Property division is a key component of divorce in Texas. While dividing property in a divorce is usually a complicated process, it can become even more complicated when one spouse is not being honest about their finances. If there are suspicions of one spouse hiding assets, a there may be a need to investigate the financial records involved.
Divorcing couples in Texas are often concerned about what assets they will receive as part of their settlement or decree. Even in an amicable divorce, questions about the division of retirement accounts, business assets and other forms of marital property can become contentious.
A significant concern for many divorcing couples in Texas is ensuring that their property and assets are divided in the proper manner. Spouses and their attorneys can run into difficulties, however, when the other spouse has committed financial fraud and is either hiding assets or has spent assets as a way of getting revenge.
Texas couples may find interesting the story of a man who has been in a divorce proceeding since 2008 and may be facing civil contempt charges in New York. The man reportedly sold a piece of Brooklyn real estate for $776,000 and will not say what happened to the money. According to the man's estranged wife, it was marital property, and he was subsequently under a court order to deposit the money into an escrow account.
When a Texas couple gets divorced, the issue of property division can be complex. This may be even more true when it comes to determining who gets possession of frozen embryos. In a California case, a couple froze five embryos before they got divorced and were split as to what to do with them. The husband wanted them destroyed while the wife wanted to keep them as her age and previous bout with cancer left her practically infertile.
In any Texas divorce case where a business is an asset, one of the primary questions is when the business was begun. Texas is a community property state, so a business that was begun prior to the marriage will be treated differently than a business begun after the parties had married. Generally speaking, the presumption is that each party will receive 50 percent of the value of the business or of the amount its value increased during the marriage.
People in Texas form strong emotional attachments to their household animals, and when pet owners go through a divorce, the question of who will get custody of the family dog and cat can sometimes be a contentious one if they are otherwise unable to agree on the matter. Although courts have traditionally treated the pets as personal property subject to the normal rules of division, many are now treating them a little bit differently and are looking at this issue in a similar manner to the way child custody is approached.
When a married couple gets a divorce, how to properly divide property can be a difficult and contentious issue. However, there are several factors to consider that may determine what each party may be entitled to. The first question to answer is whether or not a valid marriage existed. If not, it may be easier to seek an annulment.
In a Texas divorce, the couple's debts will be divided along with their marital property. Marital debt in general includes only those obligations that were acquired by one or both partners during the marriage, and not any debt that was owed by either partner prior to the marriage. The type of debt that is owed by spouses can effect how a court is likely to determine the division.
TV fans in Texas may be interested to learn about how in the settlement of a heated divorce case between Pamela Anderson and Rick Saloman, the former "Baywatch" star received $1 million from her ex-husband. During the divorce proceedings, Anderson made allegations about tax evasion on Saloman's part. They were first married for two months in 2007 before seeking an annulment. The couple remarried in 2013 for the second time. Anderson sought divorce from Saloman in 2014.