Sometimes, spouses may come to the realization that their marriage is not going to last. At that point, they must grapple with many issues and decisions. If you are facing a divorce in Texas, an experienced family law attorney can help you understand what you are up against.
You and your soon-to-be ex-spouse may agree to remain on friendly terms, and this may lead you to believe that your divorce will be uncontested. However, when one party earns a higher income than the other – particularly if that income is significantly higher – financial issues may come to light that you hadn’t counted on, turning that “friendly divorce” into a far less friendly ordeal.
Separate Debts
One such financial issue could be that one of you has paid a separate debt owed by the other spouse. The spouse who paid the debt could ask for reimbursement during the divorce proceedings, which can quickly lead to a dispute about who helped whom during the marriage.
Debts can cause other financial issues as well. Even if one party agrees to pay all of the joint credit card balances, creditors may still pursue the other spouse if those debts remain unpaid or payments are missed.
Intellectual Property
Another issue that you may not realize could affect you is intellectual property. If either of you happens to be an entrepreneur, business owner, designer or writer (and this list is by no means exhaustive), intellectual property such as trademarks, copyrights, and royalties could be involved as part of the property division.
Inheritances
A third potential problem could be any monies or property inherited by either spouse. If any inheritance money was not maintained separately from the marital funds, it becomes a joint asset and is then subject to being divided equally between the parties.
Don’t Go It Alone
Divorce can bring out the worst in people, despite their best intentions. If you have always left financial matters of the marriage up to your spouse, it’s time to find out exactly where the two of you stand in terms of assets, debts, real estate, and other property.
The best thing you can do for yourself is seek the advice of an attorney experienced in high-income divorces. You may discover that you have options you weren’t aware of. A divorce attorney from GUNNSTAKS LAW OFFICE can help make the process go much smoother for you.