Fabio & Merrill

Houston Divorce Blog

Are second and third marriages more likely to fail?

When you exchange vows with your future partner, the last thing you want is to file for divorce a few years or decades down the road. However, the phrase, ‘till death do we part,’ may not always hold true in some marriages. In fact, according to the Centers for Disease Control and Prevention, more than half of all marriages end in divorce. This high statistic may seem unreasonable; yet, many people are quick to file for divorce when a problem arises or when people grow apart from each other and decide to go their separate ways. 

When this happens, it is likely that you may remarry and hopefully, this pairing will fair better than the first. Statistics show that the chances of filing for divorce a second or third time are great. While 50% of first marriages end in divorce, 67% of second marriage are expected to have the same fate. Furthermore, if you choose to marry a third time, you have a surprising 73% chance of filing for divorce then. Why is there a greater chance of divorce with each marriage?

Protect separate property in divorce with a postnuptial agreement

When it comes to matters of divorce and property division, you're likely to have a variety of questions and concerns.

While there are sure to be many assets that are subject to division, separate property shouldn't be among them. This is defined as property that you solely own, likely because you brought it into the marriage.

Debt, divorce and your future creditworthiness

Married residents in Texas who separate or divorce their spouses have many things to contend with in the process of extricating themselves from a previously shared life. The need to identify future ownership of marital assets is a topic that often gets a lot of attention at this time. However, it is important to remember that debts as well as assets must be split in a divorce.

CreditCards.com recommends that divorcing spouses make it a priority to find a way to settle all joint debt prior to completing their divorce. This will allow both parties to walk away from the marriage without being bound together by a financial responsibility to a lender or other creditor.

Dividing assets in a gray divorce

As a Texas resident who is navigating a divorce at a later stage in life, you may have certain matters you need to work through that younger people facing similar circumstances may not. At Fabio & Merrill, we understand that the older you are, the more assets you typically have amassed between you and your spouse. We also understand that couples navigating “gray divorces” may have more assets between them that they need to divide than younger couples, or couples who recently married.

According to Kiplinger, the number of people splitting from their spouses later in life is on the rise, with the divorce rate for couples over 50 doubling since the 1990s. Many divorcing parties who fall within this age range do not fully understand what will happen as far as their retirement and other accounts, and they sometimes find themselves in a difficult position when they realize they may have to share the assets inside them.

Do you need a forensic accountant on your divorce team?

When you navigate your way through a Texas divorce, you will undoubtedly experience a wide range of emotions. Once you take your emotions out of the equation, however, you will need to figure out the fundamentals about how you plan to divide up shared assets and debts. Increasingly, divorcing parties who have considerable assets or particularly complicated finances are finding that hiring forensic accountants can help them navigate complicated financial aspects of their divorce cases.

Just what does a forensic accountant do, and how might hiring one benefit you in the future? According to Forbes, forensic accountants are essentially accounting specialists who can potentially assist you as you work through any number of financial matters pertaining to your divorce.

Divorcing in 2019? Know this new tax law

When you split from your Texas spouse, you can anticipate that doing so will impact numerous aspects of your life, potentially affecting everything from where you live and whether you work to how often you see your own children. At Fabio & Merrill, we recognize that a new tax law that took effect at the beginning of the year may also have a notable impact on your divorce proceedings, provided at least one party involved the divorce plans to pursue alimony.

Per Forbes, one of the biggest and most notable tax law changes that went into effect at the beginning of the year involves alimony payments. If you plan to seek alimony from your former partner, or conversely, if you believe your ex plans to seek alimony from you, it is important that you understand how paying or receiving alimony will affect you, come tax time.

In the eyes of the Texas courts, your pets are just possessions

The animals that you care for can fill a very important role in your life. Even if you and your spouse share children, you may have a special and truly unique bond with your pets, including dogs and cats. You will certainly worry about the custody of your children, but you should also think carefully about the best possible outcome for your pet.

Deciding who gets to keep your precious dog or beloved cat can often become as contentious as a custody battle. In fact, sometimes disagreements about pets can become more heated, as it is a winner-take-all scenario, as opposed to custody, which typically involves shared parental duties.

What happens to home equity when you divorce?

When you split from your Texas husband or wife, you will undoubtedly need to untangle many parts of your lives from one another’s, and part of this process generally involves dividing any assets or debts you currently share. For many Texas residents navigating their way through divorces, their homes represent their most valuable assets, so figuring out how to divide up any equity you have in your home is one of the most critical elements of asset division.

Per NerdWallet, most divorcing homeowners have several options at their disposal when it comes to splitting up equity they have in their homes. If market conditions are favorable, you may find that simplest way to untangle your life from your ex’s involves selling your shared house and then splitting up any proceeds you make when you sell between you.

What is a gray divorce?

If you and your longtime Texas spouse are heading for divorce after all these years, you have just become part of the gray divorce phenomenon. This is the nickname given to couples over 50 years old who divorce after a longstanding marriage.

Kiplinger reports the statistics with regard to gray divorces as follows:

  • Today, 25% of American divorces involve someone 50 years old or older.
  • In 1990, only 10% of divorces involved such an individual.
  • In more than half of today’s gray divorces, the couple’s marriage lasted for 20 or more years.
  • Gray divorce numbers continue to rise while the number of divorces by younger people continues to fall.

Examining why friendships change following a divorce

When two people are married in Texas, they often develop mutual friendships over time. Throughout the course of their marriage, they may share many experiences and adventures with other couples who they both enjoy spending time with. However, the nature of these friendships can change entirely when a couple pursues a divorce. Understanding these changes can be challenging and leave a divorcing couple feeling a bit lost as to what happened. 

An interesting friendship dynamic that many people do not readily realize until they are filing for divorce may be relationships they have formed with each other's family members. As such, these friendships have almost become a part of their marriage. Now that their marriage is dissolving, the uncertainty of maintaining that relationship can be intimidating and devastating. Perhaps the most important fact for people to remember going forward is that they cannot control how people will react to the news of their divorce. What they can do is to be respectful to their spouse by not sharing private details or being malicious in talking behind their back. They can also honestly answer questions without oversharing information. 

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