Regardless of the reasons, going through a divorce can be a highly emotional and energy draining process. The time between making the decision to divorce and obtaining a final divorce decree can be long, stressful and difficult, especially in cases involving significant amounts of assets.
There are enough questions that accompany the divorce process. Where will I live? Will I receive spousal support payments? What will happen to our joint property? These are all common questions to have when going through a divorce. For some spouses, though, there is the extra burden of having to wonder if a spouse is attempting to hide assets.
Some residents of Texas may be interested to learn of a recent article discussing the advantages of preparing some aspects of a divorce ahead of time. More than 800,000 divorces are started every year in the United States, and one of the most difficult issues to decide is almost always asset division. Complex divorce cases often involve a prolonged series of asset valuations and reviews of property interests, in which one or both parties may find themselves being marginalized. In order to facilitate such procedures and perhaps prevent such animosity, the author presents five recommendations for possible courses of action to take before a divorce begins.
The Texas Supreme Court has agreed to hear a case that will decide if the state has to provide same-sex married couples access to divorces. Currently, same-sex marriage is not legal in Texas, but it is in a number of other states. Two couples who were married in Massachusetts are seeking a divorce in Texas, and their petition has lead to this case.
Women in Texas going through a divorce may not automatically receive spousal support or get everything in the formerly shared house. Experts say, however, that soon-to-be ex-wives are entitled to a share of all assets, including those their ex-husbands might want to hide. They stress the importance of working with a legal professional during the process of property division rather than trusting the word of a former spouse.
Texas residents who go through a divorce are likely to see major changes to their financial situation. In addition to the fact that they will no longer be able to rely on two incomes to handle bills, a couple's property is also divided during asset division. Alimony can also change how much income someone has following a divorce. If someone is paying alimony, they have that much less money to manage their own expenses, and those who receive it often end up discovering that it's not enough to keep them in the lifestyle that they had during their marriage.
When people decide to part their ways, the process is typically smooth or bumpy depending on the approach taken by both parties. The divorce often leads to complex asset division and disputes. It is important to keep the process civilized especially if the children are involved when the union ends.
Many Texas citizens will undergo a divorce at some point in their lives; 82,000 were registered statewide in 2010 alone. A great deal of confusion and uncertainty surrounds legal separation, and achieving a cordial resolution to the many facets of marital conflict is a seemingly insurmountable obstacle for many. A post-divorce coach detailed how she resolved these issues in her own divorce, which may prove insightful for anyone contemplating a divorce in the future.
Regardless of how irreconcilable the differences between spouses are, divorce is commonly not a pleasant experience. Breaking up a home can be physically, mentally and emotionally exhausting to the parties involved, especially when the matter affects children. In an effort to simplify and ease the process of divorce, some Texas couples are opting to use a mediator for negotiating property settlement agreements, asset division and even issues involving alimony and/or child support.
The aging of our population has created an interesting phenomenon in family law, the rise of the so-called gray divorce. Divorce has become increasingly common among empty nesters and people reaching retirement age. While a split can be challenging at any age, older couples face a variety of issues that their younger counterparts need not worry about. Any Texas resident divorcing after age 50 should keep these issues in mind.First, consider your plans for retirement. Pension and 401(k) benefits are marital property and are subject to asset division in divorce. The closer you are to your planned retirement date, the more difficult it will be to replenish those funds. Also, consider the impact of divorce on your social security benefits. Social security cannot be divided in divorce, but it can be used to offset other assets or earnings. Another consideration is what would happen if one spouse were offered an early retirement package or cash buyout in lieu of a traditional pension benefit. How would that money be divided?