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Austin Texas Family Law Blog

Divorce process involves splitting assets between spouses

Dissolving a marriage can have a drastic impact on a person's finances no matter what his or her net worth may be. For this reason, it is imperative that people who are contemplating divorce have a good idea about what will happen to their assets during the marital dissolution process. Here is a glimpse at what they can expect during the divorce process in Texas.

The marital estate of a couple includes assets such as real estate, investments, debts and cars that the two parties accumulated while married. Because Texas is a community property state, all of these assets and debts must be divided equally during the divorce process -- or 50/50. Only a handful of states following this property division principle, whereas most states divide marital property in a manner that a judge considers to be equitable, or fair. In these other states, the division of property may not necessarily be down the middle.

Assuming household CFO role is necessary after divorce

Managing finances can understandably be tricky during any stage of life. However, it can be particularly challenging during and after the divorce process in Texas. Here are a couple of tips that may help divorcing individuals to successfully assume the role of chief financial officer during and following their marital breakups.

First, it is best to remain as calm and neutral as possible when tackling finances in divorce proceedings. This is because objective decisions are required to achieve a fair and comprehensive result, particularly when children are part of the mix. Staying calm may help to focus on using logic, rather than emotions, to address these important issues.

January is nicknamed Divorce Month

With the holidays in the rearview mirror now, many individuals in Texas are already making plans for the new year. For some of these individuals, getting a divorce is at the top of the list. It is for this reason that January is often called Divorce Month among legal experts.

The first part of January is especially a popular time for new divorce filings. In fact, research shows that the subject of divorce ended up peaking between Jan. 6 and Jan. 12 of 2018. In addition, on the social media site of Pinterest, searches related to divorce parties increased about 21% on average between December and January of 2019.

Truths about divorce may help with preparing for this process

No two couples' marital dissolution situations in Texas will be the same. However, one thing is for certain: divorce is a messy and difficult process both emotionally and financially. Here are some important truths about ending a marriage that any individual headed toward divorce would benefit from knowing.

First, two spouses' process of getting divorced may mirror their marriage. For instance, perhaps both parties fought often during their marriage. Chances are that their divorce process will not be extremely peaceful. The reality is, if the two individuals did not communicate well when they were married, they will likely still struggle to do this as they work to end their marriage.

Is this your first post-divorce holiday season?

Like many people in Texas, you probably recently celebrated Thanksgiving and are now gearing up for the 2019 holiday season. Perhaps, you're the type of person who likes to decorate early on so that you can enjoy the sights and sounds of Christmas throughout the entire month of December. Do you have steadfast family traditions that are part of your holiday joy every year? Maybe your family likes to try new customs each year.

Either way, if you happen to be among those who are currently navigating divorce, you might be a bit worried about how the new family dynamic will affect your children's holiday spirit. The good news is that there are several proactive ways to keep holiday stress to a minimum when you and your co-parent are searching for a new normal in your relationship. 

Understanding finances can help to protect future post divorce

As a general rule of thumb, it is a good idea for married individuals to be prepared for when they may eventually be single due to marital dissolution. This is important given that research indicates that more than 40% of marriages end in divorce. Here is a look at a few pieces of information that individuals should ideally know before getting divorced in Texas.

First, it is paramount that married parties understand what they and the other party own and owe. For instance, two parties might both own the marital home. However, only one individual may own the car. Likewise, the two parties might have their own separate debts or share certain debts.

Prepping for divorce may lead to positive outcome

Getting divorced can be tricky and thus intimidating for any individual in Texas. However, the more prepared a person is for divorce, the more confidently he or she is likely to approach this complex process. Here are a few tips for tackling divorce effectively from the start.

First, it is helpful for individuals who are getting divorced to be able to access credit and cash in their own names. They may also want to change their passwords and personal identification numbers if there is a chance that their future exes could access this credit or cash. If they do suspect that something is off financially, they may want to document what they see using screenshot texts, for example.

Divorce remains a challenge for many despite falling divorce rate

The rate of marital dissolution appears to be on a downward trajectory across the United States, including in Texas. Research shows that divorce has receded during the past three decades. However, it remains enough of a challenge today that young adults especially are putting marriage on hold longer.

According to research, 40% of people's first marriages end in marital breakups, and this figure is 60% for second marriages. Many young adults appear to be apprehensive about divorcing after experiencing their parents' divorces firsthand. For this reason, they have a greater likelihood of remaining unmarried and instead cohabiting compared with other age groups. Unfortunately, researchers said that this can actually increase a person's chances of getting divorced in the future.

Child custody situations do not have to be acrimonious

Getting divorced can be challenging in many ways, especially if the two spouses must co-parent after the divorce has been finalized. Although some child custody situations and co-parenting relationships are relatively smooth, others can be plagued with acrimony. Still, some tips might help to make the co-parenting process easier for divorced couples in Texas.

First, it would behoove divorced parents to develop guidelines for their relationship as they enter the co-parenting phase. For instance, it might be helpful to establish boundaries that are clear, as well as engage in open dialogue as necessary. In addition, being consistent in how they parent and in the household rules they use in their homes is critical.

Discussing the benefits of a prenup with your future spouse

Getting ready to tie the knot with the love of your life is certainly an exciting time. You may be trying to nail down final details about the big day and ensuring that everything will go as you hope. Of course, you know that you cannot predict the future and that unexpected events could happen at any time, but you do your best to prepare for those moments nonetheless.

Because you want to be prepared for certain possibilities, you have likely thought about creating a prenuptial agreement. If you are hesitating to bring up this subject with your soon-to-be spouse, it is understandable. After all, you do not want him or her to take the idea the wrong way and feel as if you do not trust your future spouse or that you expect the marriage to end.

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