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Divorce Archives

What happens with student loans and other debts in divorce?

When couples divorce, people typically focus on issues like asset division and child custody. However, the division and allocation of debts can have a significant effect on the size of the property settlement you receive.  You may think that just because you didn't co-sign for a credit card, you won't be responsible. The courts in Texas, however, have a different view when it comes to financial responsibility and fair division of both assets and debts in a divorce.

Avoiding fees when dividing retirement accounts in divorce

Certain community assets are are difficult than others to accurately divide during a Texas divorce. For many couples, retirement accounts and pensions may seem straightforward. After all, these accounts have a clear balance. It's easy to determine what was deposited during the course of the marriage, as opposed to what was in the account before the marriage.

Dividing property during the divorce process

Divorce is never easy, especially when it comes time to decide who gets what. If your spouse wants the main residence, does that mean you will get the vacation house on the lake? What about the oil and gas interests the two of you invested in a few years ago, the retirement accounts, and even the furniture? In order to ensure you are getting a fair divorce settlement, it is important to understand how Texas courts divide marital property.

Keeping your inheritance safe from divorce

Texas is a community property state, which means that any property attained during the marriage belongs to both spouses. Since inheritance money is considered separate property, there's a good chance your spouse will not be entitled to any of it in the divorce. However, this is not always the case! Factors such as where you host the money and/or how you've spent it could alter who gets what in the divorce.

Dividing Unusual Assets And Debts In Divorce

Many types of community assets can be easily identified and valued for the purpose of division during the divorce process. Examples of these include bank accounts, brokerage accounts, and retirement assets. This also applies to debts incurred entirely during the marriage. The treatment of other types of assets and debts can be problematic however.

Planning For Divorce Provides Many Benefits

When a marriage is headed for a breakdown, one spouse often comes to that realization sooner than the other. If you are faced with this situation, there are some simple steps you can take to protect your rights and interests. These steps can improve your position as you enter into the divorce process:

Things that can cause problems in a divorce

Every divorce has its difficult aspects. However, there are steps a person can take to prevent a divorce from being harder than it needs to be. Being properly prepared, having the right mindset and having the right approach going into a divorce can help greatly in the effort to have the divorce go smoothly. 

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