There are many reasons why couples divorce, but money and finances are a common theme for divorces in every tax bracket. As they navigate the divorce process, there are many essential details to consider. None are more important than parents drafting a fair and equitable parenting plan that outlines scheduling for the average week as well as decision-making power for various aspects of parenting affecting a child.
Various large metropolitan areas recently held parades to mark the 50th anniversary of the Stonewall Riots in New York City. That June 29, 1969, protest marked the beginning of the LGBT&Q rights movement, yet it was 46 years almost to the day that the U.S. Supreme Court struck down all state bans (including here in Texas) on same-sex marriage in 2015.
By the time you got married, chances are that you already had your own bank accounts. Perhaps you even had a substantial amount of money saved and a system for paying your bills. Like many in Texas, you may have secured your career and even purchased property before tying the knot. To protect what you had accomplished, you may have decided not to add your spouse's name to your accounts and property deeds.
Families come in all shapes and sizes, so Texas has made changes to its laws to accommodate a broader definition of family units. No longer is it a given that the mother gets custody of the children after filing for divorce, nor do all parents need to marry to have legal rights. Because the circumstances involving each case may be different, a different approach is needed. Unmarried parents who wish to establish custody rights, visitation rights, child support, or even geographic restrictions will need to be proactive.
Divorce is a complex time full of emotions and difficult decisions. Often, the two parties are in contention with one another, and one spouse may actually attempt to take steps to prevent the other party from getting his or her fair share of marital property. The act of hiding assets can complicate a divorce, and it is also illegal.
Most of us are familiar with a prenuptial agreement, but a growing number of couples are turning to postnuptial agreements. The concept is the same, except that the couple waits until after the wedding day. Some plan it that way, while others see a need for one later.
It is not easy to divorce a spouse and move on with life. Aside from the emotional impact, splitting assets can make matters complex. After all, if you have significant assets, you may not even realize the extent of the marital property you must split between you.