longer be regarded as separate property.

Negotiations for property division best done with legal guidance

Those going through a divorce in Texas typically want it over and done with as soon as possible. This mindset can have adverse consequences, though, as matters agreed to at this time may affect a person's finances both immediately after the divorce and for many years to come. It makes good sense to retain the services of an experienced divorce attorney to provide guidance throughout negotiations about property division and other divorce matters.

Property division process can be full of pitfalls

Texas residents who are considering divorce may be unprepared for the complexities involved in the process. One aspect that can be more complicated than anticipated is property division. It is always beneficial to have skilled legal counsel to provide guidance because there are certain matters that require careful and thorough consideration.

Property division issues in each Texas divorce are different

Anybody in Texas who is considering a divorce will likely learn that some unwritten rules generally apply. Every divorce is unique, and although there will be an endless stream of advice from others who have gone through their own divorces, there is no precise comparison between any two divorce cases. The facts involved in every case will determine the way in which property division, child custody and other issues will be resolved.

Don't forget to address future finances during property division

Navigating a divorce is rarely easy, especially when trying to do it without professional guidance and support. It is not uncommon for a divorcing spouse in Texas to focus on the property division process under the community property laws of the state and to neglect consideration of post-divorce financial needs. Both short- and long-term financial requirements of the soon-to-be single person must form part of the planning.

Property division negotiation costs in divorce can be limited

The intentions of many newly married couples in Texas are to live in marital bliss forever. Unfortunately, not all relationships stand the test of time, and ending a marriage is not only an emotional affair; it could also be a financial nightmare. However, thoughtful and strategic planning -- and disregarding misinformation and feelings of revenge, rage and bitterness -- can allow couples to secure their respective financial futures. A divorce is typically associated with time consuming and costly litigation over property division and child custody, but alternative options are available.

Property division in divorce: Who will get the family business?

According to a study by a university located in another state, over 80 percent of businesses nationwide -- including many in Texas -- are family owned. What happens to a business that is owned by a husband and wife in the event of a divorce? Texas is a community property state, and relevant laws govern property division. A Texas marriage creates a community, and although assets owned before the marriage remain the property of the owner, assets acquired during the marriage generally form part of the community.

Even in mediation, property division requires careful planning

Sometimes, when Texas individuals decide that divorce is the only way forward, they may want to get it over and done with as soon as possible. However, divorce is not something to be rushed into, and careful consideration and planning are required for property division and other issues to avoid post-divorce financial instability. When a marriage is dissolved, expenses increase because there will be two households to maintain, two mortgages or rents to pay and utility bills will be double while the combined income of the two parties will remain the same.

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