Aug 31
When two spouses get divorced they have to divide the property they own. There are two types of property that spouses can own: community property and separate property. Community property is any property that is not separate property. (more…)
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When considering the division of household goods and personal property, courts seek to divide the assets reasonably rather than evenly; this rarely results in a 50/50 split. It is impossible to evenly split personal property because each individual places a different value, both numerical and sentimental, on items. How to Agree to Split Personal Property with Your Spouse Most couples are able to review the contents of the marital residence and informally agree on an item-by-item division. ...
read moreAug 30
Understanding what is likely to happen to a business is one of the most critical and complex issues facing business owners during a divorce. A key first question is whether a business will be considered community or separate property. (more…)
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Community property is defined through exclusion as “the property, other than separate property, acquired by either spouse during marriage.” Texas courts presume that all property acquired during a marriage belongs jointly to both spouses. This “community estate” is subject to a “just and right” division by the court, generally as close to 50/50 as possible. (more…)
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