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Posts tagged "divorce"

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.

High net worth divorce involving alleged abuse finalized

The daughter whose parents were once the main shareholders of a large electrical corporation later sold to ABM Industries recently had her divorce finalized. She went from that courtroom to another floor where her ex-husband appeared to hear when he would have to be back in court on charges related to an alleged attack on her. Texas residents may be interested to learn what sparked this attack, months before the high net worth divorce.

Identify community property before going to divorce court

When couples in Texas consider divorce, they will probably be aware that Texas is one of the so-called community property states. It is, however, a myth that all assets of the couple will be immediately subject to a straight 50/50 division. Neither spouse will automatically be entitled to 50 percent of the combined assets of the couple, even in a community property state.

Tony and Heather Podesta in the midst of a complex divorce case

It is not uncommon for the divorce proceedings of high-profile couples to attract the attention of the public. The complex divorce of the lobbyist couple, Heather and Tony Podesta, is being widely reported currently, and the biggest bone of contention seems to be the 1,300 artworks in their possession. With Texas being a community property state, each party is trying to protect their own interests and to claim their fair share, rather than settling for the prescribed 50/50 division of assets.

High net worth divorce between Gwyneth Paltrow and Chris Martin

The decision to file for divorce is never an easy one. Even when couples have all intentions to part amicably, some contentious matters are bound to make an appearance. This is especially applicable to high net worth divorce filings. Both parties need protection of their own interests, while at the same time they try to minimize the potential harmful effect of divorce on any children. Texas residents may be aware of the looming divorce of actress Gwyneth Paltrow and singer Chris Martin.

A complex divorce; less stressful in Texas by telling the kids

Getting married and having children is a part of life to which most people look forward. However, things may change in a relationship that can lead to calling it quits. When children are involved, it can understandably become a more complex divorce. The fear of parents getting divorced is something that, unfortunately, sometimes becomes a reality, and most Texas parents want their children to be informed of what is happening and why.

Strict rules for tax deductions for property division

For Texas couples who are going through a divorce, the desire to save money is often at the top of each spouse's priority list. As tax season approaches, many spouses may be wondering what, if any, portion of their divorce costs might be deductible. Unfortunately, the majority of one's legal bills are eligible for any form of tax relief. However, there are a couple of notable exceptions, and these should be considered during the property division process.

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