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Divorce issues including asset division can be contentious

Sunday, June 24, 2018

Money may not be the root of all evil, but it is certainly a point of contention in many divorce cases. Of all divorce issues faced by Texas residents, asset and debt division is one of the largest and most complicated. This is particularly so considering Texas is a community property state, which means the process is more complicated than simply dividing everything 50/50.

In a community property state, a divorce court attempts to divide the burden of debt and the privilege of assets as equally as possible. Of course, these powers only influence assets and debts considered communal, or those that are accrued during the course of the marriage. If an individual were to bring cash or property into a marriage that came from an inheritance, for example, that asset would usually be remanded to the individual who brought it in.

Assets and debts accrued during the marriage, however -- including a home purchase or a line of credit -- are typically the property and responsibility of both individuals, respectively. The court is mandated to determine how these assets will be divided -- in the case of a family home, issues including mortgage payments and even the presence of children will be taken into consideration before the court decides how it is to be divided. This can be a complicated issue, depending on the duration of the marriage and the number of assets and debts accrued.

Texas residents understand how challenging divorce issues can be to deal with. That's why there is a wide variety of support available to divorcing couples to help them prepare for the proceedings. The more individuals understand about their role in the divorce, the faster and more equitable a settlement is likely to be.

Source: CBS Boston, "Dividing Assets Or Debt During Divorce", Dee Lee, Aug. 19, 2014

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