Community Property


mortgage
When two people enter a permanent union like marriage, they plan and dream the rest of their lives together. However, it doesn’t always end the way it was planned. The repercussions of the separation remain.  One of these repercussions is the home mortgage. The house is usually the main investment of a married couple. After divorce, it becomes a burden that they may no longer choose to shoulder. The best way to settle this is to consult the law.  What should be clear to all parties is that the rights of any creditor to collect on the debt incurred will not be affected in any way by the divorce.  When the House is Community Property One important question with regards to property is to determine whether it is the separate property or community property (also known as marital property). Separate property is clearly owned by the spouse that acquired it prior to the marriage or inherited it during the marriage.  The case that needs to be settled are the properties that have been purchased during the marriage. Since this is community property, the easiest way to settle the division is to sell the house and divide the proceeds.  It will be more complicated if one spouse decides to live in the house. If there is still a mortgage that has to be settled, then there are other things to consider.   There could be a settlement between the ex-spouses. For the spouse that chooses to live in the house, the property would then be considered as his/her ownership henceforth. Thus, the usual agreement would be for the residing spouse to assume responsibility for subsequent payments.  There could be other arrangements. If the ex-spouses have children, then the house is their shared responsibility. Whether this entails an equal division or a […]

How to Deal with a Mortgage After Divorce


prop
Getting a divorce calls requires splitting community property – this means taking all of the community property you and your spouse own and dividing it up accordingly. Of course, you also each have your separate property which you will have to determine and announce separately in court. It’s the jointly-held property that can get a little complicated during the divorce. Who gets to decide regarding the division of your community property? Making the Decision in Splitting Community Property There are only three people who can make that decision. First, you and your spouse – if you decide to forget your ill feelings towards each other (if you have any), team up and make a rational decision about splitting community property that you own. Second, the judge in the court where you filed for divorce can make a decision in splitting community property instead of you and your spouse. You might be surprised to know that a majority of divorce cases and community property division is often wrapped up with mediation rather than a bawl in the courtroom. Mediation is the process that you and your spouse should strongly consider if you want to settle your community property issues outside of the courtroom. You can actually deal with all the agreements that you need to sign to finalize your divorce during a mediation, in the presence of a mediator. This is a great option because you and your spouse can be in control unlike when you have to go on a trial. Mediation can help you and your spouse get what each of you really wants at the end of your marriage and it provides flexibility. Of course, there is a possibility that you will get better results with the judge – or worse. Mediation or Trial You might have to […]

Splitting Community Property in Texas



marriage and business
Married life isn’t easy. Whether you like to admit it or not, there are just some aspects of your married relationship that are tough to navigate. Imagine how much harder things can get if you happen to be business partners with your spouse. There’s just so much to watch out for that it might just seem impossible to do. That doesn’t necessarily mean that it can’t be done though. There are just a lot more things that you need to keep in mind if you do find yourself in that situation. Communication is Key As with every relationship, the best way to make things work would be to communicate. Whether it’s something about your marriage or something about your business, the best way to make sure that things don’t go terribly awry would be to talk about it with your spouse. By communicating with them, allow them to know what it is your feeling and what’s going on your mind. Telling them gives them a chance to understand where you’re coming from and gives them a chance to do something about it so that things can continue to go smoothly. Communication is always key. Divide the Responsibilities In any workplace, there is always a chance for conflict. Sometimes you might feel like you could do a certain task better, sometimes you feel like you’re doing what you shouldn’t be doing. In order to avoid this, or at least lessen the chances of conflict from happening, it’s best that you divide the work responsibilities between you two. Keep in mind what your strengths and weaknesses are and use those to help figure out who does what. That way you maximize productivity for both of you and avoid any possible conflict that can arise. Don’t Mix Work with Home Life Even if […]

How to Be Business Partners and Stay Married


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 The first thing people worry about when they start thinking about divorce is their children and their property. The children, the house, the cars, the money and other properties are things people think about the most when they’re on the verge of getting a  Texas divorce. If you happen to be in the same situation, these are subjects you need to seriously think about. Were there any debts incurred during your marriage? How seriously have you contemplated about the financial issues and responsibilities you have during your marriage? If you think that only the property and assets are divided when a divorce happens, you’ll have to think again. Debt is just as important as retirement accounts and properties and it is divided between the couple as well. The amount of responsibility each spouse needs to take at the time of the divorce for the debts incurred during the marriage is extremely important. Preparing for Debt in Your Divorce One of the most common debts in a marriage that are strongly debated about by both parties are credit card debts. When marital debts are divided, they can be handed to either of the spouses or both. Credit cards are a different matter. If you have applied for a credit card that bears your name and your spouse’s name during the duration of your marriage, none of you can be freed from the liability for the future usage of the card. It may have not happened to you, but it is something to be careful about. A lot of clients I came across with complain about how credit card companies and debt collection companies keep hounding them to pay off debts and credit card balances that they had nothing to do with. This is really a horrible situation because your spouse could […]

Dealing with Credit Card Debts in a Texas Divorce



estate administration
The State of Texas has laws and guidelines implemented to ensure that estate administration is orderly and fair for all parties. They also address the key questions regarding the management and the beneficiaries of the decedent’s property and assets.  Who can assume the role of the administrator? The decedent nominates the administrator or executor. The probate court will then officially appoint him/her. He/she also has the consensus of the heirs. In case the decedent did not have a will or has not nominated an administrator and or was not able to prepare a will, the court will assign one of the primary heirs to assume the duties of the executor. It is also possible for one of the heirs to volunteer to be an administrator. He/she has to file a petition to the probate court and undergo the selection process.  It is not necessary for the administrator to be a lawyer, but there are some restrictions. A person cannot be an estate administrator if: Physically incapacitated Not a resident of Texas Conviction of a felony The court has found him/her unsuitable What are the primary tasks of an administrator? The administrator should take control of the decedent’s property and assets. The remaining cash is deposited in a separate account. He/she will also settle any estate debts and taxes (realty, property, etc) related to the property.  There are instances where a decedent’s property is exempt from the creditors based on the Texas Estate Code. The administrator should determine and also secure any property or assets applicable to this.  The remaining assets or properties are distributed to the heirs. This is based on the deceased’s will or as determined by the court. In some cases, the administrator will also manage the provision of a family allowance to the spouse and children of […]

