Whether it is something one obtained during childhood or adulthood, the items one brings into a marriage may not leave the marriage in the event of a divorce. Determining what falls under the category of marital property is not always clear. This is especially true in cases where certain assets and property are treated as belonging to both. Such a situation could give rise to conflict, causing the property division process to be challenging.
While some spouses may be ready to part ways after a divorce and start their new single life, the process to get from married to single can be complex. This is especially certain if divorcing spouses in Texas and elsewhere cannot agree on the issues at hand. Divorce issues are unique to the couple divorcing. One issue that is often contentious is property division.
Unless a prenuptial or postnuptial agreement is involved in a marriage, most property and assets are considered to be jointly owned. This means that when the couple decides to divorce, these assets, no matter who they originally belonged to, will be divided among them. While the property division process can be complicated and emotional, a spouse who is not forthcoming can further complicate the issue.
It may feel like your loyal, furry friend is a member of the family. However, under Texas law, your pet is considered property. This means that, in the event of divorce, your dog or cat can be treated just like furniture and any other possessions-and be assigned to one spouse or the other.
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.