Are you facing a divorce in Texas? Are you concerned about the effect it will have on your retirement?
While divorce is rarely easy, it is often made even more complicated when there are substantial amounts of assets or money involved. These complexities can lead to months, or even years of legal wrangling since one mistake can literally cost a person millions of dollars.
During a Texas divorce, who gets the house? The cars? The retirement accounts?
There are enough questions that accompany the divorce process. Where will I live? Will I receive spousal support payments? What will happen to our joint property? These are all common questions to have when going through a divorce. For some spouses, though, there is the extra burden of having to wonder if a spouse is attempting to hide assets.
Every divorce is different, but there are some issues common to many marital splits, regardless of who the spouses are and how much money they make.
When people divorce in Texas, the law requires that their community property be divided between them in a way that is "just and right." The reality, though, is that a "just and right" split is not always a 50/50 split, and you may need an aggressive and experienced lawyer on your side to help you retain the full value of the assets to which you are entitled.
Like marital dissolutions throughout the country, those in Texas can take an ugly turn when two spouses do not agree about certain issues, including child custody, child support, spousal support and the division and distribution of property, assets and debts. Each issue has its own problems, but one of the hardest to resolve can be the distribution of assets.
Dallas residents may be aware that marital agreements are common in Texas as well as in other states, and courts consider such agreements to be a useful tool for resolving property division issues amicably. If the court feels that the terms and conditions of a marital agreement are appropriate, it will approve the agreement and the entire property division process will be completed according to that agreement. However, if the court feels that a marital agreement is inadequate, it may order the spouses to prepare a revised agreement, or it may require the spouses to enter into a contested hearing.
Dallas residents may be aware that Texas is a community property state. That means that any property acquired by a couple after marriage, irrespective of whose name it is in, ispresumed to be marital property. In the event of a divorce, assets that are part of the community property estate are generally often split equally between the spouses. Additionally, Texas courts can also order a disproportionate division of the divorcing couple's estate while taking into consideration the best interest of both spouses and the children.
There comes a time in many marriages when the relationship no longer seems to work anymore. Arguments between the spouses take center stage and resolving even miniscule issues seems like a mammoth task. In these situations, many Dallas, Texas, residents would agree that it would be better if the couple were to part ways. However, even during the separation process, the spouses are often at war with each other because of a number of issues such as child custody, alimony, child support and property division.