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.
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.
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).
Decades of a couple being together cannot necessarily be interpreted as wedded bliss. In Texas and elsewhere, the demographics of divorce are constantly changing. What might be thought of as typical; a marriage of several years ending when the two individuals realize things have changed; doesn't always apply. As we noted in one recent article, knots that couples tied even 40 or 50 years ago are coming undone.
By this time, the so-called Panama Papers story may be something fading into the background of current events for many people in Houston. So much has happened since the story broke in April. It would take some pretty big news to grab headlines away from mass shootings and the presidential election campaign.
Texas individuals who have gone through divorces will likely agree that dividing assets in a divorce is never an easy process. Property division can be even more complex in a case of a high net worth divorce. Divorces after many years of marriage -- such as that of Sharon and Ozzy Osbourne -- and accumulation of assets that have become intertwined can complicate the process even more.
We’ve been looking in recent posts at steps that can be taken to protect assets from divorce by couples who, for one reason or another, do not have a prenuptial agreement. Last time, we spoke in particular about the importance of avoiding commingling of separate property.