In many cases, the decision to divorce is a culmination of past events, but there is still much to consider after spouses decide to end a marriage. If there is significant marital property, which in Texas we call community property, then the divorce may involve the complex division of assets.
Then, for many couples, matters of child custody, child support and spousal support have to be addressed, and it isn't difficult to imagine how all of these issues can make for heated disputes between divorcing parties. It is best, then, to have a legal advocate on your side.
The importance of preparation for your divorce proceedings can't be emphasized enough. This preparation should include gathering documents that could range from marriage certificates to records of retirement accounts to tax records to credit card records.
Business assets are an issue in many cases, as are insurance policies and tax liabilities. If you had pre-marriage assets that you want to keep out of the property division, it is up to you (and your attorney) to prove that you own them. The trouble many people run into is that accounts and assets once regarded as separate property became blended with community property over time.
Another factor that affects some spouses' division of property is the reduction of one spouse's standard of living while the divorce settlement is still being decided. Sometimes, to keep both spouses living the same lifestyle before they separated, creating an escrow or joint account is necessary. This can help ensure that the spouse seeking alimony receives an amount that helps maintain the standard of living experienced before the marital split.
To learn more about these and other matters related to family law and property division, please visit our Houston alimony site. Our firm helps divorcing spouses achieve their financial goals.
Source: Huffington Post, "We're Getting A Divorce, Now What?" Linda Descano, July 29, 2013