Call for a Free Consultation

call us972-422-2424

Subscribe to this list via RSS Blog posts tagged in property division

Plano divorce attorneysAccording to most experts, the overall divorce rate in the United States is on the decline. However, the divorce rate for individuals over age 50 has doubled in the last several decades. Older individuals who divorce deal with a much different set of challenges than younger couples. Furthermore, the financial impact of divorce is often much greater for older adults than younger adults. If you are over age 50 and you are considering divorce, make sure to keep the following considerations in mind.

Property Division in a “Gray Divorce”

Divorce involving spouses nearing retirement age has been nick-named “gray divorce.” Individuals in their 50s, 60s, and 70s, have decades worth of accumulated assets. Many individuals entering into a grey divorce also own complex assets like investments, real estate, small businesses, and professional practices. Whether property division is resolved through an out-of-court agreement or litigation, assets must be accurately valued before they can be divided.

In addition to valuing assets, the identity of the property must be determined. Per Texas law, property and debt that is accumulated by either spouse during the marriage is community property. Assets acquired through inheritance or gift are exceptions to this rule. Separate property includes property that a spouse owned prior to getting married. Both spouses are entitled to a fair share of property classified as community property.

...
Back to Top