Enterprising spouses often start up businesses together, finding interesting and unique ways to bring extra money into their family coffer. Sometimes this looks like a formal business establishment, and other times it might be gradually buying up real estate to rent out on platforms like AirBNB. Whatever the format, when it comes time to divorce, a couple’s business needs to be divided just like any other marital asset. 

Dividing a business can be very difficult, however, as spouses often disagree about how much of the business is marital vs. personal property or what the true value of the business is. In cases like this, make sure you have the help of an experienced business owners’ divorce attorney who can assist you in resolving these tricky issues. 

Can One of the Spouses Keep the Business in a Divorce? 

Texas law requires community property to be divided in a “just and right” manner, which usually means something close to 50/50. If one of the spouses owned the business before getting married and did not protect that business with a prenuptial agreement, it can be very difficult to determine how much of that business is community property rather than the personal property of the spouse who originally owned the business. 

Texas law requires couples who are getting divorced to divide their assets and debt. Usually, though not always, Texas - which is a community property state - divides assets equally between spouses. However, spouses who are afraid of getting shortchanged in their divorce or who are willing to take advantage of their spouse may be willing to hide assets to tip the asset division process unfairly in their favor. If you are getting divorced and are worried that your spouse may try to hide assets, make sure you have an experienced Texas divorce attorney. 

How Will I Know if My Spouse is Hiding Assets? 

Often, spouses will divide and conquer chores and responsibilities within a marriage. This often leaves one spouse in charge of managing a family’s financial affairs. If your spouse has been responsible for paying bills, tracking your bank account balances, and managing your retirement accounts, you may not have a full picture of your financial affairs, which could make it easier for your spouse to deceive you during the asset division process. 

While it is never possible to fully anticipate whether a spouse will try to hide assets, pay attention to your spouse’s behavior and see if your gut tells you things are not adding up. If you thought he or she made a certain amount of money, but their financial affidavit states otherwise, follow up. If a bank account balance seems low, find out why. 

Fault & No-Fault Grounds for Divorce

The State of Texas is a “no-fault state,” which means, first and foremost, that fault is not required to obtain a divorce. In addition, this also means that Texas doesn’t have any disadvantages for those who initiate a divorce with no-fault grounds. In other words, if someone files for divorce with no-fault grounds in Texas, that person won’t automatically face any disadvantages when it comes to property division, or any other issue of the divorce. Of course, a spouse’s conduct during the marriage can still be consequential even when there are no fault grounds cited; but, a spouse will not be necessarily disadvantaged simply on the basis of filing with no-fault grounds. 

The Three No-Fault Grounds

Divorce looks a little different for everyone, but one thing is certain: Your life is about to change - a lot. Whether you anticipate a fairly peaceful divorce or a hostile separation, there are certain things you can do to get ready for divorce that will help the process move faster and more easily, plus help you recover more quickly once your divorce is finalized. Read on to learn more about divorce preparation and then contact a Texas divorce attorney for help with your case. 

Start Prioritizing Now

You may wish you could have your entire savings account and your full 401(k) balance, but that is probably not compatible with Texas divorce law - and even if it were, your spouse would hardly agree to it. Instead of thinking about everything you could have in a perfect world, think about what is really important to you. Do you want to keep your marital home? Do you hope to spend every Christmas with your children? Whatever the most important things are, start thinking about them now so you can discuss them with your attorney. 

Master Your Finances

Getting divorced today usually means learning to live on one income instead of two. When this happens, it can be difficult to begin budgeting and to getting approved for car loans or mortgages on your own. For these reasons and more, it is essential to have a thorough understanding of your finances before filing for divorce. Make sure you know your credit score, as well as any debt you owe individually or with your spouse. Begin budgeting for life on your income alone, and be sure to take into account whether you will be making or receiving alimony or child support payments. 

Most people have heard of the idea of “annulment,” but few people besides family law attorneys know what this idea really means. If you’re married, you are likely curious about the details of this concept and how this concept can potentially impact your marriage. In this post, we’re going to discuss the basics of this concept and then discuss the process for obtaining an annulment here in Texas.

Annulment vs. Divorce

When a married couple obtains an annulment, this means that the marriage itself was never valid from the beginning. Annulment therefore is a declaration that the marriage was “void.” This is the critical difference between annulment and divorce. A divorce is the formal dissolution of a valid marriage, whereas an annulment means that the marriage never existed in the first place. When a marriage is declared void through annulment, this declaration carries important ramifications.