Marriage

24 posts

Dealing with hidden assets in a Texas Divorce

Dealing With Your Spouse’s Hidden Assets in a Texas Divorce

 It is normal to be anxious about many things when thinking about getting a Texas divorce. You may have heard of horror stories about getting a divorce from your friends or acquaintances who have been through it. It’s difficult not to feel anxious when there is a possibility that something unpleasant will suddenly pop up before or after the Texas divorce has been finalized. Your spouse’s hidden assets could be one of these things. It will surely be complicated to deal with it especially when you don’t really know anything about it.   The Basics of Hiding Assets in a Texas Divorce    It is not uncommon for one spouse to try to hide some assets during the divorce. This is especially common when a lot of money and properties are involved. A common way to hide assets is to just choose not to announce a certain account or property. If your spouse has an account or property that you don’t know about, chances are, he will keep you uninformed about it. This is of course illegal, but that doesn’t really stop some spouses from hiding away some of their assets. Often, properties that are hidden throughout the marriage only are […]

credit card debt texas divorce

Dealing with Credit Card Debts in a Texas Divorce

 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 […]

Split retirement account Texas Divorce

How To Split Retirement Accounts in a Texas Divorce

When you have just started the process of getting divorced, it might feel burdensome and endless – like you’re in a dark tunnel and you can’t even see the light at the end yet. A divorce certainly does not happen overnight, but it really doesn’t go on forever either. It’s just a matter of time before the nightmare would finally be over. Before the divorce would be finalized, you will have to go through the pain of sorting out finances, debts and even retirement accounts. Splitting retirement accounts either of you own is an important and undoubtedly complicated part of the divorce. Texas Laws on Community Property Texas laws pays utmost attention to the distinction between community property and separate property. Community property refers to any property that was acquired during your marriage. Retirement accounts that were secured during the marriage is considered community property. On the other hand, separate property refers to properties acquired before the marriage. In a Texas divorce, community properties are subject to division along with other community assets. Though it can be split exactly in half, it doesn’t necessarily have to be. You can create an agreement with your spouse with regards to the percentage […]

Divorce Gavel

The Financial Impact of Going Through a Divorce With Kids

 These days, it is not uncommon to see unhappy couples staying together because of the kids. There are many reasons why a lot of people choose to live their lives this way. They may not want to go through the mess of a divorce and the psychological effect it will have on the kids. Without a doubt, divorce is really daunting. Think about how the kids would have to be passed to the other parent on schedule. Co-parenting after a divorce is definitely challenging. A lot of parents are concerned about its effects on the children’s growth and development. Many also worry about the financial impact that goes along with it even more. Child support can pose serious financial issues, and these issues are enough to keep couples together despite mutual dissatisfaction in their marriage.   Financial Impact on Relationships   Many researchers have conducted various interviews and studies addressing this issue. One particular study focused on the relationship between finances, children and relationships. According to the results, 14% of the respondents of the research divulged that they chose to stay in an unhappy relationship because it was more practical. For obvious reasons, when children are in the picture, money concerns are heightened some more. Most parents […]

The Worst Financial Mistakes You Can Make During A Divorce

During a divorce you are going to go through some of the worst times you have ever experienced. That is why many people make financial mistakes, too much is going on all at one time. Making a financial mistake will only make the experience worse. We have prepared this article to help you avoid making costly financial mistakes. Not Planning For Expenses A lot of people just spend their money without keeping track of it. This kind of expenditure during a divorce can be risky. There will be extra expenses that you will have to account for. Your lawyer will also need to know how much you spend every month in order to properly defend you. Sitting down and planning out your monthly expenses versus your income is incredibly important. Not Considering Finances When Deciding Where To Live Most people want to keep their family home during the divorce process. While this might help you keep positive memories alive, you need to consider your finances. You will no longer be operating monthly with two people’s income. Take a look at the monthly mortgage payments and look at your expenses from above to determine whether or not you can realistically continue […]

