Many people in Texas and across the United States believe that once they have been married for 20 years or more, they have survived the hardest challenges of marriage and are safe from the threat of divorce. The truth is, however, that the number of people who are filing for divorce over the age of 50 has gradually increased over the past few decades. The trend known as gray divorce is becoming more common as couples who have been married for over 30 years are deciding to terminate their marriage.
Is your spouse using Bitcoin to hide assets?
If you and your spouse are a reasonably high-asset Texas couple contemplating divorce, both of you likely are concerned about how the court will divide your assets if you cannot reach a property settlement agreement on your own. Naturally each of you wants to retain the most assets possible, but you may suspect that your spouse is trying to hide assets so as to skew the division in his or her favor. Asset hiding has gone on for decades, but today’s technology makes it easier than ever to do. Are you familiar with Bitcoin?
What is the acceptance of benefits doctrine?
If you and your spouse are a Texas couple seeking a divorce, you may not know about the acceptance of benefits doctrine. It could, however, become an important aspect of your divorce and its aftermath.
When bold spouses divide everything but the family business
Dividing a once-shared life is tough. Furniture, homes, vehicles and a multitude of other tangible goods have to split equally between the separating parties. But what happens when the two continue to share one significant asset - the family business? Texas couples should set themselves up for success as much as possible when first establishing a company.
What can you do when your spouse refuses to sign divorce papers?
If you are among the many people across Texas who are heading toward divorce, you probably have a lot on your plate. Even the least-acrimonious divorces can prove difficult, time-consuming and emotionally taxing, but divorce can prove to be even more so if you are the only person in your marriage who wants it. So, what can you do if you served your spouse with divorce papers, but he or she refuses to acknowledge or sign them?
How can I protect my estate during a divorce?
If you are going to be ending your marriage, there are many different questions that you might have, such as how splitting up with your spouse will affect your kids or what will happen to the family home. However, bringing your marriage to an end may have a wide range of financial effects on your life, whether you need to pay spousal support or child support, are worried about how the courts will split up marital property, or are worried about how relocation will affect your ability to work. Moreover, you could have concerns about your estate and it is vital to understand the importance of asset protection during the divorce process.
Minimizing the impact of divorce on your career
People frequently think of many challenges when divorce comes up, such as how the custody of children will be arranged, who will receive certain types of marital property, and the amount of child support or spousal support that will need to be paid. However, it is important to bear in mind that ending a marriage can affect couples in other ways. For example, you may find that splitting up with your spouse has affected your career. It is essential to do what you can to prevent your divorce from creating other challenges in life and be prepared for various issues you may face.
How many people divorce each year?
From allegations of infidelity to a couple's relationship simply not working anymore, there are many reasons people file for divorce. In Houston, and other parts of Texas, many people continue to find themselves in this position. If you are preparing for divorce, or are going through the process right now, knowing how many other people are in the same situation as you may make you feel as if you are not alone. Moreover, each divorce case has unique details and the end of a marriage can be especially challenging for certain people, such as those who have a high net worth.
Looking back at a notable example of high-asset Texas divorces
Divorce proceedings in Texas are often complicated by financial concerns. This complexity is amplified in situations where either an individual party or the couple holds high value in pensions, real estate, property interests or other diverse financial products. One notable example is of such was the divorce of Expos owner Jim Crane.
QDRO: minimizing tax hits on retirement fund splits in divorce
Ask a person in Texas under the age of 40 about their pension plans and you might get a quizzical look. Pensions are something their parents or grandparents have. For those in younger generations, retirement planning usually means socking something away in an Individual Retirement Account or a 401(k).
