The end of any marriage can be a very emotional and taxing experience. However, older couples who are contemplating divorce can experience a myriad of unique and special challenges. Divorce rates among couples who are senior citizens are on the rise in the state of Texas and across the country. Those who are going through such a proceeding can stay secure and happy through their golden years by gaining an understanding of their options and the common issues that go along with divorce later in life.
The end of a marriage is a very stressful and emotional thing to experience. When two people enter into marriage in the state of Texas, certain agreements are made. Over time, people change. As people change, the marriage has to adapt or it may be doomed to fail. Recently, a high-profile couple made headlines when they filed for divorce, citing irreconcilable differences.
The end of a marriage can be a significantly difficult period in your life. If you and your spouse have a considerable amount of assets, the process can often be extremely complex and daunting. If you own a business together, it may account for a great deal of your wealth, and can often be difficult to divide. You may find that there are various important aspects to consider before proceeding into the divorce process in order to secure the future of your family business.
Since you've begun preparing for your divorce in Texas, you've likely already learned that you live in a community property state. Not all states regulate marital property in this way. Essentially, it means that all income, property or assets you and your spouse acquired after marriage are subject to equal division between the two of you when your divorce is finalized. Sometimes, this can create complications involving such things as vehicles, boats, art collections and more.
Dividing the physical and financial assets of a marriage may require agreements on many items. The division of such things as vehicles, securities, valuable collectibles, retirement benefits, and household items may have to be decided. In many cases, the family home is the most valuable asset that the couple has, so its disposition can become difficult to agree upon during a divorce. Couples in Texas have two options available to them in regard to their home when divorcing.
Divorce, under any circumstances, is an emotional process -- especially if the divorce follows infidelity. Along with feelings of anger and betrayal, you may suspect your unfaithful spouse of financial misbehavior, such as hiding assets. This type of fraud is more prevalent in high-asset divorces that are not uncommon in the Plano, Dallas and McKinney areas in Texas.
There is no "how-to" manual for going through a divorce. No two are the same. However, every individual going through a divorce in Texas should make every effort to protect his or her personal finances. While the financial details of the dissolution can sometimes be the most difficult to resolve, there are things that a person going through a divorce should consider doing to protect their personal finances.
There's hardly ever a single reason given by those who end their marriages for what prompted their decisions. If you are soon entering the divorce process, you might relate to the fact that various events and situations combined can simultaneously act as causal factors in a marital split. No one's circumstances are exactly like yours, and depending on several things, you may be headed for a simple process or one wrought with contention and serious challenges regarding unresolved issues.
When a couple decides to end their marriage, the equitable division of financial assets can often be the main issue to settle between the parties. How to divide things like a car, a home and its contents, financial accounts, such as savings or retirement, and fair child support payments may have to be decided. Texas is a community property state, meaning that upon divorce, all property acquired during the marriage must be split 50-50, and the courts make these decisions if the parties cannot come to an agreement.
Whether you have known your marriage has been headed for divorce for quite some time or the decision came on rather suddenly and unexpected, the journey ahead might include several challenges involving your children, property you own, business-related matters and/or assets. Especially if your marriage has lasted more than seven to 10 years, you've likely acquired additional assets and savings, which perhaps you have invested in a diversified manner. Negotiating a fair and agreeable divorce settlement may be difficult if both parties do not fully disclose financial and liability information.