On behalf of The Law Offices of Mary Ann Beaty, PC posted in Divorce on Thursday, December 19, 2013.
When couples in Texas decide it is time to part ways, this is only the starting point in a long and difficult decision-making process. Often, disputes erupt and spouses are misguided by their emotions. This could create an uncomfortable, angry and spiteful situation. The divorce processis not considered a pleasant event in anyone’s life, but it could be more manageable, if certain steps are taken and all issues are considered and dealt with properly and effectively.
For many, money and finances are a huge concern in a divorce. It is not only about the amount of marital asses and property an ex-spouse will receive, but they are also worried about the costs associated with the process. A recent article discusses this concern, as well as the fairness of the divorce process. Most would claim that it is not fair because, in the end, someone will get the short end of the stick, even if they can come to an amicable agreement.
In order to avoid financial disaster in a divorce, each spouse should seek independent guidance and support when it comes to planning, such as finances, property division and other details in the divorce agreement. It is very important that documents pertaining to the individual’s and couple’s finances are collected. This could help determine an equitable distribution of their assets. This could also determine any debts and personal property.
In states, such as Texas, community property states will take any asset or property acquired in the marriage and considers it to be equally owned by the couple. This leads to courts making a 50/50 split with the marital assets and property. Itemizing assets, debts and property can help make this difficult process much easier.
No matter what type of divorce legal issue a divorcing couple encounters, they should understand that they have various options. This could mean attempting other methods of communication or divorce process such as mediation or collaborative law. In order to determine what is best for the couples, they should each consult independently in order to preserve their rights and interests.
Source: Kiplinger, “Divorce and Your Money,” Dec. 9, 2013