Texas residents may feel like the best option is to keep a marital home after a marriage ends. However, this may not be the best choice from a financial perspective. For many, it may be difficult to pay a mortgage, property taxes and other expenses related to a home on a single income. Those who manage to pay those bills may not have anything left over to save or for emergencies.
Some couples in Texas who get a divorce will have a home they need to sell. This can be an emotionally difficult experience, but there are things couples can do to smooth the process. They should begin by discussing their goals with the agent, but following this initial meeting, one spouse should be chosen to be the main contact person for the agent to avoid confusion. Spouses should also leave the agent out of any personal conflict.
The family home is often the largest marital asset, especially for younger couples. If they decide to divorce, Texas spouses have to decide what to do with the house. There are advantages and disadvantages of each option, so it's important to carefully consider them and speak with an attorney or financial professional prior to entering into a settlement agreement. Some of the paths available include one spouse continuing to live in the house or selling the property to divide the profits between both spouses.
Texas couples who are getting a divorce must deal with property division in most cases. This may include shutting down joint accounts such as credit cards and shared bank accounts. Regardless of who created the credit card debt, both people will be considered responsible for it by creditors, and this debt will need to be paid off in order to close the account.
Divorce can be complicated by a variety of details. Texas couples who are ending their marriages are focused on major points of contention like child custody and division of assets and liabilities. Things like car insurance are often overlooked, despite their importance. Generally, there are a few rules that apply to the process of separating car insurance policies. One former spouse, for example, cannot remove the other from the policy without the latter's consent.
Texas couples who are getting a divorce might be concerned about keeping their home or may want to get financing to buy a new home. This may be an emotional decision for some people, but it is important to be realistic about the financial aspects.
Ending a marriage is always a challenging process, and some say the higher the value of the assets involved, the more complex the divorce. Along with the emotional and logistical difficulties, determining the best time to file for a divorce can be tough. Certain life events can have an adverse impact on your finances if they happen concurrently with 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.
For Texas couples who are planning on getting married, keeping certain assets like trust funds separate is important. This is because, should the couple later get a divorce, it is likely that any other property that the couple obtains will be split.
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.