Did you know that land and household goods are not the only assets that can be divided in a divorce in Texas?
Hi, I’m Channa Borman here with straight talk and honest advice about family law here in the Brazos Valley. Today, we’re going to talk about the other assets that can be divided in a divorce in Texas that oftentimes people don’t even think about most.
Watch the Video: Don’t Forget About These Assets When Getting Divorced
Dividing Commonly Owned Property and Assets in a Texas Divorce
Most married couples understand that dividing commonly owned property happens during a divorce in Texas. But divorces can be complicated, meaning more than splitting the couches, the knives and forks, or the value of the home.
Overlooked Tangible Assets in a Texas Divorce – Life Insurance Policies
The assets that we are talking about are assets that most people don’t consider to be tangible assets. One asset often overlooked in a Texas divorce is the cash surrender value of life insurance policies.
Many people have term policies. They pay small monthly premiums, and those don’t accumulate cash value. However, when people contribute money that are more considerable sums, more significant premiums of $200 to $300 a month. Those policies often are called whole life policies. These policies accumulate a cash value that is also subject to division at the time of the divorce.
Overlooked Tangible Assets with a Texas Divorce – Retirement Accounts and Health Insurance
Another overlooked asset is a retirement account. When you have a retirement account, the employee and the employer contribute.
Contributions from both sides are divisible at the time of the divorce, so long as the employee has vested. Most of the time, lawyers can ascertain whether or not the employee has vested by looking at planning documents and plan statements.
Similar to a retirement account, the ability to continue coverage through an employer-sponsored health insurance plan can be another asset that can also be divided at the time of the divorce. Also, we need to look to see whether or not the non-employee spouse has the ability to obtain health insurance through another plan. Or the non-employee spouse must do what we call cobra through the employer’s plan.
If you’re considering divorce and have questions about your marital estate and how your assets could be divided in your Texas divorce, we can help.
Working with a Trusted Texas Family Law Attorney
It is essential that you work with a Texas family law attorney who understands the difficulties of getting a divorce and what happens after you are divorced. Our Texas family law attorneys are here to answer all your questions. Furthermore, we will support you before, during, and after your divorce.