Important issues to consider when ending a marriage

| Feb 16, 2021 | Divorce Law

Texas is a community property state, which means that joint assets are typically divided equally in a divorce. Furthermore, joint debts may be divided evenly when a marriage comes to an end. However, it might be possible to negotiate a custom settlement designed to meet your long-term needs.

Do you own a business?

If you started a business after getting married, your spouse may receive half of its future profits. Alternatively, he or she may receive half of its appraised value.

In either scenario, giving up a portion of your company could spell disaster for its brand. However, your spouse may agree to let you keep full control of your company in exchange for other assets such as a vacation home, an art collection or the full value of a 401(k). A family law attorney may assist in the process of retaining control of your company.

Can you afford to pay your portion of a joint debt?

After a divorce, you may need to pay rent, buy groceries and cover other expenses on your own. Therefore, it could be a challenge to pay your portion of a joint credit card or personal loan balance. If you can prove that your spouse was the breadwinner during the relationship, a judge may order that he or she pay the entire balance owed.

Do you have children?

If you share a child with your current spouse, it may be a good idea to ask to keep the marital home after the divorce is finalized. This may allow your child to stay in the same school district while providing you with a place to live after the marriage ends.

A family law attorney may be able to help you obtain a favorable divorce settlement in a timely manner, and it might be possible to do so without having to go to court. This may be ideal if you have children or simply want to move on with your life as quickly as possible without a prolonged legal battle.