A Texas Divorce
Going through a divorce is a stressful lifestyle change. While many different issues help determine if you should proceed with a divorce, two top points send couples to seek a divorce: finances and lack of communication. Many issues, including children, must be closely considered during a divorce. A seasoned attorney leaves no stone unturned. If a marriage ending in divorce, for example, has debts, the most frequently asked question is,
“What happens to debts in a divorce?”
Grounds for Divorce in Texas
The statutory grounds for divorce in Texas include adultery, cruelty, abandonment, long-term incarceration, and three or more years of separation. These are the reasons in Texas for a fault divorce. All of these grounds contain an element of debt for the couple.
Unfortunately, every divorce presented different circumstances and debts at the time of divorce. Debts only add to the emotional turmoil. In addition, the decision about remaining debts affects the future of each spouse.
Complicated Texas Divorce Laws Related to Assets and Debts
The state of Texas has complicated divorce laws, and it takes the wisdom and knowledge of our divorce attorney to sort it out, as each case is different. Our seasoned divorce attorneys can walk you through this process to make sure you make no costly mistakes regarding existing debt.
During a divorce, couples have different types of assets. Assets include,
- Real Estate
- Vehicles
- Home furnishings
- Financial assets
The state of Texas has laws with regard to the division of property. Texas says that each spouse has equal rights of property. Therefore, all property is equally divided between spouses.
All property acquired by the couple during the marriage is community property. However, the court considers a spouse who claims sole ownership of a specific property. That spouse must prove sole ownership of that asset before the court assigns it as separate property.
This property is perhaps acquired before marriage, given as a gift or inheritance to an individual, spouse, or spouse who received a settlement for personal injuries. Otherwise, all property is divided equally.
What About the Debt in a Texas Divorce?
When couples divorce and are agreeable to the division of assets and debt, the couple, most likely, will not need to go to court. However, if couples cannot agree on the division of assets and debts, their dispute must be presented to the judge.
The judge divides assets and debts equally, and that may not be what the couple had hoped to happen. However, division of assets and debts does not always mean a 50/50 split. Instead, the division of debt in Texas means that the obligations are divided equitably.
It would make no difference if the husband or wife incurred debt after getting married; it is considered community debt. Unfortunately, if a debt is assigned to one spouse after divorce and that person does not pay the debt, the creditor can demand that the other spouse pay the debt.
Creditors still have a right to collect debts before, during, and after divorce. Certain assets such as a home in both the husband and wife’s name, only one spouse can keep the house. However, that spouse must get the other person’s name removed from the mortgage through a refinance.
- The spouse who owns a particular debt does not always mean that person is assigned to pay the debt. The court may appoint an obligation to the person who did not incur the debt.
- Both spouses can be assigned to pay a debt.
- One spouse can be assigned to repay an unknown debt by the other spouse.
Texas law states that marital debt must be divided in a divorce, such as seen in the following obligations.
- Credit Cards
- Mortgage
- Vehicle Loans
- Medical Debts
- Personal loans
- Student Debt
It is vital to obtain a seasoned divorce attorney who knows Texas divorce laws when you decide to end your marriage. A divorce attorney makes sure that your divorce is fair.
A Call to Action for Equal Debt Repayment During Divorce
This seasoned divorce attorney in San Antonio, Texas, serves San Antonio and surrounding areas. Our attorney at Amsberry Law Firm works hard for you and gives you understanding and support during your difficult divorce. In addition, this attorney makes sure that your assets and debts are closely reviewed and equally divided as stated under Texas law.
Our attorney reviews all of your combined assets and property in a Texas divorce and calculates a fair division. We negotiate all property and debt and work hard to create an agreeable settlement so that you do not have to go to court.
We assist you in selling assets to pay your debt and equally split assets and debts between spouses. We,
- Calculate all your combined assets and debts
- Negotiates property and debt settlement
- Assists in selling assets to pay debts
- Splits assets and debts equally
Never make the mistake of representing yourself in a divorce case. Contact this seasoned and leading San Antonio divorce lawyer to make sure your divorce is fair and equal under Texas law and your assets and property in a Texas divorce are equally and fairly divided.
