Money and Property Issues are Common in a Texas Divorce
Money problems are leading factors leading to divorce. Always being worried about money, spending habits, and investment decisions can break a marriage. People with significant money and property can also be the unfortunate targets of people with a hidden agenda. It can be really easy to spend money that another person earned or inherited.
At some point, people may conclude that their spouse is motivated more by money than love, respect, trust or mutual adoration. When it is time to terminate the marriage it is important to protect money and property for your future, and the benefit of your children and any other dependents.
Some common questions people ask about divorce:
- Are assets split 50/50 in divorce?
- Does the wife get half in divorce?
- How are assets divided in a divorce?
- Can you settle property before divorce?
Listen to our podcast discussion: Community and Separate Property in Texas.
Attorney Richard T. Sutherland is an experienced Texas divorce attorney in Wichita Falls, serving clients with complex money and property issues all over North and Northwest Texas. Contact the Law Office of Richard T. Sutherland at (940) 691-2100.
Identifying Property in a Texas Divorce
Texas is a community property state. In a community property state, the property owned during the marriage is presumed to be the community property owned equally by the spouses and subject to division in a divorce. Separate property is any property that is not community property. For example, separate property can be property owned by one spouse before the marriage or property acquired during the marriage in one spouse’s name, not used for the benefit of the other spouse or the marriage, such as an inheritance.
The discovery phase of a divorce case includes the process of exchanging information and document requests and demands to identify property owned by the spouses in the marriage. Both the husband and wife identify and disclose their knowledge of property they own or in which they have an ownership interest.
Dividing Property in a Texas Divorce
In a community property state like Texas, people assume that all property is split 50/50 in divorce. The court uses several factors in determining how community property is divided. The standard is a “just and right” division of assets and debts. Judges weigh all the facts and allegations in the divorce to determine what is “just and right.” How the Court may evaluate factors in property division can also be influenced by case law, involving similar facts and allegations in previously decided and published divorce cases.
It is important to note that property subject division in divorce includes not only currently owned and identified property but also retirement accounts and employee benefit plans.
Property identification and division can be challenging, especially where the details of ownership are complex, such as when one or both spouses have an ownership interest in family businesses and trusts.
People contact attorney Richard T. Sutherland for complex money and property issues in a Texas divorce, as attorney Sutherland is also experienced in complex corporate and business law and litigation, which is relevant to complex property issues in high-net-worth divorce.
Allocating Debts in a Texas Divorce
Addressing debt in divorce can lead to conflict. Even though there may be significant assets in a marriage, there may be significant community debt, and for good reason. For example, if invested money earns more interest than the interest on debts, it makes better financial sense to assume reasonable debts. In addition, there can be tax incentives associated with certain debts that can be deducted at tax time.
Community debts of a marriage can be divided by negotiation and agreement by the parties or the Court can order which spouse shall assume which debts. There are options when addressing debt. Community assets can be used to pay down or pay off community debts. For example, using money from investments to pay off a mortgage is one solution. Another is to continue paying the mortgage and the party living in the house assumes the payments. Maybe the other spouse is assuming the payments.
An experienced attorney like Richard T. Sutherland creates a specific financial strategy in every divorce to work towards the financial goals of the client. And when one party suspects the other will fail to make payments on debts, as ordered by the court, another option may be a better idea.
Planning for the Future After a Texas Divorce
When considering divorce financial strategies, the future of parties after the divorce is a primary focus. A high-income earning spouse has different future money and property concerns compared to a non-working spouse.
A divorce financial expert can help analyze a money and property settlement and forecast how assets can generate future income. When there are opportunities for your money to work for you and your future, it makes sense to implement the appropriate strategy in your divorce.
This article offers information about the role of a CDFA (Certified Divorce Financial Analyst).
Security, Stability, and Control of Money and Property After a Texas Divorce
People generally dislike uncertainty in life. Security is a psychological need and being in control of yourself and your future can provide the feeling of certainty and security.
Divorce at any stage in life can give people a sense of security in an uncertain world. Being secure with money and property after divorce is important.
Read, Life After Divorce, an article about the process of moving on after divorce.
Richard T. Sutherland is a Texas Divorce Lawyer Experienced in Complex Money and Property Issues
Attorneys all over North and Northwest Texas refer complex and challenging divorce cases involving money and property issues to Richard T. Sutherland in Wichita Falls, Texas when they need to recommend an attorney they know will execute the best strategy for the client’s financial goals.
Contact him from the website or call the office at (940) 691-2100. Richard T. Sutherland represents people and families in Wichita County, Archer County, Baylor County, Clay County, Foard County, Hardeman County, Jack County, Montague County, Wise County, Young County and Wilbarger Counties in North Texas and has accepted cases in other areas West, North-Central and in South Texas.