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Property Division Archives

When debts become marital property

The end of a marriage is a tricky time for some spouses. Couples not only transition from a married life to a single life, but they also oftentimes go from a two-income lifestyle to a single income. Finances can be a huge issue for divorcing spouses, and ensuring your financial wellbeing post-divorce is an essential task to complete. This means understanding the property division process and how it could impact the settlement reached in your dissolution.

Financial implications during property division in a grey divorce

Whether you have been married for a several months, or several decades, no one gets married with the idea that his or her union will end in divorce. Nonetheless, divorces can happen at any length of marriage, even when a couple is close to retirement age. Thus, based on the age of the spouses, some divorcing couples in Texas and elsewhere have to deal with more complex problems than others.

Resolving Texas property division disputes

The divorce process requires spouses to consider a wide variety of factors. Many of these decisions are overwhelming; however, they are necessary to complete the process and to avoid post-divorce issues. One of the most contentious divorce issues is property division. Because it is tough to part with certain assets and property, divorcing spouses often find themselves in a battle over who gets what in the termination.

Addressing mortgage concerns during a Texas divorce

No matter the length of the relationship, couples in Texas and elsewhere will typically make investments together. While this could mean buying stocks and bonds, it generally means purchasing property jointly. For most married couples, buying a home is not only a goal, but is a purchase that solidifies the couple as a family. And while owning a family home is very symbolic of a happy family, this does not always mean spouses will remain together. When marital problems occur, this means taking the time to consider what is best for everyone. And, if divorce is the best option, the divorcing couple will need to address property division concerns.

Understand how to handle retirement accounts during divorce

Negotiating the financial and emotional challenges of a divorce can be significant. The tax implications of a divorce are important to consider when dividing assets which is especially true when dividing retirement assets. If retirement account assets are not properly divided during a divorce, and potential tax consequences are not properly considered, it can result in problems later on for the spouses.

Division of property and debt in case of a divorce

Divorce terminates the legal partnership between two people, but it is more than just that. It also requires the couple to divide whatever property has been acquired after the marriage up until the time of the divorce. The property they owned before the marriage remains with each individual. It is important to determine what happens with shared assets, hidden assets and how property should be divided and what happens to policies, insurance and the family home.

Don't miss valuable assets when negotiating a divorce settlement

It's easy to feel overwhelmed when going through a divorce. The process makes you realize just how intertwined your life is with your soon-to-be ex-spouse's. There are so many areas of your existence that are suddenly open to negotiation, including how to divide your marital property. And the more wealth you and your spouse accrued over the years, the more complicated it is to determine a fair settlement.

Getting fair property settlement takes focus and patience

You likely have a full life with a job, children and more responsibilities than you can count. Essentially, almost every minute of your day is already filled, and now you are having to contend with a divorce. As such, you are taking on all of your obligations with additional emotional and time-consuming issues that come with ending a marriage.