Community Property

Money can easily cause arguments that can critically affect marriages. A lot of relationship conflicts involve financial problems. It is no surprise that this is one of the most prominent causes of divorce. A couple should have a serious conversation regarding finances. Establish goals, hard lines, and spending habits in order to make necessary adjustments throughout the relationship. Like in every other aspect of a relationship, communication is really the key. If particularly communicating about money can be a challenge, get help from a financial adviser. The factors below are some of the usual causes of financial problems within a marriage, among others. 1. Individuality When both spouses have a career of their own, it means they have their own earnings. This also entails busy schedules that can hinder them from having the time to talk about their finances. The easiest way for them to go is to split the bills in half or divide them in a proportionate and equitable way. Once all the bills are paid, each spouse can do whatever they want with the money they have left. This sounds like a perfect plan, however, the implication of this method often paves the way for resentment to build up over the individual expenditure made as time passes by. No communication is present so conflict on plans regarding buying properties or retirement is highly possible. This process can also lead to dishonesty or financial infidelity which is a relationship-ruining behavior as one spouse would end up hiding money from the other. 2. Liabilities From car loans to house loans; shopping spree and gambling habits— these are different types of baggage and financial baggage is definitely one of them. If one spouse has more financial liabilities than the other, or if one spouse is free from any financial obligation, this […]

Marriage and Money   Recently updated !

abandoned spouse
Two Types of Divorce in Texas The majority of divorce cases are “no-fault” divorces. In a no-fault divorce, the two parties simply have “irreconcilable differences” or could not get along. The other type of divorce is “fault-based” divorce, which means there is a shortcoming on one party or has aggrieved the other party, based on legal grounds. One example of those legal grounds is abandonment.  Definition of Abandonment in Texas Law Abandonment is being left alone to take care of the home and fulfill all parental duties of the child. Texas law has two conditions to constitute abandonment. First, the spouse must have been absent for a continuous period of one year. Second, the spouse made a willing and intentional decision to leave. This leaves off missing persons, or victims of abduction or kidnapping.  This ground of abandonment can be proven in court by presenting testimonies, documents, or letters. Abandonment Affects Child Custody The abandoned parent ends up having added responsibilities. He/she has to deal with the children’s needs: emotional, physical, mental and financial- alone. The main issue is the conservatorship of the children in a divorce on the grounds of abandonment. Conservatorship deals with the fulfillment of the duties and responsibilities of the children as opposed to possession. The parent charged with abandonment will usually lose custody. Abandonment Affects a Spouse’s Share in the Community Property The State of Texas upholds the concept of community property. Both spouses have an equal share of all property acquired during the marriage in a community property regime. However, in cases of abandonment, the court may deviate from the 50/50 arrangement. The innocent parent will naturally have a bigger share because of having custody of the child.

Divorce Due to Abandonment   Recently updated !

When you’re going through a divorce proceeding, the last thing you need is misinformation. You have to be aware of all the terms of conditions that are being discussed. It could dictate the quality of your life in the foreseeable future.  The legal terminologies that are being thrown around should be clarified by your lawyer. You need to make sure that you fully understand any agreement that you sign on to. In the tedious process of dividing the property, it is important to learn every slight detail. Mortgage Deed Vs. Property Title For most couples, the family home is the most significant piece of property. Because of this, it is the most complicated to divide. It is important to know the difference between a mortgage deed and a property title; this will have implications on the division. A mortgage refers to a loan agreement wherein the debtor uses the title of his property to secure a loan from the bank of another creditor. In this arrangement, the transfer of title is void once the loan is paid in full.  The mortgage deed is evidence of ownership of a property that is under mortgage terms. If one spouse wants to obtain true ownership of their marital home, they can execute a “quit claim” deed. This deed will relinquish the ownership of rights of one ex-spouse making the other spouse the sole owner, but it will still not take away the obligation of either spouse in terms of their loan agreement. In this case, the mortgage is still named to both spouses. The only way for a spouse to be eliminated from the ownership of the house is for the other spouse to execute a buyout of the rights.  True Value It is always good practice to determine the actual or current […]

Understanding the Difference of a Mortgage Deed from a Property Title of a Marital Home   Recently updated !

house divorce
When you go through a divorce, one of the things you might have to worry about would be how you divide your property. Your house would be one of those things. Now, if the house you’re both staying in was bought before you were married, chances are it’s under the name of whoever bought it. That won’t pose much of a problem. But if the ownership of the house is shared, then that’s where things might get a little tougher to sort out. This is especially true if you’re dividing the property amongst yourselves. If you’re looking for ways to go about it, read on. Sell the House If you both decide to sell the house and split the proceeds as part of your divorce settlement but have no idea how much the house is worth, putting the house up for sale would be the best way to know how much it’s worth. Once you find out how much the house is worth, you can then split the proceeds from the sale and take the share you both agreed upon. Have It Appraised When you decide to sell the house but are having trouble finding out how much it’s worth, one option you two have would be to go to a licensed appraiser. An appraiser would know how to help price your home better as they’ve established a system to help price your house and give it the appropriate value based on all the data that they’ve collected over time. At least this way, you know that you’re really getting your money’s worth as there is data to back the pricing. Plus, a licensed appraiser’s appraisal would almost always be favored by the court when settlements are being done. Keep It and Offer Other Properties If one of you wants […]

