Divorce can lead to many worries and stress regarding your finances. Many individuals worry about paying alimony or spousal support to their exes. If you have been ordered to pay alimony, you may be worried that you will be required to pay it for a long time. However, that may not be the case.
Divorce is a widely studied topic in this country. Many people in Dallas have likely come across studies explaining what causes divorce, what type of people are more likely to divorce and what divorce may mean for the rest of your life. Yesterday, the results of yet another study about the effects of divorce made headlines. This time, it is specifically related to women and health.
At some point in the days after deciding to divorce your spouse, you likely looked around your marital home at your shared possessions and thought about what you would like to keep and what you have no attachment to anymore. Perhaps you want to keep most of your possessions or perhaps you have little desire to keep much of anything that you shared with your spouse. You alone best understand what material possessions are likely to remain important to you in the wake of your divorce.
Sometimes, making the decision to divorce is the hardest part of the marital dissolution process. However, it is oftentimes far more challenging to navigate the aftermath of this decision than it is to file for divorce in the first place. After a couple opts to move forward from their marriage, a host of additional decisions needs to be made in regards to shared relationships, child custody and property division. Some of these decisions may come easily, while others may be significantly more difficult to discern.
Texas couples who have decided to dissolve their marriage must come to an agreement regarding the division of their assets or accept that a court will do it for them. It is important to understand that some assets may hold more value than they initially appear and that taxes can negatively affect the value of certain assets.
In Texas, almost any asset that a person acquires during marriage is considered community property. In the event of a divorce, community property is split equally between the two parties. In some cases, separate property that was owned by one spouse prior to marriage may become commingled with community property, making the separate property indistinguishable. Having a prenuptial agreement may be a way to ensure that separate property is protected in a divorce.
Texas is a community property state, which means that during a divorce, marital assets are be split evenly between the spouses. However, gifts and inheritances are exceptions to the marital assets rules. These assets are usually considered separate property and do not have to be divided when a divorce occurs. However, there are things spouses may do that will invalidate this protection and make gifts and inheritance subject to an equal division.
Texas couples who are divorcing may be facing complex asset division, and the same is true of the founder of hedge fund firm Citadel LLC. Kenneth Griffin has filed for divorce from his wife of 11 years. Citing "irreconcilable differences" as the reason for their split, the filing stated the couple had been separated for a year. However, the attorney for Anne Dias Griffin says that she was not given timely notice of the filing. Kenneth Griffin has also asked for joint custody of the couple's three children.
When a couple in Texas decides to end their marriage, they might not be sure how to handle ownership of home and the associated mortgage. In some situations, a former couple might opt to sell a property and split the profits after a divorce. However, another option is for one partner to buy out the other person. Although this can work well in many situations, the couple will need to agree on the value of the residence and work out the division of their debt.
According to a survey conducted by the Securian Financial Group, almost one-third of the divorced respondents did not get a share of their spouse's retirement benefits in their divorce settlement, and they also reported being unaware that they were entitled to a portion. Like the survey participants, people in Texas might be missing out on the opportunity to protect their own retirement by allowing their former spouses to keep such accounts intact after a divorce is finalized.