Couples seeking divorce often wonder how 401(k) assets are split. Texas is one of the states that follows community property standards, meaning the 401(k) is legally viewed as joint property owned by both people. In these cases, the court will generally split the 401(k) equally. While this is straightforward, community property standards mean the 401(k) is split regardless of who earned it.
When parents in Texas decide to divorce, they may be particularly concerned about how it will affect their children. There is a number of different child custody arrangements that people can choose depending on what is best suited for their particular family. Increasingly, legal standards and family choices are moving toward joint or shared custody. With this form of custody, both parents have roughly equal time with and responsibility for the children.
Many people in Texas walk away from a divorce feeling that they got the short end of the stick. Some parents are ordered to pay child support they cannot afford and face serious consequences when they fail to make payments.
Divorcing couples often have many issues that they have to resolve in order to end their marriage. Setting terms for asset division, as well as addressing child custody issues, can become complicated quickly and result in additional stress. One of the most commonly overlooked concerns about a protracted, court-based divorce is the fact that the records of your divorce will become public.