When you are getting divorced in Texas and cannot come to an agreement on your divorce settlement, the court will step in to settle things. If this happens, the court will often look at the standard of living to help it make determinations. This is why you should understand what this term means and how it can affect your divorce.
Who gets the pets in a divorce?
When you are getting a divorce in Texas, there are a lot of things to consider. Who gets ownership of any family pets is something that can be confusing. The reality is that pets are considered property under the law, according to Forbes. This means they are distributed according to property division laws and not under custody laws.
The difference between separate and marital property
Although there are many topics to negotiate during a divorce case, property division may be one of the most difficult. At Fabio & Merrill, we understand that people grow attached to the personal items that they have accumulated during the duration of a marriage, and it can be hard to part with marital property. In a Texas divorce, however, only marital property is considered community property and is eligible for division. Separate property, on the other hand, may stay with the original owner.
Do you need a forensic accountant for your divorce?
Divorce can make people do strange things. Sometimes, people who are planning to divorce will take steps to hide assets. They do this to keep the assets from being part of the divorce process. Sometimes, one spouse will withdraw cash and begin physically hiding it as a means of keeping it. Other times, money can be deposited in a secret or offshore hidden bank account. Sometimes, assets are hidden in plain sight, with one spouse purchasing expensive items that they intend to keep without disclosing their value during the divorce. These are just a few of the more common ways that people hide assets during divorce. Trying to account for all recent income during a divorce is very complicated.
What does community property mean?
You may be aware that Texas is a community property state. This means, according to the definition from the IRS, that the state recognizes all property of married couples to belong to them as a couple and not individuals. This concept is important to understand for legal and taxation reasons. It also may affect your debts because you may be held accountable for your spouse’s debts even if he or she accrued those debts on his or her own.
What are the guidelines for child support calculations?
When you have been identified as an obligor following a divorce, the amount of child support you must provide depends upon a number of factors, including what the child needs and the status of your own finances. Below are a few of the guidelines used by Texas courts to determine how much child support is equitable.
