What Happens To The Family Business In A Divorce?
If you and your spouse created a business together and are looking to dissolve your marriage, you may be wondering what will happen to the business. Texas courts view family businesses as assets, which are subject to division during a divorce. As Texas is a community property state, any business that was acquired or created during the marriage will need to be divided in the event of a divorce. Today, we discuss how a family business could be divided during the divorce process and what you need to know about how business assets are handled in a Texas divorce.
Property Division: How Does The Court Determine What Is Fair?
When it comes to the division of marital property, or property acquired during marriage, Texas divides property in a manner that is considered just and right during a divorce. In other words, the courts in the state try to be as fair as possible when making property division determinations. As this is not always easy, the court must use their discretion to divide a marital estate, relying on several factors to help with their decision-making process.
Should You Keep The House For Your Kids After A Divorce?
Determining if you should keep your marital home during a divorce is a hard decision. On one hand, you do not want to move your children into a new environment while they are going through a transition period. On the other hand, you might not be able to afford your marital home on your own without your spouse’s help. Today, we go over the reasons why you may or may not keep your marital home for your children during a divorce.
What Is Commingled Property & How Will It Impact Your Divorce?
When going through a divorce, part of the process requires you to determine what is considered separate property and what is marital property. So, what happens when your separate property gets mixed up in your marital property? Now, that property is what is called commingled property. An example of this would be if you owned a home before getting married, got married, and then you and your spouse decided to pay the mortgage on your house together as a unit. Your house has now become commingled property.