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.
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.