Deciding where to live during and after a divorce can be difficult. Many spouses in Texas and around the county negotiate tenaciously to remain in the family home while others plan to move away and buy a new house, and for some renting an apartment for a year or two makes the most sense. While emotions play a significant role when these decisions are made, there are also practical, financial and legal issues that divorcing spouses should not overlook.
Going through a divorce can be stressful and confusing. Dividing family assets, including having to sell the family home, often makes the process even more complicated. However, selling the family home will be a much more profitable ordeal if both spouses can agree on their sales goals and work together.
Texas couples who are getting a divorce may wonder whether they need to divide one person's 401(k) and how to go about doing that. It is not possible to transfer a 401(k) to another person, but the assets in a 401(k) can be transferred in certain circumstances. It is important that this is done correctly so that neither person has to pay taxes.
When Texas residents come from a wealthy family, they may be wondering how they can protect their assets when they get married. If the proper steps are not taken, theycould potentially be required to divide up some of the assets if a marriage does not last.
Texas couples who are ending their marriage and who own a home together will need to decide what to do with their residence as part of the overall settlement. Because divorce is a process that can become highly emotional, it is important for couples to seek information about their options so they can make the best rational financial decisions.
According to the American Pet Products Association survey taken in 2015, there are 80 million American households with pets. However, courts have done little to clarify their status in a divorce. One couple agreed to share custody of their 9-year-old German shorthaired pointer after both of their lawyers couldn't help them during divorce settlement talks.
When Texas couples in Texas divorce, there are several financial and personal matters that need to be addressed. For example, couples who have children will have to make decisions about child custody, visitation and child support payments. Another area of consideration is the division of assets and debts. Couples who own a home will have to negotiate several issues, including whether one party will choose to remain in the home, whether the home will be sold and what will happen to the existing mortgage.
Some Texans attempt to shelter their assets from potential divorces by setting up irrevocable trusts. While it is possible to do so, there are some mistakes that people can make that can make the trust reachable by their spouse in a divorce case.
Texas couples who are facing the end of their marriages often understand the importance of protecting their finances. Divorce can be financially difficult for people, as they are required to divide marital assets, no longer have a shared household and can no longer rely on their spouse's income. While it is possible to recover financially afterwards, doing so is a lot easier when one has received an appropriate settlement.
When Texas residents are planning to get a divorce, it is smart for them to first take steps to protect themselves financially. There are several important things people should do prior to filing.