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September 2014 Archives

Financial matters not to overlook in divorce

Most divorcing couples in Texas become much more aware of their finances at some point during the proceedings, but there are a few things that people are likely to overlook. It is important, for example, during property division discussions, to keep an eye on joint liabilities, to examine cash flow needs and to be aware of past and future taxes. Each joint liability should be addressed individually prior to the finalization of the divorce. Joint credit cards should be cancelled, with balances transferred to individual cards if necessary. Mortgages should be refinanced. Creditors are not obligated to honor the terms of the property settlement and so any joint liability should be paid off or transferred to one or the other spouse.

Division of property in Texas divorces

Texas couples considering divorce may be interested in how property is divided during the dissolution of a marriage. Texas is a 'community property" state. This means that property acquired between the dates of a marriage's inception and termination is to be divided as equally as possible by the District Court in the event that the spouses and their respective advocates cannot come to an agreement on their own. When couples do manage to reach an agreement on matters of property division, they may sign a Marital Settlement Agreement.

High-profile financier divorce tests prenuptial agreement.

Texas residents may be interested in the divorce of Ken Griffin who is the founder of the Citadel hedge fund. According to reports, Griffin, who submitted a divorce petition earlier this year, is estimated to be worth close to $5.5 billion. He is currently in the process of divorcing Anne Dias-Griffin, his wife of 11 years.

Benefits of utilizing a forensic accountant

From the point of view of Texas law, a divorce can be seen as the dissolution of a contract-based legal entity and the fair division of all assets and debts attached to the entity. Although the marriage may be dissolved, the economic implications must be worked out with scrupulous attention to fairness and reasonable division of property and liability.

Considering prenuptial agreements in Texas

Texas residents may benefit from leaning about why the popularity of prenuptial agreements has been increasing over the past several years. More people are recognizing marriage as an economic partnership with attendant responsibilities and rights, so some are taking measures to protect separate property and maintain its independence. Separate property can be described as assets owned before a spouse entered the marriage. In contrast, anything accrued after that, such as income or real estate, may be considered marital property.

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