Many aspects of divorce are trying. The process can try your patience, your finances and your sense of peace. For many people, knowing what to expect and being familiar with the ins and outs of divorce might help them to feel less stress and be better prepared.
In Texas, people are who are divorcing are subject to the community property concept. This means that property and income are all divided equally and not equitably during divorce.
What types of property fall under this classification?
Texas uses a rule that states the date that a property is acquired is a consideration in these cases. This means that anything obtained during the marriage is community property unless it is specifically proven that it should be classified as separate property.
There are a few types of property that are considered separate. Family heirlooms, things that were purchased before the wedding date, birthday gifts, personal injury awards, and inheritances are some of the types of separate property.
Are there any exceptions to the community property laws?
The presence of a prenuptial agreement trumps the state’s community property laws. This is one of the primary reasons why people enter into prenups before marriage. If you aren’t married yet, you need to seriously consider a prenup. If you are already married, a postnuptial agreement might be in order. Of course, if you are already heading toward divorce, neither of these is possible.
How is the property division process handled?
In many cases, the divorcing parties can work together to negotiate a settlement. People usually find this preferable since it allows them to try to get the assets that are important to them. The alternative is for the court to decide who is going to keep what, which means that you will have to go through a trial. On top of the lack of control, many people worry about the privacy aspect of a divorce trial.
What should people know about property division negotiations?
During the property division process, you might not be able to split all assets up evenly. You can try to balance out the differences of bigger assets with smaller assets. In some cases, debts can also balance things out. Always think about how various settlement options can help you and harm you, but don’t limit your thinking to now. Think about what each one will mean in a decade or longer. Also, consider the cost of the assets. Factors like insurance, taxes and upkeep can add a significant cost to keeping an asset.