During the course of a marriage, many Texas couples acquire expensive physical assets such as automobiles, homes, boats and artwork. A divorce brings the complication and heartache of dividing or selling these assets.
You share almost everything when you’re married. Therefore, when you are about to get divorced, it can come as no surprise that you might not know which of the items you acquired during your marriage you or your spouse will get. Who is going to live in the house you bought, who gets the vacation cabin you inherited from your grandparents, and who keeps the minivan? Property division can be confusing for Texas residents.
Going through a divorce can be emotional and overwhelming. On top of starting a new chapter in life, there are many issues that couples must tackle when drafting a divorce settlement. For many couples, dividing the marital property that was accumulated during the marriage may be one of the most difficult tasks. Not only is it hard to part with certain items, but each party must come to the table ready to disclose all martial property and assets that they have. From there, the judge can determine who is entitled to what or the couple may choose to mediate division of property on their own. Either way, it is important to have a full understanding of what marital property entails so that items and assets are not missed.
You probably knew before you got married that your relationship would not always be like it was during the honeymoon. Of course, that foreknowledge does not make it any easier to accept when it becomes too much to handle. However, there could be an upside to this situation. If you were able to realize that your arguments with your spouse had become a toxic influence in your life, you could avoid letting animosity further trouble you by ruining your chances of an advantageous divorce agreement.
Once you have settled on the decision to get divorced from your spouse in Texas, you are immediately faced with the often-arduous task of separating everything you have ever shared. This includes everything from financial accounts to family heirlooms. At Laura Dale & Associates, P.C., we have helped many couples through the legal process of dividing shared assets.
As you are negotiating property division in your divorce settlement in Texas, there are a number of things you may want to consider. Texas is a community property state, meaning that all marital property is divided equally in half between you and your spouse. Whether your divorce settlement is being created by a judge who is presiding over your case, or you are going through mediation to determine the terms of your own divorce settlement, there are some things you should be aware of.
Texas is a community property state, so when it comes time to divide assets following a divorce, splitting them down the middle is common. Sometimes that seems easier said than done, though, does it not?
It seems easier to join property than to separate it, don't you think? Most Texas couples who decide to tie the knot are likely excited about finally sharing the car, the house and the pets that go with it. They probably never dream of some day needing to split everything equally, just like it all was before they got married.
Although Texas is a community property state, not all property and assets are eligible for division in a divorce. It is important that couples who are filing for divorce understand the difference between separate and martial property in order to ensure they get everything they are entitled to in the divorce settlement.
If you count yourself among the many people across Texas who believe a divorce is imminent, you may find yourself consumed with emotions and a need to make some major decisions. Given how emotional the divorce process can be, you may find yourself struggling with everything it entails. However, taking several key steps now with regard to your finances can streamline the process and help you get back on your feet sooner. At Laura Dale & Associates, P.C., we understand how preparing financially for your divorce can help you in the long run, and we have helped many state residents get their finances in order and receive their fair share during divorce proceedings.