In a divorce situation, many issues can make themselves known such as child custody and support issues, property division, debt distribution and spousal support. These issues all come under one heading called family law, and in Texas that is taken very seriously by the legislature.
When taken individually, one of the major issues that comes up is property division. The parent who has full custody of the children stands a greater chance of getting the major share of the property in a divorce, because the state of Texas always tries to put the best interests of the child ahead of the parents’ interests. In other words, what is best for your child may not be what the court considers as best for you. Having a professional who can make your story heard and has your best interests in mind can make all the difference at a time like this.
Property that you or your spouse obtained while you were living in another state is still common property according to the law. If you or your spouse exchanged property for other property or assets, this is considered community property as well. Any wages or salaries earned from the acquired property will also be considered as community property by the court. As you can see there are many aspects to the law that you may miss unless you have an individual who is experienced at this type of separation.
Retirement benefits are considered seriously by the presiding judge. Individual retirement accounts, stock option plans and annuities are just a few of the accounts that must be divulged to the court for evaluation. It doesn’t matter if you are self-employed or not, all of your retirement accounts must be made known to the court for consideration.
Another area that you may not think is important is insurance coverage. This area can be extremely sticky so having that professional in your corner to advise you may be important. Getting your rightful property and assets from a divorce is central to you. Choose a person who can translate that desire into reality.
Source: Texas Family Code, “Chapter 7: award of family property” Dec. 05, 2014