Texas Guidelines on Estate Administration


credit card debts
When getting a divorce, there are a lot of things that have to be taken into account. First, you should get a lawyer and figure out how to go about your divorce. Of course, you also have to think about where your children, if you have any. Your lawyer should also advise you regarding conjugal properties. What to do with all the things you both own? How do you go about dividing your money? Who pays for what now? What happens to the debts you share? Marital Debts Marital debts are debts incurred during your marriage and before the awarding of a divorce decree. It can be split among the spouses by the court or based on the settlement reached between the pair. This applies in the state of Texas and makes debts like that are the easiest kind to settle. Credit Accounts The kind of debt that may be more difficult to handle are debts on credit accounts. Credit accounts that are opened during your marriage that are under either your name or your spouse’s name, sometimes even under both your names, are harder to settle as there is still the possibility of debts being incurred after your marriage. Figuring out who pays for what in the credit accounts after the divorce may become more confusing. What normally passes off after divorce is that any purchases made by either partner after the divorce is their obligation and must be compensated. The only problem with this is that any unsecured credit card debts, if left unpaid, they may end up piling interest up until it becomes too heavy a burden. This will make it harder to pay for. Steps You Can Take with Regard to the Debts Things can be done with regard to credit accounts such as settling them […]

Do You Divorce Your Debts too During a Divorce?



budget at home
If there’s one thing that ruins relationships, it’s money. That’s simply one of the first things couples—whether married or not—talk about when they start living together. It’s always a case of “who will pay for what,” and finding the right balance for the both of you. Are you moving in with your partner soon? Then you should start taking notes on how you can divide the expenses—for the sake of your future home and your relationship. Split your accounts and work out the percentage you’ll give Keeping your accounts separate is still the best option in any relationship. This will make it easier for couples to control their own earnings and avoid conflicts that come with having a joint account. What you need to do and agree to a certain percentage to allot to your housing needs while, of course, being considerate of how much you make individually. But let’s say you decide to put aside 30 percent of your salary for bills and necessities. Once that’s set, you have to commit to that. Recognize who makes more and who makes less This is in relation to the previous point. One should acknowledge if they are making more or lesser than their significant other. That way, you can pinpoint which expenses will fit your salary—whether it’s paying for the electricity, water, Wi-Fi, or buying groceries. That said, you still have to follow the allotment percentage you’ve agreed on. Again, it’s all about finding a balance in taking care of your home. Save, save, save When you’re done dividing tasks and expenses, you have to get along in this category. Saving money is key to living together. If you are spending too much on unnecessary things and not keeping your part of the agreement, this will cause problems in the long […]

How to Divide Expenses at Home when Both of You are Working


A Quick Guide to Divorce
  Texas Divorce Overview   Everyone іѕ fаmіlіаr wіth the wоrd dіvоrсе but dоеѕ not know thе technicalities about it. It is іmроrtаnt thаt wе should bе able tо knоw things about dіvоrсе аnd whаt are thе thіngѕ thаt wе ѕhоuld соnѕіdеr about when people аrоund us or ѕресіfісаllу uѕ іnѕtеаd are planning tо еngаgе into thіѕ kіnd оf situation. Yоu ѕhоuld fіrѕt know whаt rеаllу dіvоrсе іѕ tо have a dеереr perception about this dіѕеаѕе іn thе community that іѕ not only ruіnіng thе lives оf the husband and wіfе but аlѕо thе реорlе thаt аrе іnvоlvеd in thе marriage, tоо. Aссоrdіng tо Wikipedia, “Dіvоrсе (оr the dіѕѕоlutіоn оf mаrrіаgе) іѕ the fіnаl termination of a mаrіtаl union, саnсеllіng the lеgаl dutіеѕ аnd responsibilities оf mаrrіаgе аnd dissolving the bonds оf mаtrіmоnу bеtwееn thе раrtіеѕ.” It is іmроrtаnt that we ѕhоuld bе able tо know thаt dіvоrсе іѕ not just mеrе breaking up but also hаvіng a permanent separation with the person thаt уоu have married. A divorce fоllоwѕ a ѕеt of court hеаrіng іn which they would dіѕсuѕѕ all thе thіngѕ thаt a mаrrіаgе controls, from thе kids to the fіnаnсеѕ would bе a ѕubjесt mаttеr in a divorce. Yоu ѕее, іt wоuld rеаllу bесоmе ѕо complicated for you and уоur fаmіlу tо ѕіnk іn to this “solution”, if іt іѕ a ѕоlutіоn аftеr all or mау trigger to ruin аll the реrѕоn’ѕ lіvеѕ thаt аrе іnvоlvеd in the ѕіtuаtіоn.   Whаt аrе thе common grоundѕ fоr having a dіvоrсе?   First of аll, іt would bе hаvіng аn extra mаrіtаl аffаіr. Thіѕ іѕ very соmmоn because аlmоѕt 1/4 оf a 100 оf those who dіvоrсе thеіr ѕроuѕеѕ hаvе this рrоblеm аnd they cannot take anymore whаt іѕ hарреnіng so thеу decide to have thеіr marriage divorced. Second […]

Texas Divorce Overview