Since you've begun preparing for your divorce in Texas, you've likely already learned that you live in a community property state. Not all states regulate marital property in this way. Essentially, it means that all income, property or assets you and your spouse acquired after marriage are subject to equal division between the two of you when your divorce is finalized. Sometimes, this can create complications involving such things as vehicles, boats, art collections and more.
Dividing the physical and financial assets of a marriage may require agreements on many items. The division of such things as vehicles, securities, valuable collectibles, retirement benefits, and household items may have to be decided. In many cases, the family home is the most valuable asset that the couple has, so its disposition can become difficult to agree upon during a divorce. Couples in Texas have two options available to them in regard to their home when divorcing.
Divorce, under any circumstances, is an emotional process -- especially if the divorce follows infidelity. Along with feelings of anger and betrayal, you may suspect your unfaithful spouse of financial misbehavior, such as hiding assets. This type of fraud is more prevalent in high-asset divorces that are not uncommon in the Plano, Dallas and McKinney areas in Texas.
Child custody is often the most emotionally charged and contentious part of a divorce. Even in an amicable split, child custody can be difficult for the parents to agree upon. Many fathers in Texas feel that fathers' rights are limited when it comes to equal child custody during a divorce, something they say would be corrected by the passage of a bill before the state legislature.
Children are often the innocent victims of divorce, subject to decisions that can affect them for the rest of their lives. In regards to infants and toddlers, some parents in Texas and across the country, along with renowned psychologists, have had concerns over a mother's relationship with her infant child being negatively affected when the child has frequent visitation with their father that include overnight stays. But the results of a study just released by Arizona State University shows that no matter what their age, children benefit from spending time with each parent, including sleepovers at both homes.
There is no "how-to" manual for going through a divorce. No two are the same. However, every individual going through a divorce in Texas should make every effort to protect his or her personal finances. While the financial details of the dissolution can sometimes be the most difficult to resolve, there are things that a person going through a divorce should consider doing to protect their personal finances.