A Texas divorce might become quarrelsome; both spouses have a right to half of the couple’s marital properties. As noted by Bankrate.com, assets and debts acquired by either spouse during marriage classify as community property.
To divide your assets in half during a divorce generally requires tallying up all your properties. Creating an organized file containing deeds to real estate and car titles could help you negotiate a quicker divorce settlement.
Income, tax and financial documents
As noted by Brides.com, gathering the documents related to your income, tax returns and financial accounts may lead to a smoother divorce process. Pay stubs or business records may provide the court with the numbers needed to calculate financial support.
Your separate and joint account statements show how much debt your household owes. When only one spouse has a credit card, however, the court may consider some of the purchases as part of your marital property. Based on the Lone Star State’s community property laws, each spouse may need to pay half of certain purchase amounts.
Retirement account and life insurance statements
Balances in retirement accounts such as a 401(k) or pension may require dividing in half. Contributions made during a marriage generally belong to a couple’s shared community property even if only one spouse held a job.
If you have a life insurance policy, its cash value may also need dividing. The court may order changing its beneficiary so that an ex-spouse does not receive the proceeds when the policyholder dies.
Texas couples may negotiate how to divide their shared debts and property. One spouse, for instance, may agree to make payments on a shared debt in exchange for an asset. A clear understanding of the amounts owed and the shared properties owned may bring about a friendlier divorce.
