Texas fans of Reese Witherspoon and her ex-husband Ryan Philippe probably know that they were married for seven years, had two kids and then divorced in 2007. In recent years, the couple lost quite a bit of money on their property sales. She recently sold her Ojai ranch at a big loss, which she had bought in 2008 for $5.8 million and ended up selling for $4,983,500, losing $816,500. Phillippe lost $1,175,000 on the March 2013 sale of his Sunset Strip mansion.
A new year often means new beginnings, new resolutions and starting things anew. For some couples, it also means saying goodbye to their marriages. Divorce is often sought during this time of year for several reasons.
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.
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.
If a prenuptial agreement was never arranged, married couples in Texas who are on the edge of divorce can sign a postnuptial agreement instead. Similar to a prenup, a postnup covers how real estate and business assets are to be divided in the event of a divorce. Tricky issues such as extra-marital affairs and even limits to a partner's weight gain can also be covered in a legal postnup.
New information from the American Academy of Matrimonial Lawyers (AAML) indicate that people over the age of 50 in Texas and around the country are ending their marriages at higher rates than ever before. However, boomers getting divorced tend to face greater financial challenges than their younger counterparts because retirement accounts, real estate, and other substantial aspects are more prevalent.
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.