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November 2015 Archives

Monday, December 11, 2017

Texas divorce rate dropping, but not for all Texans

It is widely believed that the rate of divorce in the United States remains fairly constant, and indeed is on the rise in some demographics. However, new studies suggest the opposite to be true: that Texas divorce, like in other states, is actually declining with time. Of course, this is not true for every individual Texan, which is why it is more important than ever for those that choose to divorce to be prepared for the step they are about to take. 

Division of property and assets based on state and federal laws

Divorce is often a contentious affair, and finances are quite often among the most difficult issues faced by couples choosing to end their marriages. In Texas, assets and debts are divided according to community property laws, which means all assets accrued during the marriage are considered joint property and, therefore, the division of property and all other assets, including debts, is based on that assumption. This can pertain to assets individuals often overlook, including retirement savings.

Seeking financial advice can mitigate divorce issues

A lot of people who have been through the end of a marriage are aware of the financial toll it can take on both individuals once the smoke has cleared. However, Texas residents facing divorce might be surprised to learn that people often wait to seek financial advice until after their divorce has been finalized. Some experts have suggested that securing such support before approaching the negotiation table can help to mitigate divorce issues that arise.

Shared mortgage among divorce issues

When a couple gets divorced, they expect to have to split their combined marital assets depending on the specific laws of their state pertaining to asset division. Here in Texas, which is a community property state, assets are generally divided based upon what is "fair and right" according to the divorce court. However, a shared mortgage opens up a different set of divorce issues that must be dealt with. 

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