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Property Division Archives

Does community property equal half of everything in a divorce?

You might believe that because Texas prescribes to the community property method of dividing property and debts in a divorce that this automatically means that you receive half of everything in a divorce. In reality, the Texas courts focus more on dividing property in an equitable manner than in an equal one. In addition, before dividing any property, what constitutes the marital estate needs to be determined.

Student debt could affect a divorce settlement

Student debt may be a common concern among today's college graduates, especially when it weighs on the financial health of a married couple. Financial issues are some of the most serious matters contributing to a divorce, and hefty student loans could come into play as a couple decides to call it quits. Leaving the marriage, however, does not necessarily imply leaving the student loan payments behind. Because Texas is a community property state, both marital debts and marital assets are in general subject to equal division by a divorce court.

Who gets the house in a divorce?

Ending a marriage can involve a lot of stress, and before it the divorce is finalized, Texas couples sometimes have to prepare for possible battles over the division of their marital assets, such as retirement and bank accounts, artwork, furnishings and automobiles. In most cases, however, the piece of marital property that is worth the most is the family home.

Cohabiting couples should be careful when buying property

While splitting assets between married couples in Texas can be complicated, there is a legal framework in place to help determine how to divide assets. When an unmarried couple owns assets together, separating these assets after a breakup can be much more complex.

Can my spouse take my retirement savings in a divorce?

In a community property state, such as Texas, all marital assets are split 50/50 at the time of the divorce. While many people think they understand what this means, most don't consider some very important aspects of marital law that can affect their retirement in a potentially major way.

Divorce and making financial decisions

Texas couples who are ending their marriages might be concerned about many aspects of their finances and property division including whether to keep or sell the family home. An impending divorce might feel especially stressful from a financial standpoint for a person who has traditionally not dealt much with the family finances and who is approaching retirement.

New mortage type may help Texas residents keep their homes

From 1990 to 2014, the number of people 50 years of age and older seeking a divorce doubled, according to a study done by Bowling Green University. This goes against the general trend that has seen divorce rates either stay where they are or go down. However, the fact that so many older people are getting divorced has led to discussions about a new type of mortgage product.

Dividing real estate in Texas divorce cases

While a divorce may formally end a marriage, it doesn't absolve an individual's liability when it comes to joint debts such as a mortgage. The only way for people to untangle themselves from a mortgage is to remove themselves from the loan. This can only happen if the loan is refinanced or the house is sold and the mortgage paid in full.

Do I need a divorce lawyer if I get along with my spouse?

This is a question that our firm gets a lot, which is a good thing. Divorce is easier on everyone involved when the parties can work together and respect each other. However, it's still important to work with an experienced divorce lawyer in order to protect your rights and future.