Property Division in Texas

When couples go through divorce in Texas, one of the biggest conflicts is often asset and property division. This can become tricky when you consider the fact that this is a communal property state, meaning everything acquired during the marriage is automatically shared. If you and your spouse can come to an agreement, the court will usually allow you to distribute the property yourself. If not, the courts will divide it for you.

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What if Homer and Marge Simpson got Divorced in Texas?

For a while fans of The Simpsons feared the animated sitcom would come to an end after a longtime producer of the show announced the marital split of Homer and Marge. As you may know, the marriage has been on the rocks many times over the course of 27 seasons, but you probably wouldn’t have guessed that the couple from Springfield would “legally separate.”

Fans’ fears were assuaged, however, when it was revealed that the separation would not be permanent.

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Celebrity Chef Cooks up Tasty Lesson about Prenuptial Agreements

With all the recent news about prenuptial agreements in celebrity chef divorces, you’d think the only dishes being prepared on the food channels are from recipes for disaster. Celebrity chef Bobby Flay has been involved in a contentious divorce over the last several months with his prenuptial agreement at the heart of the dispute, even arguing over winnings and proceeds from the sale of a race horse he gave his soon-to-be-ex as a gift.

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Alternatives to Legal Separation

Most states recognize legal separations, but Texas is one of the few states that does not. A legal separation is a court-approved separation. Like a divorce, the spouses live apart and have different legal rights and obligations. The main difference is that the couple is still legally married. Legal separations are beneficial for couples that do not want a divorce yet but still want to settle issues about finances, property, and parenting.

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Divorce Asset Distribution Requires Legal Expertise

“Death and taxes” have been referred to as two of life’s certainties, but there are others. One of them is that the longer you are married, the more assets you and your spouse will acquire that can be considered to be community property of the marriage. When a marriage — especially one that has lasted for several years — ends in divorce, asset distribution sometimes becomes a highly contentious matter.

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Splitting Assets and Custody in a Divorce

Divorce is a stressful, complicated matter. Between custody disputes and dividing up property, the turmoil seems to never end. It can get even more hectic when you are dealing with factors like prenuptial agreements and parental relocation. Not to mention the fact that the end of a marriage brings high levels of emotion with it, even when neither partner wishes to be in the relationship anymore.

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Avoiding the Prisoner’s Dilemma in Divorce

Both Bill and Sarah want an amicable divorce, but neither dares to cooperate out of fear that the other will act selfishly and they’ll be left with nothing. This is known as a “prisoner’s dilemma.” The prisoner’s dilemma is a scenario that illustrates a paradox of cooperation. Two purely “rational” individuals might not cooperate, even if it appears that it is in their best interest due to the fear that the other will act selfishly. As a result, they both lose.

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Divorce Can Derail Retirement Planning

An individual who is divorcing may seek the services of a financial planner during the divorce to assure that financial assets are divided evenly and after the divorce to help create a new financial plan that matches the individual’s post-divorce living situation. If the post-divorce financial picture is bleak, the individual may have to make spending reductions in other areas in order to ensure adequate income at retirement.

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