If you've decided to get a divorce, making that decision probably did not happen easily. It came after you considered all the possibilities and ramifications of what your future life will be like as a single person or single parent. Now that you've chosen to make your divorce a reality, there are several things you'll want to keep in mind:
The longer we live in a particular residence, the more it becomes a part of us. Houston residents can definitely become attached to their homes. This is why dividing the family home during a divorce can become an emotional affair. If both spouses become obsessed with holding onto the residence, and there is disagreement about who will keep it, dividing the family home could result in a prolonged and costly divorce process.
During a Texas divorce, you and your spouse will need to divide all of your valuable property. If you have amassed a large amount of art and collectibles during your marriage, these items will also need to be divided. Aside from art items that are nugatory, or of an extremely low value, it could be difficult to decide who keeps what.
Questions often arise over how to divide a 401(k) during a Texas divorce. Let's consider the possibility of a homemaker, divorcing her husband of 40 years. The stay-at-home mom doesn't have a 401(k) of her own, since she worked in the house, taking care of her family the last 40 years. Nevertheless, the working father has amassed a large 401(k) amounting to about $600,000. How will they divide these assets in their divorce?
When a couple divorces, there are a great number of assets and finances that must be divided. Couples fight over the house, the cars, retirement accounts and even the antique bowls Grandma gave them. But one of the most common questions regarding property division in divorce is what happens to inheritances. Are inheritances subject to division? If you divorce, will you be able to keep an inheritance that was left to you by a relative?
Getting divorced is a painful process and anyone who tells you otherwise is lying. Not only is it emotionally taxing to split from someone with whom you've spent a large part of your life, but now you have to hash out details like child custody, spousal support and property division.
Physical property often takes a backseat during a divorce, to emotions. But, deciding what things are yours is an important step of the process. Making sure you keep what's yours during the proceedings will prevent regret later in life. Sometimes, the law can seem to muddy the definition of what a couple shares and what is private. There are some guidelines, though, to help determine what you might be able to keep.