Texas-Divorce-Finances Divorce Law
Texas Divorce & Finances
Separating the intricacies of joint finances during a divorce can be complicated. How do you divide property? What are the tax consequences? Are there estate planning issues that need to be addressed? Will you pay spousal support, and if so how is the amount determined? Following are some laws specific to Texas Divorce and Finances.
Texas Property Division/Community Property/Debts:
Texas is a community property state. For an explanation of community property rules and the division of property in community property states, see Dividing Up Property in a Divorce: Community Property vs. Equitable Distribution. Courts can give more property to an innocent spouse in a divorce action based on fault. For the meaning of fault, see The Divorce Process: From Separation to Final Judgment.
Texas Spousal Support:
In Texas spousal support is called maintenance. This is a regular amount of money that a court orders a person to pay to a former spouse after a divorce. Whenever the court issues a decree for divorce, the court may also issue an order at that time that either the husband or wife pay maintenance for the other spouse.
This amount and the length of time it will be paid are determined by agreement of the parties or the decision of the court. A court’s decision will be based upon factors such as financial resources; education and employment skills; duration of the marriage; earning ability; and childcare.
A spouse is usually eligible for maintenance only if the marriage lasted 10 years or more, unless the spouse from whom the maintenance is asked has been convicted of domestic violence in the past 2 years. In either case, maintenance is not usually granted for more than 3 years.
You may need a lawyer to help you deal with the financial aspects of your divorce if you and your ex cannot agree. You can find a lawyer at:
Texas Divorce/Child Support/Child Custody Lawyers:
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