You've made your decision, and you're getting a divorce. Now, the big question: What do you do with the house?
If you're just about to get divorced, there are some financial facts about being a couple that you need to understand. You and your spouse have been financially tied together since the day you married -- whether that's a good thing or not -- and getting untied again may not be a simple task.
In community property states, spouses are considered equal owners of everything acquired or earned during their marriage. Dividing up the assets (and the debts) in a divorce basically amounts to splitting things in half.
Spousal support isn't really anyone's favorite thing to think about. The paying spouse often resents having to turn over part of his or her paycheck to the receiving spouse each month. The receiving spouse often hates the idea of still being dependent on monthly payments from his or her ex.
Most American states use the equitable distribution system to address property division in a divorce. This means that the court divides a couple's property in a way that it deems fair and equitable. Texas is one of only nine states that use the community property system to settle marital assets.
If you and your spouse have decided to divorce, it is a good idea to seek answers to your property questions before your case proceeds. Property division is one of the most complicated matters a divorcing couple will face, and if the breakup is contentious, a fair balance is even more elusive. The first thing you need to know is that property division falls under Texas community property law.
Child support payments are awarded in many divorces, and the specifics about how much the support payments will be for and for how long they will last varies wildly from case to case. There are many factors that go into determining how much child support should be awarded, including the age of the child, the educational and medical needs of the child, and the financial situations and obligations of the spouses involved.
As a business executive, you have a lot going on in your life. If you're faced with divorce, it's only natural to be worried about what the future will bring. After all, the time and money you spend on litigation could soon have a negative impact on your professional and personal life.
One of the most contentious things that a person who is getting a divorce has to deal with is the property division process. As easy as it is to fight over who is going to get what, it is just as easy to keep an open mind about the process once you take your emotions out of the affair. There are some important things that you have to consider when you are going through this process because they can all affect the final outcome.