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Property division in a collaborative divorce in Texas

In a collaborative divorce, spouses work together to divide assets and debts to avoid a prolonged legal battle and the potential for emotional trauma.

Filing for divorce in Dallas, Texas, is a legal action that should not be taken lightly. However, it does not have to involve a court battle, either. When a couple can work together while dividing marital property, they may be able to avoid much of the financial and emotional trauma that is often associated with a divorce.

Dividing assets

According to the Texas Family Code, if the spouses can come to an agreement on their own, the judge is likely to honor it if it is deemed fair, and being able to settle this amicably can save a lot of money in court and attorney fees. This does not mean the couple should not hire attorneys. Bankrate.com notes that having legal counsel can help each spouse to achieve healthy expectations for the outcome, as well as providing guidance in reaching an agreement that the court will consider just and right.

Texas is a community property state, so all the assets acquired during the marriage belong to both spouses equally and must be divided. Listing all assets and sources of income is an essential part of determining who gets what. Legally, each spouse must be completely upfront with all this data. Honesty is also essential for amicability. When one person attempts to hide a source of income or assets, it can upset any emotional balance the couple has managed to sustain to that point.

Dividing debt

In addition to property and other assets that are split between the spouses, The Huffington Post points out that the debt must also be divided. Even when one spouse has been irresponsible in charging up credit cards or making purchases the couple cannot afford, any debt that is incurred during the marriage belongs to both of them and must be divided in a way that the court will consider fair.

While the judge may approve of the agreement that the couple comes to regarding who will pay what bills, creditors are not under any obligation to honor the divorce decree. When both names are on the loan and one person defaults, the other may be held responsible for the balance. If he or she cannot make the payments, both spouses might receive a negative mark on their credit reports. However, getting separate accounts, closing out credit cards and refinancing when necessary can prevent this type of issue.

Any couple who has decided they are unable to stay married can benefi t from cooperating during the division of property. A family law attorney may be able to guide the couple through the process so that each receives a fair portion of the marital property and debt without a prolonged legal battle.

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Bruce Turner

In addition to his law degree, Bruce Turner has a master's degree in tax law and is Board Certified in Commercial Real Estate Law by the Texas Board of Legal Specialization.

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Turner, Bruce E.
1603 Lyndon B. Johnson Freeway Suite 280
Dallas, TX 75234

Phone: 800-486-9553
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Bruce Turner with Bennett, Weston LaJone & Turner, P.C.

Attorney Bruce Turner is located in Dallas and represents people and businesses throughout DFW and the Metroplex, including Denton, Carrollton, Lewisville, Flower Mound, Farmers Branch, Irving, Las Colinas, Corinth, Highland Village, The Colony, Plano, Frisco, Allen, McKinney, Mesquite, Grand Prairie, Garland and Grapevine as well as Collin County, Denton County and Dallas County in Texas.

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