Whether dividing assets of a high-net worth Texas couple, or a family of more modest means, there will always be items, which may hold little monetary value, but great sentimental value to one or both spouses. In instances where an asset holds sentimental value due to some tragic event, sentimentality is easily understood. It represents someone that one loved and lost. These items are usually worth fighting.
A lot goes into planning for the future. Many individuals in Texas and elsewhere take the time to plan for their future financially. Whether it is to secure a solid retirement or to have something to pass on to heirs, it is common for individuals to take his or her finances seriously. Thus, when two people decide to get married, these financial accounts are likely to collide and intermingle. In these cases, financial planning can look significantly different. Add a divorce into the mix, and now there is two individuals unsure how to protect their finances.
The decision to marry requires planning. Even if it is small nuptials, the reality is that spouses need to consider what it means when they join lives as a married couple. For some, having little assets means there is not much to worry about, other than growing a joint account. However, for others, it means taking into consideration personal property they wish to remain separate from marital property.
When couples decide to get married, they join their lives, combining most of their assets and property. While it is common to think what is mine in yours when the marriage is going great; however, when a marriage fails, divorcing couples often think otherwise. Whether it is separate property or marital property, it is important to understand what issues might come up and what mechanisms you can use to resolve these problems.
We all have certain visions of our future. Some may be more elaborate than others, but most would not envision a divorce being part of it. Whether an individual in Texas or elsewhere has taken the time to include a prenuptial or postnuptial agreement in a marriage, the reality is that the divorce process can disrupt one's hopes and goals for the future. Thus, it is important to consider your finances and retirement accounts while going through the divorce process.
If you are going through a divorce, many things are likely going through your mind. And, when it comes to your assets and property, you are likely concerned about what you will walk away from the marriage with. At the Law Office of Michael D. Tracton, P.C., our attorneys understand that it is perfectly normal to be worried about asset and debt division during dissolution. Our goal is to ease our clients' minds by helping them understand their situation, the rights afforded to them and how to ensure they walk away with what is rightfully theirs.
Whether it is something you have owned for a long time or a short amount of time, the idea is that what is yours will remain yours. Unfortunately, when it comes to a divorce, some of this property will be deemed marital property. This means that any assets one obtains while married may be considered community property in the state of Texas. This means that upon divorce these marital assets will be divided evenly between the spouses. In some cases, a spouse's retirement assets will be up for grabs, making it important to understand how best to protect this asset in the divorce process.
What goes through a person's head when they initiate the divorce process can differ from one spouse to the next. A spouse might be focused on the end goal of getting through the process so they can begin their new single life. Another spouse might be overwhelmed and emotional, as they never dreamed that their marriage would end. And for other spouses, their focus is on what they will leave the marriage with, hoping their personal assets are protected.
Much like we think cancer, a car accident or a job loss will never happen to us, most married couples in Texas believe that divorce won't happen to them either. However, the reality is that this divorce is a process that some married couple will face. Thus, it is important to consider what a spouse will need to do to complete the process with their rights intact.
For some spouses in Texas and elsewhere, ending the marriage might be a step in the right direction. While it is not a pleasant time, if it is obvious that a marriage cannot be saved, spouses might be able to go through the process with a positive attitude. However, even when divorcing spouses are working through the dissolution process collaboratively or amicably, this does not mean problems will not be encountered. When it comes to property division, this is considered one of the most contentious divorce issues, causing many spouses to dispute over which spouse gets what.