What Should I Ask for in a Texas Divorce Settlement?

COMMUNITY VS. SEPARATE PROPERTY

In Texas divorce settlements, community property is eligible for division between the spouses, while separate property remains under the ownership of the individual. Community property encompasses all assets acquired during the marriage, excluding those legally categorized as ‘separate property’.

Separate property in a Texas divorce encompasses:

Understanding these aspects can help you make educated decisions, protecting your financial and emotional well-being for the long term.

Another significant aspect of divorce settlements is health insurance. Ensuring both you and your children have essential coverage, with expenses fairly distributed based on each party’s financial capacity, is vital. This includes addressing children’s health insurance in terms of ensuring coverage and making equitable arrangements for the payment of premiums and any out-of-pocket medical expenses.

Contested divorce

Facing a contested divorce introduces opportunities for strategic planning and meticulous examination, allowing for a tailored and equitable resolution. While the nature of these proceedings may lead to prolonged negotiations, the positive aspect lies in the thorough assessment of assets, including the marital home and retirement accounts. Child custody undergoes heightened scrutiny, providing an opportunity for both parties to advocate for their preferences and ensure the best interests of the children. Spousal support negotiations, although intricate, allow for a nuanced approach reflecting the unique circumstances of each party. Although a contested divorce may bring emotional challenges, it necessitates careful consideration of each aspect, fostering a pathway to a fair and balanced settlement. Skillern Firm Divorce & Child Custody Lawyers’s skilled legal counsel is pivotal in guiding you through, protecting your interests, and working toward a resolution that aligns with your long-term goals.

Marital home and real estate

One of the biggest decisions you’ll face in your divorce settlement is what to do with the marital home. Both spouses have equal entitlement to the home’s equity if it was acquired during the marriage. The value of the home is often determined by estimating its present market value based on comparable property sales in the area.

Determining whether to sell the marital home or buy out your spouse requires considering factors such as realtor fees, transfer taxes, and the level of home equity. Trading equity in the house for other financial resources can be advantageous, especially when selling the house would involve additional expenses such as realtor fees.

Retirement accounts and investments

Retirement accounts and investments are often significant marital assets in a divorce settlement. Any contributions to these accounts made during the marriage are classified as marital property and are eligible for division.

The division of assets such as pensions, IRAs, and 401(k)s often requires obtaining a Qualified Domestic Relations Order (QDRO), which legally transfers funds in these accounts between the ex-spouses. Consideration of these implications and the future financial requirements of both parties is crucial when dividing these assets.

Child custody

If you have children, their well-being should be a top priority during your divorce. In Texas, custody arrangements are determined based on the best interests of the children, aiming to provide equal rights for both parents regarding the children’s residence.

When it comes to child custody, the Texas Family Code guides the process, focusing on the child. While custody arrangements are a critical aspect, it’s crucial to consider educational expenses, such as private school costs and college tuition, in your divorce settlement. Negotiating different terms for custody is possible as long as they align with the legal guidelines and prioritize the child’s welfare.

Spousal support

Spousal support is another financial consideration in a divorce settlement. This is financial assistance provided by one spouse to the other after the marriage ends. Factors to consider when negotiating spousal support payments include the duration of the support and whether either party will require further education or training.

Negotiating a Fair Settlement

Successfully negotiating a fair settlement requires a clear understanding of your priorities, a willingness to compromise, and possibly the assistance of a professional. Focusing on your long-term needs and goals allows you to negotiate a settlement that ensures your financial and emotional well-being after the divorce.

However, negotiation is not always easy. Emotions can run high, and you may find it difficult to reach an agreement with your spouse on key issues. In these cases, you may benefit from another approach, such as mediation, or from seeking professional help.

Prioritizing needs and goals

Identifying and prioritizing your needs and goals is a critical step in preparing for your divorce settlement negotiations. This involves reflecting on what truly matters to you and how those priorities might be impacted by the divorce.

Your priorities could include financial stability, the best interests of your children, and emotional well-being. Focusing on these priorities enables you to negotiate a settlement that aligns with your long-term needs and goals. This also gives you a clear framework for making decisions and can help reduce conflict during the negotiation process.

Seeking professional help

Sometimes, despite your efforts, you may find it difficult to negotiate a fair settlement on your own. In these cases, it can be helpful to seek professional help.

At Skillern Firm Divorce & Child Custody Lawyers, our experienced attorneys can guide you through the divorce process, offering experience in negotiation, mediation, and litigation. We can help you identify your priorities, understand the law, and negotiate a settlement that protects your interests.