Divorcing later in life comes with a different set of challenges than for couples that divorce under the age of 50. People that divorce at a younger age have time to rebuild retirement accounts, investment portfolios, and their lives in general.
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.
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.
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.
As unfortunate as it may be, many people go through the divorce process every year. Some are able to put their relationship in the past without much stress, but others find that there are details that make this extremely challenging.
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.
When it comes to divorce, Texas is a "no-fault" state. This means that you do not have to state a ground when you file a petition for divorce. You only have to say that your marriage has become "insupportable because of discord or conflict of personality". In other words, you can divorce for the simple reason that you and your spouse don't get along with each other. The question of possible marital misconduct by one spouse does not come into play until later in the process, when property division and alimony issues are decided. When looking at these issues, the court can take marital misconduct factors into consideration. This means that a no-fault divorce can result in something other than a 50-50 split in community property.
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.