House: Appraise, Sell, or Keep after divorce   Recently updated !

change beneficiary texas
Divorce is even more difficult because of its practical implications. One of the important issues is revising the important policies and documents to manifest your new status. This includes the housekeeping of finances and updating legal instruments. In most cases, a person will name their spouse as their beneficiary. When a divorce takes place, it is only logical for them to want to change the designated beneficiary. It is crucial to know that beneficiaries can be changed either before the divorce or after its finalization only. The designations of beneficiaries cannot be changed during the pendency of the divorce proceedings. Important Considerations There are a few important things to take into consideration as you gather your finances and legal instruments. These include knowing what needs to be changed and the laws involved, among other things. Documents to be Changed Gather all the documents and policies wherein you have your spouse as your primary beneficiary. Annuities Retirement accounts Pensions Life insurance policies Other accounts or plans Savings or checking accounts Time deposits Mutual funds Once you have gathered these documents, you can decide whether to change them or not. Discussing these accounts and policies with your divorce lawyer during the pendency of the divorce proceedings is important. Keeping records of revised beneficiary designations is important as they form part of your divorce files. How Texas Law Works There is an automatic removal of spouses as beneficiaries upon the finality of the divorce. If you forget to change your beneficiaries, your ex-spouse will not be able to inherit your assets upon your death. Absent any secondary or contingent beneficiary,  these assets will be inherited by your estate instead. If the division of your assets cannot be determined because you did not have an estate plan, the probate court shall determine the in […]

Post-Divorce Matters: Beneficiary Designations After Divorce

The best way to begin a relationship is having open communication and full disclosure. One of the great tools in achieving open communication and full disclosure is having an antenuptial or prenuptial agreement. This helps in setting up realistic expectations in the relationship. What is an Antenuptial Agreement? An antenuptial agreement (prenuptial agreement or prenup) is an agreement entered between parties who are about to get married. It is effective upon the celebration of their marriage. It is about matters between the spouses in cases of divorce or death of one of them. Requirements of an Antenuptial Agreement A prenuptial agreement in Texas has to meet a few requirements to be a valid and enforceable contract. It must be in writing; Signed by both parties; The agreement is negotiated for contracting a marriage; Voluntarily entered into by each party; Based on a fair and full disclosure of each party’s assets and liabilities; and It must not be in heavily in favor of one party only. Reasons Why You Should Get a Prenuptial Agreement Family pressure of the partner who is more financially well-off; Protection for the benefit of the children from past relationships; A great disparity in wealth and/or income of the partners; and  Safekeeping of a certain asset.  If future in-laws want a prenup for their child, it is likely that the couple would get one. The couple should work together to draw up provisions in the agreement. If any of the parties cannot find a balance between their interests of the other and influential factors in his or her life, this may be considered a warning sign of his or her possible behavior throughout the marriage.

Setting the Tone of Marriage Through Postnuptial Agreements

spouse in debt
Working through a marriage takes a lot of work. You’ll need to learn how to live together with someone, work out your differences and problems, and learn how to support each other among other things. Part of the several things you’ll need to work together on would be your finances. Since you’re now living together, you’ll have to both learn how to spend within your means and make sure you have enough to keep on living decently. But what happens if your spouse just keeps incurring debt? What should you do? Well, keep reading and maybe you can figure something out. Talk to Your Spouse Before anything else, the first thing you should consider doing is talking to your spouse about their debt. Let them know what’s on your mind and why it’s starting to concern you. After all, you two are living together and you two should be working things out. Maybe there’s a way to solve this debt problem of his and make things better. If there seems to be a way that you two can work this problem out, then great! But if it seems like there isn’t any other way, maybe you can consider further action on it. Either way, it would be best to at least bring it up so you can tell your spouse how you feel. Seek Legal Help If things are beginning to get difficult between you and your spouse and you think you can’t really take it anymore or it’s just too far along to get fixed, you can consider getting a divorce. Go seek help from a lawyer. Find out what steps you can take to help get you out of the situation you are in. Even though you are married, if your spouse’s debt just keeps on getting bigger […]

Should I Divorce a Spouse Drowning in Debt?

pet divorce
It goes without saying that a divorce comes with many considerations and if you have pets in a Texas divorce, you might be worried about their fate. One of the most devastating things that come along with divorce is separation. One parent would have to live separately from the children and the other spouse in most cases. Pets such as dogs and cats are part of the family and it’s difficult not to have an emotional attachment to them. However, when it comes to a divorce, the harsh reality is that they are classified as property. As property, these pets will be in the same category as your house, television, jewelry, bank accounts and other properties. As it is with other properties you have at the time of the divorce, the pets will need to be awarded to one spouse. You can talk and have an agreement about the fate of your pet, otherwise, the judge will have to decide on what to do with your pets in court. The thing is: since pets are considered a part of your property, they will be treated either as separate property or community property. The judge will not make a decision based on your family’s or pet’s best interests, and would just be following the law. If you are worried about your pets in a Texas divorce, it is better to reach an agreement with your spouse to avoid getting the judge to make the decision for your family. Here are some frequently asked questions about pets in a Texas divorce. You might also have these questions running through your mind right now and the following information might be useful. 1. How is your pet treated as property? As already mentioned above, pets and animals, in general, are considered as property as per […]

The Fate that Awaits Your Pet in a Texas Divorce