If you are like most people, you entered your marriage with the hopes of happily ever after. Unfortunately, not even half of all married couples achieve this goal. According to Inc., 52 percent of first marriages end in divorce and 70 percent of second and third marriages end more or less the same way. Whether you and your significant other have yet to tie the knot, are happily married or are in the throes of a Texas divorce, if you own a business, take proactive measures now to protect the business you spent so many resources growing and nurturing. Otherwise, the Texas courts may award your spouse 50 percent of the company in the divorce.
For many couples, the decision to divorce does not come without considerable forethought. Often, many couples may turn to counselors and other professionals for help finding solutions to their marital conflicts, but when other options fail to provide relief, they resort to divorcing and ending their marriage. This choice results in the need for many Texas couples to reassess the life they have grown to share and decide how to split things to give each a chance at creating a new life for themselves.
If you and your spouse are about to embark on a high asset divorce in Texas, your only concerns right now may pertain to alimony and the property division process. However, because your divorce is a high asset one, know that your financial concerns should begin long before you even file the paperwork.
College is an expense that you as a parent usually pay for your children. In a divorce situation, who pays for college can become a complex situation. Unless you made plans in your divorce settlement, you may face some issues when it comes time to pay for your child's postsecondary education in Texas.
For divorcing couples in Texas who own a home together, that home and its corresponding mortgage commonly represent the couples' largest financial asset and liability, respectively. Determining how to split those two things during a divorce is no easy task, especially when emotions come into play as can happen with a family home.
You have recently filed for divorce in Texas and while you are optimistic about how this decision will affect your future, you are concerned about the fact that your soon-to-be-ex is also your business partner. In this difficult position, you are faced with the uncertainty of dissolving a once-ideal business partnership. Depending on what you and your former spouse decide, one of you may also choose to exit the partnership to keep the business intact.
One of the most complicated parts of divorce for many Texas couples is having to work through the separation of their assets and finances. In many cases, determining which person is going to keep the house, is one of the most complicated and contentious decisions to be made. Many couples still owe money on their home thus complicating matters further when mortgage payments have to be reassigned to a party who is willing to pay.
While a couple may feel relieved to finally be starting the process of divorcing in Texas, they now have to work through the often-complicated process of deciding who will get what. Often, couples have accumulated a lot of stuff over time. While most of it can be easily parted with, there are other belongings that may have sentimental value to both parties. When people understand the right way to go about dividing shared assets, their outcome may be a bit more productive and beneficial.
If you are at the beginning of divorcing your spouse, you may be faced with all kinds of emotions due to the uncertainty of your future and the outcome of your decision. While you may have heard all of the horror stories about divorce settlements taking decades to solve, yours does not have to be that way. At Fabio + Merrill, Attorneys at Law, we are experienced in helping people in Texas through the oftentimes challenging process of divorce.
You and your spouse entered into your marriage with the best of intentions, but less than five years later, you are now facing the fact that it just will not work out. Texas is one of the few community property states, which will affect how property division is handled during your divorce. The short-term nature of your marriage may limit how many of your assets will be divided, though.