Preparing for a Divorce in Texas

Being in the position of having a potential divorce is often one of the worst times in a person’s life.  Should you think you have reached that point in your life where your marriage is past any point of being repaired and you think a divorce might be necessary, there are some steps you should take to prepare yourself for a divorce. Step 1. Find A Divorce Attorney Unless you have been through a divorce before, you probably do not have a divorce attorney.  You should start looking for one right away and consult with them on the process of a divorce.  This will include inquiring about your rights and responsibilities in regards to custody and property. Step 2. Prepare A Property Inventory Go through everything you and your partner own.  That means finding major items throughout the house and inventorying them.  From furniture to art and automobiles you should make sure to get everything of value.  This also includes things that might not be at home such as those in safe deposit boxes and storage facilities. Knowing all you can about the property owned between you can be key in a divorce case. Step 3. Get Copies Of Everything […]

US Supreme Court Building

The Basics of Filing for Divorce in Texas

Going through divorce is a long and complicated process it doesn’t help that it happens to be one of the most emotional times of many people’s lives.  It is also a process that has been stigmatized for years.  As such, not everyone knows too much about the process. To help you better understand the process of divorce in Texas we have created this quick guide about filing for divorce. Mandatory Texas Residency Like with many states, Texas has a requirement for residency in order to file for divorce.  At least one party in the divorce must have resided in Texas for at least 6 months before filing. There is an additional requirement that you must have lived in your county for at least 90 days.  This prevents people from attempting to file from out of state using the Texas courts. Grounds For Divorce In most states, there are two different types of divorce that you can file for.  These are at fault and no-fault.  Texas is a mixed state, meaning that they will hear cases for both at fault and no-fault divorces. No-fault divorces are the most common cases that Texas courts hear.  It means that there is no blame […]

A Quick Guide to Divorce

Adultery and Alimony in Texas

Adultery is one of the factors behind couples filing for divorce in Texas. Married couples experiencing adultery are most likely to separate at some stage of their lives. In cases where adultery causes divorce of a couple, there is a strict need to define the rights and responsibilities of the parties involved, especially those pertaining to financial matters. One can file for divorce based on adultery in Texas. Adultery can affect the decision of financial issues in a Texas court such as alimony and property division. It is defined by Texas Law as having been deliberately involved in a sexual relationship with somebody who is not your spouse. While filing for a divorce resting on adultery, it is crucial to produce a proof of the affair, which could be anything from phone records and emails to photos and videos, in the court. Generally, courts in Texas grant alimony to the candidate who does not have enough financial resources to support himself/herself and whose ability to earn has been damaged during all those years of the marriage. Alimony is granted if: the spouse applying for alimony cannot earn because he/she has to look after a minor child or because he/she has […]

Managing A High-Stakes Divorce In Texas

Managing A High-Stakes Divorce In Texas

Any divorce is a complicated situation.  A lot goes on, from property management to custody.  Every decision has a lot of factors behind it that all need to be analyzed.  It is time-consuming and every day that the divorce goes on, it seems like it gets more complicated.  What do you do with a high-stakes divorce?  Read on for some guidance. Property Assignment in Texas There are two different categories that property can be assigned to.  These are: separate property (personal property) and community property.  Which category your property gets assigned to determines whether or not it will be split during the divorce or not. Personal Property In Texas Personal property is any property owner or claimed by a spouse before a marriage.  The most basic way to explain it is that it is, property that can be verified to belong only to one party in a divorce.  It can also include property that was specifically gifted to one partner or another.  Inherited property is the same way. During a divorce, personal property stays with its original owner.  That means that you don’t need to worry about whether it will be split between partners or not.  Both people in a […]

No fault divorce courtroom

No-Fault Divorces In Texas May Become Harder After New Bill

In Texas, a no-fault divorce is the default mechanism to request a divorce.  Officially by Texas law, a no-fault divorce is when there are conflicts between two parties that could not reasonably be overcome.  In reality, it is simply the type of divorce two people seek when they are looking to get out of a marriage, and serves as a mechanism to ending a marriage with the least amount of drama. It also provides an avenue for victims of abuse to leave a marriage without a burden of proving anything beyond that the marriage itself is unsustainable. State Representative Matt Krause is attempting to pass two bills in 2017.  The first bill increases the amount of time that two people must wait before a divorce is finalized.  This is in an attempt to get a couple to work out of their problems, instead of a divorce. The second bill that Rep. Matt Krause is putting forward will make it hard for all people to get a divorce.  This bill would make divorce only possible for criminal reasons such as abuse and adultery.  While Mr. Krause states he isn’t trying to deter people from getting divorces, he also says he hopes […]