Divorce will have dramatic implications on every part of a person's life. For business owners, a divorce could even imperil the company's future.
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.
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.
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:
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.
A person's emotional state can have all sorts of impacts on them. This is an important thing for individuals to remember when going through emotionally trying times.
Like virtually every other state, Texas allows no-fault divorce. Decades ago, if someone wanted to divorce their husband or wife, they had to prove that their spouse is responsible for the breakdown of the marriage. Commonly acceptable grounds for divorce included cruelty, adultery and abandonment.
Married individuals are partners on many different levels. This includes the financial level, as the financial actions of one spouse can have significant implications on the other. A spouse could feel the financial effects of the actions of their partner for a long time; sometimes, such effects even end up outlasting the marriage. For while divorce property division has big impacts on a person's post-divorce financial state, so too does what financial ramifications a spouse's actions had on the marital estate during the marriage.
Individuals of any age can end up taking a bit of an income hit after a divorce. While such an income drop can be concerning for any divorcing individual, it can be of particular concern for older individuals. Due to retirement, the potential of facing high medical expenses in the not-too-distant future and other factors, older divorcing individuals can have considerably fewer options for building income levels back up after a divorce.
Romantic relationships can be incredibly wonderful things. Like most worthwhile things though, they do have their expenses. At all stages, significant monetary costs can arise in connection to relationships.