Many Texas residents have worked for years to build significant retirement savings. Divorce can threaten that financial stability, and spouses who are unable to make wise property division choices risk losing a considerable amount of the money that has been set aside for retirement. An example lies in the manner in which 401(k) accounts are handled during the division of marital wealth. Without proper planning, a large portion of these funds can be lost to fees and taxes, and not put to use by either spouse.
Posts tagged "property division"
Obtaining a divorce in Texas is not as easy sending a spouse a message on Facebook and changing one's relationship status, but some people have been allowed to use the popular social media site as a way to give someone else legal notice. However, one must go through official channels and have proof of his or her efforts before judges in some states allow one to serve papers through Facebook.
Texas residents may be interested in some common mistakes that many spouses make when getting a divorce. Because of a failure to see long-term issues, many of these serious financial errors can come back to haunt a person later in life.
Texas residents may be interested to hear that a recently published study shows that the chance of divorce increases when the wife becomes ill. The study sought to answer how health affects marriage.
Texas divorce law presumes that property owned by married individuals is property of both husband and wife. Debts, too, if they were incurred while the parties were married, are presumed owed by both husband and wife. Texas is a community property state, but it may be possible in some cases to overcome these presumptions with clear and convincing evidence that the property in question should be categorized as separate.
One thing that many Texas couples whose marriages are breaking down are concerned about is whether a divorce will be expensive. Issues related to spousal support and property division are the ones that typically cause the most problems for divorcing couples.
The last step of formalizing a Texas divorce is the final court hearing. The person filing the divorce may choose to appear before a jury or a judge. When there is complete consensus between the two divorcing partners as to property distribution, the disposition of debt and any support payments for the spouse or child, then the petitioner in the divorce may appear before a judge with all necessary paperwork provided in triplicate and obtain a final divorce decree in relatively little time.
In Texas and throughout the country, many individuals find legal proceedings daunting or confusing, and divorce is no different. An attorney can make the divorce process easier, but it is possible to complete the process without an attorney. However, rules regarding the divorce process in Texas are very strict, and if they are not followed properly, the case can be thrown out of court and must be started again.
The first step in dividing property is determining which assets are separate property and which are marital property. In general, property owned by each party before marriage is separate property, and property obtained during marriage is marital property because Texas is a "community property" state. This also applies to debt. If either party contributes separate property to paying for community property or the other party's separate property or if the couple uses community property to pay separate debt, the parties may file reimbursement claims for these amounts.
Texas readers may be following the personal activities of billionaire Kenneth C. Griffin, manager and founder of a major hedge fund, who surprised many, including his wife, when he filed for divorce in the summer of 2014. According to his spouse, this is not the first time that she has been surprised with papers from her husband. She claims that she was not presented with the prenuptial agreement until right before the wedding in July 2003, and she signed the day before the wedding.