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Property Division Archives

Understand Texas property division laws

There are many things that people misunderstand about property laws in Texas, especially when it comes to who gets what during a divorce. Texas uses the concept of community property to determine how assets are divided. There are several different things that you should know about this process.

Digital assets must be handled in a divorce

Today's world is governed largely by digital services and platforms. Digital assets, such as pictures, documents and social media profiles are a large component of life these days. Interestingly, some people are opting to include those assets in their prenuptial agreements so that they can rest assured they will remain theirs if they end up getting divorced.

Think carefully when going through assets in divorce

Dividing property during a divorce is difficult, but when you have a lot of property or property that is complex, this can be even more difficult. We recently discussed the issues that people who have a business together face when they divorce. The particular issue here is when the person who is primarily responsible for the business tries to make it seem like the business isn't as profitable as it truly is. In those cases, you might find that you have to do some digging to find out what the business is actually worth.

What should I know during a divorce that involves a business?

A family-owned business is a huge accomplishment for many people. If you and your spouse worked hard to build your business, you might be wary about having to divide up your hard work if you end up going through a divorce. There are many factors that you have to think about when you are going through a divorce that involves a business. One of these things is how the profitability of the business will impact the property division settlement.

One state views pets like children, Texas says they are property

When you are going through a divorce, there are a lot of things that you have to think about. One of these things is who is going to get what items that you accumulated during your marriage. Often, couples who are divorcing face difficult negotiations in this area. One that is especially hard for many people is deciding who is going to get to keep the family pets.

Your estate plan and taxes can be impacted by a divorce

There are several ways that a divorce can impact your life. Many people think about the immediate effects, such as who will get the house and what is going to happen with the children. You have to think beyond that so that you can make choices about how to handle your divorce.

Think about more than value during property division proceedings

The property division process during a divorce is very important because it can either set you up for success or doom you to failure in the near future. Of course, even the worst property division settlement can be overcome, but you shouldn't have to deal with trying to do that. We know that you are ready to get your divorce moving forward but that you want to ensure you are getting what is rightfully yours.

Divorce can impact your credit score

Divorce can impact every aspect of your life. You will have to decide who get what, how the children will go between your and your ex, and how you will set up your future. One thing that you might not realize can be impacted by a divorce is your credit score; however, it is very possible that your credit history will be impacted after the divorce. What stands to be seen is if this impact will be positive or negative.

The long-term impact of gray divorce

While those divorcing after age 50 usually don't have to deal with contentious issues like child support or child custody, financial factors are very much in play. In many cases, those who divorce later in life have been married for quite a while -- often several decades -- and their finances are extremely intertwined.

Dividing assets and debts is necessary but can be complicated

People who have acquired assets and debts during the course of a marriage must figure out how those will be divided if the marriage ends. That isn't always easy because of the manner in which some items might vary in value. The property division process can also be complicated by the need to ensure that debts are divided in an appropriate manner.

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