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Division of property can include different kinds of assets

Tuesday, December 12, 2017

One of the most common issues faced by couples seeking a divorce is that of asset division. Division of property, either physical or otherwise, can be one of the most contentious parts of the divorce process as many Texas residents are aware. Understanding the rights and responsibilities of both parties under state law can help to smooth out any lingering issues prior to the divorce filing.

As many people know, gray divorce is on the rise across America, which means many couples have accrued 10 or more years' worth of marital assets. Here in Texas, community property rules apply, which typically means all marital property is presumed to be owned jointly by the parties and subject to division as such. However, Texas laws have their own unique interpretation regarding how the division of community property may take place in our state.

An astonishing 31 percent of gray divorcees polled in a recent study were unaware they were entitled to a portion of their partner's retirement plan. If individuals are not properly informed about issues like this, it can have a major impact on their post-divorce finances. This illustrates the need for both individuals to come to a firm understanding of their rights and responsibilities ahead of the divorce process.

Texas residents seeking divorce might benefit from external support in learning about these rights and responsibilities, since issues like division of property can be quite complicated. Seeking this support can mean the difference between a just settlement and a lost opportunity. Thankfully, a wide variety of support is available both here in El Paso and throughout the state.

Source: Forbes, "The Big Money Mistake Divorcing Women Make", Kerry Hannon, July 3, 2014

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