We have written extensively on this blog about how divorces in Texas impact property division -- and how in many cases, the largest asset a couple has is their house. In past posts, we have talked about how if one person or the other has entered the marriage with specific debts, those debts will remain with that person after the marriage unless the other person elects to take them on as well.
When couples in Texas divorce, one of the most contentious issues is often property division. Of a couple's property, often the largest portion is real estate -- namely, the couple's house.
For many people in Texas who are going through a divorce, one of the primary concerns is to figure out the aspects of property division. And, as many couples know -- or will find out -- oftentimes the biggest asset that needs to be divided is the family home.
For couples in Texas who are going through a divorce, one of the main points of contention may be property division. Especially for families with a high net worth, battles over assets may be paramount. In some situations, particularly in high-asset divorces, there may be a prenuptial agreement in force that might dictate many of the terms of the settlement.
Today millions of Texans will celebrate Valentine's Day, some more extravagantly than others. Many couples will keep the affair low-key with dinner and a movie. Others will exchange lavish gifts. How you do it may depend on your household finances; if you and your spouse keep all of your money in a joint bank account, it becomes the thought that counts, since both of you have probably contributed to that account. But some couples choose to set some funds aside in a private account, allowing them to spend their money in whatever way they choose.
It seems another marriage of a professional athlete is breaking down. The wife of Andruw Jones, an outfielder who formerly played for the Texas Rangers, has filed for divorce in the wake of an alleged domestic violence incident at the couple's home. She stated in the divorce complaint that the marriage was "irretrievably broken," though it doesn't include any mention of Jones' Christmas Day arrest on a battery charge.
Any couple going through a divorce has the unenviable task of dividing up their property and assets. But a discussion on property division can and should extend well beyond who will keep the house. If you have children, you'll need to consider their futures as well as yours, including how they'll be covered by insurance.
Just when you thought you'd read enough headlines about celebrities getting divorced, out comes the news about one famous Texas native's parents. Jessica Simpson's father and mother, Joe and Tina Simpson, recently announced their plans to divorce after 33 years of marriage.
Of all the details divorcing couples in Texas must handle, one of the biggest is what to do with the home they shared. This decision is usually the most significant aspect of the property division process, and comes with a host of emotional and financial considerations.
If your marriage is coming to an end, you probably have lots of questions about the logistics of your divorce. Are the possessions and assets you brought to the relationship yours to keep? What about gifts you and your spouse gave each other? What will you do with those rings you worked so hard to pay for? These are issues every splitting couple has to work out when they divorce. Fortunately, there's a structure in place to help you sort things out.