Simple Summary of Community and Separate Property in Texas

Sep 25 2018 - Posted by , in Divorce, Property Division

Simple Summary of Community and Separate Property in Texas

Headed for divorce and wondering how you and your spouse will divide your property? Here is a simplified explanation of the three types of property under Texas law:   Community property – All property acquired by you or your spouse during the marriage is presumed to be community property. While there are exceptions, a good rule of thumb is that any property either you or your spouse obtained during the marriage is community and subject …

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The Law of Diminishing Returns

Aug 31 2018 - Posted by , in Assets, Divorce, Financial Challenges, Property Division

The Law of Diminishing Returns

One of the worst financial decisions in a divorce is to spend more on attorney’s fees than your divorce is “worth”; similar to paying $5,000.00 to fix an engine on your used car worth $3,000.00. The law of diminishing returns refers to a point at which the level of profits or benefits gained is less than the amount of money or energy invested. While the law of diminishing returns may seem black and white, with …

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3 steps to valuing your business during divorce

Aug 31 2017 - Posted by , in Business Assets, Divorce, Property Division

If you own a family business and know divorce is in the near future, you might be wondering what is going to happen to the company. The personal challenges for your emotions and finances are already enough to cause inner turmoil, so what should you do about the business? The most important step to take is getting a business valuation. An accurate picture of the family business and its assets will make the property division process go …

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Dispelling some myths about divorce and money

Aug 10 2017 - Posted by , in Property Division

Myths are by definition mistaken beliefs. Like many things in life, divorce is rife with myths. If they are not dispelled, it makes things worse when a couple does decide to split. One of the particular areas of family law where myths linger is in divorce and finances. Property division, asset valuations, retirement planning, tax considerations all need to be brought into focus in divorce. The help of experienced legal counsel is always recommended for both …

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The right of reimbursement in Texas property division

May 5 2017 - Posted by , in Property Division

Individuals considering divorce for the first time may have heard about the different models of property division. In most states, the theory that rules is called equitable distribution. A judge has the power to decide what is fair. The outcome might favor one spouse over the other depending on many variables. In fewer states, including Texas, the law focuses on what the couple has acquired over the course of the marriage. The entire stock of …

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Pet custody addressed in the first state law of its kind in U.S.

Jan 27 2017 - Posted by , in Property Division

With divorce now common, family laws in most states have managed to adapt in ways that maximize the well being of children. An increasing number of states, for instance, are encouraging some form of shared custody. The reasoning behind this is that it is generally in the best interests of children to maintain strong ties to both parents, when possible. One area in which family law seems to be lacking is the treatment of pets. …

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Points to remember in protecting assets in a Texas divorce

Jan 2 2017 - Posted by , in Property Division

Texas couples who are in the process of ending a marriage or have already completed the divorce process need to be vigilant about their finances. Factors to consider are property division, bank accounts, assets, how property obtained during the marriage is allocated and more. Whether the planning for the divorce is underway, if it is in progress, or after it is completed, the spouses must make certain to take various steps to protect themselves. Budgeting …

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Dealing with property and items of sentimental value in a divorce

Dec 31 2016 - Posted by , in Property Division

When a Texas couple chooses to end a marriage, there are a great number of factors that will be of significant concern. While children, custody, support, assets and living arrangements might be worrisome, other issues can come up. If there was a great deal of property obtained during the marriage and some of it has financial or sentimental value, this can be difficult to negotiate. With this in mind, it is important to have a …

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Texas lawmaker proposes end to no-fault divorce

Dec 29 2016 - Posted by , in Property Division

The lull is nearly over. Statistics show that many couples put off difficult family decisions until after the holidays. With just a few days left in 2016, it is expected that once again a large number of people struggling with unhappy marriages will head to the Harris County courthouse to file for divorce. One Texas lawmaker is trying to make the divorce process a little more difficult. He said that by doing so, he hopes to …

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Advice from survivors of divorce

Dec 13 2016 - Posted by , in Property Division

They got through it and they want to help others get through it, too. They are people who have gone through the complex legal process and the emotional turmoil of divorce. In a recent newspaper article, they shared some advice for those facing similar questions about property division, child custody, prenuptial agreements and more. One of the bits of advice those who have gone through divorce have is for those who facing a split to get …

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