For divorcing couples in Texas who own a home together, that home and its corresponding mortgage commonly represent the couples' largest financial asset and liability, respectively. Determining how to split those two things during a divorce is no easy task, especially when emotions come into play as can happen with a family home.
You have recently filed for divorce in Texas and while you are optimistic about how this decision will affect your future, you are concerned about the fact that your soon-to-be-ex is also your business partner. In this difficult position, you are faced with the uncertainty of dissolving a once-ideal business partnership. Depending on what you and your former spouse decide, one of you may also choose to exit the partnership to keep the business intact.
One of the most complicated parts of divorce for many Texas couples is having to work through the separation of their assets and finances. In many cases, determining which person is going to keep the house, is one of the most complicated and contentious decisions to be made. Many couples still owe money on their home thus complicating matters further when mortgage payments have to be reassigned to a party who is willing to pay.
While a couple may feel relieved to finally be starting the process of divorcing in Texas, they now have to work through the often-complicated process of deciding who will get what. Often, couples have accumulated a lot of stuff over time. While most of it can be easily parted with, there are other belongings that may have sentimental value to both parties. When people understand the right way to go about dividing shared assets, their outcome may be a bit more productive and beneficial.
If you are at the beginning of divorcing your spouse, you may be faced with all kinds of emotions due to the uncertainty of your future and the outcome of your decision. While you may have heard all of the horror stories about divorce settlements taking decades to solve, yours does not have to be that way. At Fabio + Merrill, Attorneys at Law, we are experienced in helping people in Texas through the oftentimes challenging process of divorce.
You and your spouse entered into your marriage with the best of intentions, but less than five years later, you are now facing the fact that it just will not work out. Texas is one of the few community property states, which will affect how property division is handled during your divorce. The short-term nature of your marriage may limit how many of your assets will be divided, though.
If you and your spouse are seeking a divorce in Texas, you may have begun to recognize that the process is often more complicated than it initially sounds. Reaching beneficial agreements with your former spouse requires time, effort and patience. Depending on the length of your marriage and the conditions surrounding your divorce, one of the things you will need to work out is the division of property the two of you may share. This aspect of divorce can be complicated, but you may be able to avoid costly problems with a basic knowledge of some of the issues you will need to work out.
You and your spouse may have already come to an agreement about how you want to divide the family home in your Texas divorce. What about the items in the home, though. If you have antiques, artwork and collections of value, these may change the way the judge determines an equal division of your marital property.
For many divorcing Texas couples, the decision to end their marriage and go their separate ways was not one made without first considering other alternatives. Unfortunately, even though divorce is a helpful solution for many, it is costly in terms of a couple's health, financial independency and even reputation. However, with careful attention paid to doing things the right way, many couples have been able to overcome the difficulties of their circumstances and regain their independency and happiness.
The sobering truth about marriage in Texas is that many of them end in divorce. If you are married and you did not have a prenuptial agreement, you may want to consider a postnuptial agreement. Even if your marriage is currently wonderful, this type of legal document can help to prevent issues in the future.