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Property Division Archives

Mediation provides privacy for property division, child custody

More and more couples nationwide, including in Texas, choose to dissolve their marriages in an amicable way. Prolonged court battles for child custody, property division, alimony and other contentious matters have made way for divorce mediation. Celebrities such as Gwyneth Paltrow, Ben Affleck and Jennifer Garner have spoken about the benefits of mediation as opposed to litigation.

How will property division impact on business interests?

When Texas couples file for divorce, they are sure to encounter many stumbling blocks when important decisions have to be made. After all, choices at this time may impact the post-divorce lives of the parties. One aspect of a divorce that could potentially bring about contention is property division. This becomes even more complicated when one spouse owns -- or is a partner in -- a business enterprise.

Is an inheritance part of community property in a Texas divorce?

When a couple files for a divorce in Texas, they will be subject to the community property laws of the state. All assets gathered during a marriage will be subject to division in an equal manner. Assets that were brought into the marriage by either partner will remain the property of that person. However, when an inheritance forms part of a couple's assets in a divorce, the handling of the money may determine whether it is separate or community property.

With legal guidance property division may be less stressful

Some divorces are calm and amicable while others are contentious and stressful. Regardless, some level of pain will be experienced, and limiting conflict may lessen the pain. While it could be regarded as a truism, any divorce is less stressful if both parties can leave emotion at the door. The objective input of experienced Texas divorce attorneys and their resources of other professionals may assist divorcing spouses in keeping a clear head during matters such as child custody and property division discussions.

How do you protect your business during property division?

Small business owners and entrepreneurs in Texas may be working so hard on building successful businesses that they fail to stop to think of the consequences of a divorce -- either theirs or those of their business partners. Texas is a community property state, and an unprepared business owner who is going through a divorce may lose half of his or her business during property division. In many cases, small businesses are partnerships, and if one partner's marriage ends in divorce, his or her ex-spouse may end up being an unwanted partner in the business.

Debts form part of marital property division in Texas divorce

Credit card debts accumulated during a marriage are regarded as marital property during the division of marital assets in divorce proceedings. Texas is a community property state, and even if a particular debt is in the name of one spouse, both may be held responsible. Couples who are considering divorce typically want to move on to a new life post divorce without the responsibility of old debt. If this matter is left unattended, the court will typically divide debts on a 50-50 basis during the property division process.

Need to protect your assets in property division in Texas?

Spouses in Texas marriages that are heading for a divorce may be concerned about getting their fair share of their assets. This is especially true when the value of the assets is substantial. The process of property division in a high-asset divorce could prove to be complicated and you may need the expertise of an experienced attorney to protect your rights.

How do we separate community property for separate tax returns?

Texas couples that have filed for divorce may consider filing separate tax returns. However, they may have many questions about the rules related to such filings. Texas is a community property state and has particular laws pertaining to property division and tax returns. The tax for married couples that file jointly may be lower, but some couples may benefit from filing separately.

Matters to attend to before the property division process starts

Considering filing for divorce may force couples to take a good look at their assets, and agree on how they would like to have them divided. Texas is a community property state, meaning that all assets acquired during the marriage will effectively be split on a 50/50 basis. However, if there is an existing prenuptial or postnuptial agreement, couples may have some control over the property division process. In addition to the items addressed in such an agreement, there are financial matters that may need attention prior to commencement of divorce proceedings.

Should pets be part of property division in a Texas divorce?

A survey in February showed that there is an increasing number of divorce cases that involve pet custody issues. Pet owners in Texas and other states seem to be unhappy about the way most courts classify their beloved pets as part of community property and deal with it as part of property division. Many couples would prefer their pets to be treated as children, and they expect the court to consider the best interests of the pets.

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