Painters, sculptors, writers and other artists often regard their artwork as their sole intellectual property. However, the state of Texas may not agree when an artist begins divorce proceedings. The artwork is considered part of the marital estate and must treated one of the estate's assets when beginning the division of property. A spouse may elect to retain certain pieces or to demand equitable exchange of another asset based upon the pieces' value.
People who are divorcing in Texas will normally have all of the property they acquired during their marriage divided equally between them and their former spouses. Texas, as a community property state, has a presumption of equal division of the community property.
Married couples in Texas often have shared debt from joint credit cards that they own together. When couples divorce, this credit card debt must be divided just like all of a couple's marital assets. Although an individual may welcome their ex-spouse's agreement to take responsibility for credit card debt, there are some inherent pitfalls in this arrangement.
When two people with significant assets are going through a divorce in Texas, the matter of property division can become extraordinarily complicated. Although the rules governing the division of marital property and separate property might appear straightforward, the actual implementation of these rules involves any number of variables. If one or both of the spouses hold multiple high-value assets, the process is especially difficult.
In addition to custody and alimony decisions, courts also conduct an equitable division of property as a major component of final divorce orders. Not all property is subject to division, however. There are some categories of property that are considered the separate property of one spouse or the other.
There are varying opinions when it comes to getting a prenuptial agreement. While some Texas couples who are about to get married believe that it can be a prudent document to create before a wedding, others see it as a bad omen for the relationship. Ultimately, the decision to get a prenuptial agreement is a personal one, and there can be arguments on both sides of the issue.
Preserving one's ownership of an inheritance or a gift can be a challenge when trying to handle a divorce, especially in a state like Texas. Texas is a community property state, meaning that all marital property is subject to equal division. Certain assets are exempted from this rule and are considered separate property.
People in Texas who are embarking on a divorce may be having a hard time separating their emotions from the legal proceedings. Many times, individuals will spend more money fighting to keep a particular piece of property than they would have lost if they had simply agreed to a property settlement that they did not consider ideal. In a recent piece, one authority on divorce shared how she shows her clients the financial consequences of each possible course of action to help them see that the numbers may be more telling than their emotions.