Whenever a couple heads for a split, both sides are usually concerned about their property rights. Questions can range from things like, "Who gets to keep the furniture?" to "What happens to the retirement fund?" The more assets you have at stake, the bigger your concerns likely are.
You're more than just hurt over your spouse's behavior and request for a divorce. You're furious. You feel used and betrayed, and you aren't really interested in splitting your assets fairly. In fact, the thought has occurred to you that you should just sell everything of value that you own, empty the bank accounts and go on a lavish spending spree or an extended vacation.
When it comes time to get a divorce, there's a big difference between community property and separate property. Community property is subject to division and has to be split with your spouse. Separate property does not. Why, then, is your spouse trying to claim that the house you owned prior to your marriage isn't really your separate property?
When you and your ex-spouse first divorced, the kids were small. Your job kept you busy throughout the week, so it only made sense for the kids to spend most of their time with your ex. Your child support agreement appropriately reflected the fact that the kids were generally in your ex-spouse's care.
Houston couples who are getting a divorce may need to divide a retirement account. Some types of retirement accounts, such as 401(k)s, require a document known as a qualified domestic relations order. To divide an IRA, it is only necessary to submit the divorce decree to the custodian of the IRA.
Texas is a community property state, meaning all marital property is divided equally in half between spouses. Marital property, sometimes referred to as community property, includes items, property and assets that are accumulated throughout the marriage. In addition to the family home and vehicles, other property, such as artwork, antiques, retirement plans, country club memberships, frequent flier miles, lottery winnings and term life insurance policies are also eligible for division in a divorce settlement.
Texas is a community property state. This means that couples are considered to equally own anything that they acquire while they are married. Accordingly, this property must be divided evenly amongst them. However, as with all things, there are some exemptions.
When potential clients come to us here at Laura Dale & Associates PC seeking advice about their impending divorce, one of the first things we always tell them is that in most Texas counties, including those in and around Houston, the family law courts require that a divorcing couple go through an out-of-court mediation process prior to seeking a trial. If you and your spouse are talking about divorce, you need to be aware of this requirement and the many benefits it can afford you.
If you have recently filed for divorce in Texas, you may feel overwhelmed with the prospect of separating the marital property you have accumulated throughout your years of marriage. It can be difficult to part with property and possessions that you have held onto for so long. Yet, negotiating community property is part of the divorce process. In Texas, all community or marital property is divided equally in half, with each party getting 50%. However, not all property is considered community. There may be some items that can remain in your sole possession even after the divorce is finalized.
Going through a divorce can be overwhelming, as there are a myriad of topics to negotiate in the divorce settlement. Separating marital property may be one of the most difficult issues to tackle when dealing with divorce. For some, it can be emotional having to part with property and assets that have been amassed throughout years of marriage. Understanding what marital property entails, however, may help the process run smoother and may help to ensure couples receive everything they are entitled to in the final divorce decree.