One of the main goals when it comes to property division in a divorce should be to come to a fair split of the property. One thing that can get in the way of a fair division is when one party in a divorce conceals assets. Sometimes, unscrupulous individuals will try to hide assets in order to come out of a divorce with more than they are entitled to.
What actions a person takes or doesn't take during a divorce here in Texas can have significant financial consequences for them. For example, agreeing to a given financial settlement in a divorce without knowing the full financial picture of the marriage can sometimes lead to a person getting less in the division of property than they otherwise would have been entitled to. Sometimes, even what a person says during a divorce can have financial consequences. This can be seen in a divorce case from another state, New York.
In divorces, marital assets are subject to division while separate property is not. Thus, which of these two categories a given piece of property is found to be in can be very impactful. One thing that can play a role in whether an asset is considered a marital asset or separate property is the timing of its acquisition. Generally, if a person obtained a piece of property prior to getting married, the property is considered separate property.
Property division is a very complex part of the divorce process here in Dallas. A number of married couples have very complicated assets that are not easy to split. And, not only are assets difficult to divide when a marriage ends, but so are debts.
Making the decision to end a marriage does not typically happen overnight. Couples typically go through at least some period of transition before a divorce where they will try to repair a marriage or try alternative solutions. In some cases, couples will stay together until their children are out of the house. But in some situations, these periods of adjustment and transition can stretch on for many years.
Divorce is a formal legal process that ends a marriage under the eyes of the law. The broad definition is the same in all 50 states. As for the details, that is where everything starts to differ depending on where you file those divorce papers.
Retirement accounts started in the course of a marriage are categorized as community property in a Texas divorce. That means the retirement account will be split between the divorcing parties. For decades, real estate such as the family home was the biggest asset to consider, but now, as more baby boomers are deciding to end their marriages, significant funds in 401(k) and pension plans can be more valuable than real property.