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Property Division Archives

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.

Mortgage payment issues may arise after property division

One of the issues that often arises during a divorce is whether one spouse should keep the family home or should it be sold. The decision to keep the home may complicate the property division process. If the couple purchased the house after they were married, it would be regarded as community property in Texas, which is a community property state.

Debt belongs to both spouses under Texas community property law

It is not uncommon for financial disputes to be blamed for the breakdown of many Texas marriages. Such conflicts often occur because couples failed to discuss their personal financial positions prior to the marriage. Not many individuals appreciate learning about a spouse's unpaid debts only when collection agencies start making harassing calls. Because Texas is a community property state, both spouses will be responsible for any debt agreements entered into during the marriage.

Division of marital assets needs careful planning before divorce

Divorce is not always an easy process, but when a couple gets divorced later in life, after accumulating many assets, the process may become quite complicated. Texas is a community property state, and couples may want to work out a plan of action for the division of marital assets, rather than having the court make those decisions. As soon as it becomes apparent that a divorce may be imminent, estate plans should be amended, because, if one spouse should die during the divorce process -- but before it is finalized -- his or her assets would not be protected. Beneficiaries and powers of attorney may need revision.

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