Married residents in Texas who separate or divorce their spouses have many things to contend with in the process of extricating themselves from a previously shared life. The need to identify future ownership of marital assets is a topic that often gets a lot of attention at this time. However, it is important to remember that debts as well as assets must be split in a divorce.
When you navigate your way through a Texas divorce, you will undoubtedly experience a wide range of emotions. Once you take your emotions out of the equation, however, you will need to figure out the fundamentals about how you plan to divide up shared assets and debts. Increasingly, divorcing parties who have considerable assets or particularly complicated finances are finding that hiring forensic accountants can help them navigate complicated financial aspects of their divorce cases.
When you split from your Texas husband or wife, you will undoubtedly need to untangle many parts of your lives from one another’s, and part of this process generally involves dividing any assets or debts you currently share. For many Texas residents navigating their way through divorces, their homes represent their most valuable assets, so figuring out how to divide up any equity you have in your home is one of the most critical elements of asset division.
Whenever a marriage comes to an end, all sorts of family law issues may arise for both parties. Those with kids may encounter a number of stress-inducing legal issues, such as disagreement concerning the way in which custody should be divided, as well as child support. However, people who have a high net worth may have a particularly complex divorce, especially when it comes to the division of marital property. If you have considerable investments, you may be worried about what will happen to these assets in the wake of your divorce, and it is pivotal to prepare.
In Texas, a family court judge will consider all possessions acquired by a couple during the union as marital property. As in any other state, marital property in Texas is subject to division in a divorce. However, Texas is one of the few states that recognizes community property laws. Per community property laws, a judge must divide all marital property and income equally upon divorce or death, whereas in equitable distribution states, a judge will divvy up property in a way he or she considers fair. That said, is there property that is exempt from Texas's marital property laws? FindLaw says yes.
People frequently view property division with a great deal of consideration given to the financial impact of dividing marital property. However, some may overlook other aspects of property division which can be equally challenging, such as various emotional considerations that arise as a result of this issue. For example, some people may have a great deal of anxiety over addressing property division in court or losing key assets. Others may struggle with depression once marital property has been divided, whether they feel as if their former spouse should not have received certain assets or they are upset about losing items with sentimental value.
Texas is a community property state, meaning the court divides a divorcing couple’s shared assets in a manner that it deems fair. In an effort to tip the coffer in his or her favor, your spouse may, unfortunately, take steps to hide assets from the divorce process. If caught, however, this could have a serious impact on the outcome of your case.
If you are like most people, you entered your marriage with the hopes of happily ever after. Unfortunately, not even half of all married couples achieve this goal. According to Inc., 52 percent of first marriages end in divorce and 70 percent of second and third marriages end more or less the same way. Whether you and your significant other have yet to tie the knot, are happily married or are in the throes of a Texas divorce, if you own a business, take proactive measures now to protect the business you spent so many resources growing and nurturing. Otherwise, the Texas courts may award your spouse 50 percent of the company in the divorce.
For many couples, the decision to divorce does not come without considerable forethought. Often, many couples may turn to counselors and other professionals for help finding solutions to their marital conflicts, but when other options fail to provide relief, they resort to divorcing and ending their marriage. This choice results in the need for many Texas couples to reassess the life they have grown to share and decide how to split things to give each a chance at creating a new life for themselves.
If you and your spouse are about to embark on a high asset divorce in Texas, your only concerns right now may pertain to alimony and the property division process. However, because your divorce is a high asset one, know that your financial concerns should begin long before you even file the paperwork.