Many aspects of divorce are stressful, but property division often stands out as one of the more nerve-racking processes. Preparation can go a long way when it comes to divvying up your assets and debts while ending your marriage. Dividing property can quickly become a hostile process, but it does not have to be that way.
Property division in a Texas divorce often involves the question of whether certain assets are community or separate property. A basic outline of these concepts can help you gain some insight into the division process and your expectations from it.
Property and asset division is different in a divorce, depending upon which state the proceedings take place. With Texas being a community property state, the courts split most property acquired during the marriage between both parties. It is important to understand this concept and how it applies to your pension in the case of divorce.
Dividing property in a Texas divorce is as not as easy as splitting everything in half in equal shares for each spouse, as is done in some states. Although Texas is a community property state, it follows equitable distribution when it comes to asset division upon divorce.
Although a divorce may signify the end of a marital relationship, there's no reason that long-term planning should be set aside. Indeed, our Texas law firm works hard not only to protect our clients' rights during a divorce, but to help them take affirmative steps for putting their post-divorce finances in order
Because the Texas Family Code allows for no-fault divorce, many Texans who are considering filing for divorce believe that fault won't make a difference in their divorce proceedings. This is not true. Because no-fault divorces are allowed in Texas, a spouse cannot prevent a divorce decree by forcing the filing spouse to prove fault. However, proving fault can have a significant effect on several important elements of a divorce settlement.
A lot of Texas couples that are divorcing might have Facebook to blame, according to the results of a recent survey. The survey, which looked at answers to social media-related questions from 2,000 married British people, found that sites like Facebook, Twitter and Snapchat were causing a lot of conflict in marriages.
Josh Hamilton, a former professional baseball player with the Texas Rangers, filed for divorce from his wife in February. The divorce petition was filed in Tarrant County after the couple had been married for 11 years. 'Discord or conflict of personalities between Petitioner and Respondent" was listed as the reason in the divorce petition.
Some people have the unpleasant surprise of receiving a large tax bill from the IRS after they divorce because of their former spouse's dishonesty in how the tax return was prepared. In the event that a person's marriage is rocky, they should take preventative steps to make certain they do not fall victim to possible future tax liability due to their spouse's actions.