When Texas couples decide to divorce, they may be concerned about taking a credit hit during the property division process. Marital status is not a factor considered by the credit bureaus, so a divorce itself would not necessarily damage each individual's credit rating. However, joint accounts and the process of dividing assets and debts can pose some unique challenges. In general, spouses agree as to how different assets and debts will be handled in the divorce, and one ex may be given responsibility for paying off a joint card.
Texas residents could put their retirement and financial future at risk by getting a divorce. One woman says that she lost nearly $1 million in retirement savings after she divorced her husband after 15 years together. A series of events after the divorce required her to spend about $200,000 in legal fees, and the woman claims that the money could have grown to $1 million if put into a retirement account.
Business owners in Texas and around the country often invest a great deal of time and money into their companies. When an owner finds himself or herself faced with a divorce, the future of the business is often a significant concern.
There are a lot of misconceptions about divorces involving wealthy couples in Texas and other states. One of the most common myths is the belief that only men hide assets to prevent their ex-spouses from getting their fair share. While hiding assets is a problem that happens in many divorces, it's not just men who do it. As the balance of earning power shifts in American households, more and more wive are trying to prevent their money from being distributed evenly.
Some Texas couples have a desire to kick off their married life together with the perfect wedding. While there is nothing wrong with this goal, a study conducted by a leading online lending marketplace found that going into debt to achieve it could contribute to the end of a marriage. The study was based on a survey of more than 500 Americans between the ages of 18 and 53 who were married within the last two years.
Texas residents who shop online will likely know that Amazon has grown from humble beginnings to become one of the world's most valuable companies, and they may be aware the online retailer's founder, Jeff Bezos, is now said to have a net worth in excess of $100 billion. These developments prompted legal experts and gossip columnists alike to turn to social media in January when Bezos and his wife of 25 years announced that they were ending their marriage.
Married individuals may prefer to maintain their own bank accounts. This can be helpful in the event of a divorce because they will exert greater control over the money in those accounts. However, having separate accounts may not make the money inside of them separate property because Texas is one of a handful of community property states. What that means is that property and debts accumulated during a marriage will likely be divided 50/50.
Business owners in Texas and throughout the country may derive a significant amount of income from their companies. Therefore, it is important that the business is valued properly in a divorce. It is also important to ensure that business assets are divided in a manner that allows the company to run efficiently both now and into the future. To determine a company's value, an appraiser should be given access to relevant records and other information.
Before initiating a divorce, a Texas couple should gather three types of financial documents. This preparation process can be particularly important for spouses who might be less informed about the financial side of the marriage.
Divorce can bring about a variety of issues for a Texas couple. One of the factors that might deeply impact each spouse's post-divorce life is how assets are divided and handled. If the couple owns a business together, the property division process will be that much more important.