Texas is a community property state, so once you divorce, you expect to split the assets you’ve acquired since your marriage. You assumed, however, that the home you purchased prior to your marriage and kept solely in your name would be your personal property to keep. However, that could be a mistake. Increases in equity can be considered marital assets You may have owned the property prior to your marriage, but that doesn’t mean that your spouse has no interest in it today — especially if there has been a significant jump in the property’s equity value. The equity that…
If you’re starting the process of divorcing, one of the main questions you may have is how long it’s going to take. In Texas, your divorce won’t be finalized for at least 60 days following your divorce petition being filed. This is just one aspect of the process, though, that you do need to consider. Getting a divorce can be a lengthy process. At the very least, it will take the 60 days between your first petition and the court approving your divorce. However, for most people, it takes at least six months, up to a year or longer, to…
If you’re getting a divorce in Texas, you should know that the state is a community property state. This means that all of the marital assets you share with your spouse will need to be divided equally upon divorce unless you come up with a different arrangement. If you currently have oil, gas and mineral rights, that division could be complex. Oil, gas and mineral rights are also considered to be real property, so they will be divided similarly to any other assets in your possession. Can you protect your oil, gas or mineral rights against property division? Yes,…
In high asset divorces, it’s not uncommon for one spouse to be financially dependent upon the other — and that makes spousal maintenance (commonly called “alimony”) an issue. But spousal maintenance in Texas is not an automatic right. So, how do you know if you are eligible for spousal maintenance, and how do you know how much you will receive? Support can be ordered by the court or determined by agreement To obtain court-ordered spousal maintenance, the dependent spouse must prove that they lack the necessary income and assets to meet their minimum monthly expenses. Plus, they must prove at
Figuring out how to divide your property can be the hardest part of your divorce. The more unique and valuable your property is, the more likely you and your spouse are to disagree about the right way to split it in your upcoming divorce. Possessions can sometimes require an appraisal by a professional. If you have a work of fine art, for example, bringing in someone with knowledge about the genre or artist can help you determine the fair market value for the art. What happens when the art is newer and possibly not even physical? Cryptoart or digital art
Finding a fair way to split up your property is often a major concern in a Texas divorce. You and your spouse probably both have invested a lot of your time and income into the shared resources that you now need to find a way to split. It can be difficult for couples to review their household finances and determine what is reasonable and fair. Some property is much harder to divide than others. Items with significant emotional value for either spouse can present a challenge. The same is true of property with unclear financial value. If you or your…
Couples going through a divorce typically handle the house in one of two ways. Either one spouse keeps the house and gives the other some of the equity, or they agree to sell the house and split whatever they make from the sale. Although it is rare to hear about it, there are situations where couples decide to retain joint ownership of the house even after divorce. Although joint ownership with your ex might seem like a nightmare situation, there are actually two very reasonable explanations for why a couple with children might agree to retain joint ownership of the…
There’s been a steady movement toward equally shared custody of children after divorce in this country. Under Texas law, the default is still a 75/25 split. A bill currently in the Texas legislature would change that to 50/50.  House Bill 803, however, has yet to even receive a committee hearing. That doesn’t bode well for its chances of getting to a vote before the legislature, which is in session only every other year, adjourns at the end of May. Why moms and dads are fighting for the bill Although the current 75/25 split typically gives mothers a greater amount…
Your spouse tells you that they don’t want to get divorced. They blame you for the way the marriage is ending. You can tell that they’re frustrated and angry, and you worry that they’re looking to get even. One of the most common ways that people do this is by hiding assets. Your spouse knows that he or she has to divide those assets with you in the divorce. By hiding them in advance, your spouse essentially hopes to steal your share of the assets from you. This is malicious and illegal, but it happens all the same.  How do…
When a couple decides to divorce, disputes over money are common — particularly when it comes to issues of spousal support. You may be able to make your support payments comfortably today, but a significant portion of your wealth could be gone in an instant if you make an unsavvy investment, face a lawsuit, lose your job or fall ill. It may give you more peace of mind if you can do away with your financial obligation once and for all instead of having a nagging debt every month. If you’re not thrilled about the idea of making monthly support