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.
Texas fans of Reese Witherspoon and her ex-husband Ryan Philippe probably know that they were married for seven years, had two kids and then divorced in 2007. In recent years, the couple lost quite a bit of money on their property sales. She recently sold her Ojai ranch at a big loss, which she had bought in 2008 for $5.8 million and ended up selling for $4,983,500, losing $816,500. Phillippe lost $1,175,000 on the March 2013 sale of his Sunset Strip mansion.
Some residents of Texas may be interested to learn of a recent article discussing the advantages of preparing some aspects of a divorce ahead of time. More than 800,000 divorces are started every year in the United States, and one of the most difficult issues to decide is almost always asset division. Complex divorce cases often involve a prolonged series of asset valuations and reviews of property interests, in which one or both parties may find themselves being marginalized. In order to facilitate such procedures and perhaps prevent such animosity, the author presents five recommendations for possible courses of action to take before a divorce begins.
Regardless of how irreconcilable the differences between spouses are, divorce is commonly not a pleasant experience. Breaking up a home can be physically, mentally and emotionally exhausting to the parties involved, especially when the matter affects children. In an effort to simplify and ease the process of divorce, some Texas couples are opting to use a mediator for negotiating property settlement agreements, asset division and even issues involving alimony and/or child support.