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Posts tagged "Property Division"

Separating insurance policies in a Texas divorce

Insurance can be one of the last things people think about when getting a divorce, but both spouses should review all of their insurance policies and make any necessary changes to them. When a divorce involves children, the divorce agreement may state that the non-custodial parent must provide health insurance for the children. The agreement could also require that one spouse set money aside to cover the other's health insurance premiums.

Personal injury awards and Texas property division

People who are preparing to divorce in Texas and who have pending personal injury cases may want to carefully plan in order to best protect any expected settlements or awards. As a community property state, Texas generally presumes personal injury proceeds to be community property unless the spouse is able to show by clear and convincing evidence that the award is separate property.

The division of property in a divorce

Couples who are preparing to divorce often have questions regarding how they might expect their assets and obligations to be divided. As a community property state, Texas views all of the marital or community property of the couple to be jointly owned. The community property is thus in most cases subject to equal division between the two spouses.

How QDROs are drafted is important

In Texas and around the country, qualified domestic relations orders are used to divide up pension benefits. A QDRO is intended to provide for two different circumstances, each of which mandates the order be drafted in a different way in order to give it its intended effect.

How inheritances may be divided in a divorce

Individuals in Texas who are divorcing and negotiating property division may also have to deal with inheritances received by one or both spouses. While inheritances technically belong to the person to whom the inheritance was directed, commingling these assets can cause complications.

How is property divided in Texas?

As a community property state, all property deemed to be marital property is split evenly between divorcing spouses in Texas. Not all property owned by one spouse or the other will be considered to be marital property, however. Some types of property are considered separate and are thus excluded from the property division order.

Avoiding financial disaster after a divorce

Divorcing couples in Texas might do well to take some time to assess their finances so they can avoid some of the typical pitfalls involved in marital property division. Each spouse's financial needs will affect the division of assets in the divorce. If one spouse needs cash in the immediate future, he or she can request assets in the divorce decree that are easy to liquidate. Spouses who do not need instant cash have more flexibility in negotiations because they can accept retirement plans, mutual funds, stocks and other investments that take longer to cash out.

Factors that determine spousal support in Texas

Texas is a community property state, and almost all property that is acquired by either spouse during their marriage is divided equally once they divorce unless the parties otherwise agree. If the court determines that one spouse is to pay the other alimony, these payments may affect the property division ordered by the court. The court will look at a number of factors to determine whether and how much spousal support to order.

Dividing gifts and inheritances during divorce

Texas couples who are considering divorce will also need to consider asset division. One question that may arise is whether inheritances and gifts go to one spouse or are split between both spouses. Texas is a community property state, but this does not mean that an inheritance is automatically divided 50/50 between spouses. In fact, inheritances and gifts are considered to be separate property as opposed to marital property.