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.
The gray divorce phenomenon, or the number of people over the age of 50 who have filed for divorce, has taken America by storm. While only 2.8% of people in this age range filed for divorce 50 years ago, that number increased to 15.4% in 2011 and continues to rise. There are a number of factors to consider when people over the age of 50 decide to terminate their marriage. Like in any divorce, marital property that was accumulated throughout years of marriage must be divided between you and your spouse. However, there may be different financial considerations that affect property division when you are older, compared to when you are younger and going through a divorce.
If you and your spouse in Texas are getting divorced, you know that it can be difficult to choose which one of you will end up with what assets or debts after your divorce has been completed. Every single thing in your life can feel subject to the choice of who gets what. Some choices may be heavily influenced by emotions and some may be heavily influenced by the financial ramifications. When it comes to your family home, the choice is often influenced by both emotions and money.
Any person who lives in California and has agreed with their spouse to get divorced will have to face the difficult process of splitting up their marital estate. This means that not only will they have to work through negotiations for their belongings and other assets but for their debts as well.
Until recently, judges across Texas and the United States who were presiding over divorce cases would often treat shared pets in the same manner they would other shared “assets,” such as vehicles or real estate. Increasingly, however, judges across the nation are starting to consider pets in the same way they would children, meaning they may consider the overall wellbeing of the pet before deciding with whom it will live.