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Houston Divorce Law Blog

Many couples could benefit from collaborative divorce

If you are planning to divorce there are likely many things you are concerned about. While some divorces are acrimonious there is not a rule that requires that this is the way it has to be. For couples who are interested in ending their marriage in an amicable manner, collaborative law may be the way to go.

There are other reasons that this approach may be desirable to divorcing couples. One reason is that is takes less time. In addition it often ends up costing much less financially.

Deciding whether a prenuptial agreement is right for you

There are many things that need to be taken care of before most people marry. For those who are having a wedding with a party, the weeks and months leading up to the ceremony are usually full of tasks related to party planning. For some couples, other things are addressed as well such as how the relationship will change following the ceremony including who will perform certain chores and how finances will be handled.

A prenuptial agreement may be a part of what is discussed before marriage.

Financial matters to consider when divorcing

A divorce is more than just the end of a marriage. It is also the beginning of the next part of each spouse’s life. Accordingly, when a couple decides to divorce it is not uncommon for each spouse to hire a lawyer to help to guide them through the process. Since each spouse arguably has a lot on the line, particularly where financial matters are concerned, this is widely considered to be a wise approach. 

Tips on how to handle artwork in a divorce

As every couple is different, when divorcing it makes sense that the assets to be divided will vary from couple to couple. In some cases, in addition to the assets commonly held by couples, such as houses and cars, divorcing couples have artwork. Determining who will get the pieces, whether they are paintings, drawings or sculptures, can at times be a long and complicated process.

There are at least two factors at play in these situations. In addition to the sometimes great financial value of a piece, spouses may have developed an emotional attachment as well. To make this process go as smoothly as possible, there are a couple things that someone who is divorcing can do.

For the best result in your high-asset divorce work with a lawyer

The decision to end a marriage is not one that most people take lightly. While ending a relationship is difficult on its own, attending to related matters such as child custody, child support, spousal support and the division of assets and debts, takes it to another level. Though all divorces have the potential to be complex, when a family business is involved it is almost certainly the case.

When it comes to dividing assets in the course of a divorce in the state of Texas, as a community property state, the assets will be divided in a manner that is just and right. Perhaps the only thing more important in that process than how the assets are divided is accounting for all of the assets that should be included in what is distributed to each spouse.

For best result take time to plan before filing for divorce

Many people spend great amounts of time planning for their wedding. Making sure even the smallest details are addressed is time consuming. Since for many this is the biggest event of their life that is not surprising. What may be surprising to readers is that for the best possible outcome in a divorce, it is usually beneficial to put a great amount of planning into it as well. Because according to the National Center for Health Statistics, throughout the nation, approximately 40 percent of all marriages end in divorce, this is something people should be aware of.

Should you bother with a prenuptial agreement?

When it comes to entering into a prenuptial agreement there are many reasons why someone might hesitate. For some, the knowledge that it most likely would be challenged should a divorce occur is one of those reasons. Individuals leaning away from entering into a prenuptial agreement for that reason may want to reconsider. This is because while prenups may be challenged on a fairly regular basis, due in large part to the Uniform Prenuptial Agreement Act, the success rate for those challenges is fairly low.

Don't let money be used as a weapon in your divorce

For most people the decision to divorce is not one that is made overnight. It usually follows months, and maybe even years, of trying to make the relationship with one’s spouse work, sometimes even leading to a separation. During that period of time while working for the best, it may be a good idea to at the same time, plan for the worst.

For many who are divorcing the most important matter to be addressed is the way in which the assets of the marriage will be distributed. Because of this, during a separation it is important to gather information regarding exactly what your family’s assets are. Depending on the circumstances this may not be as easy as one might assume. For example, a spouse might try to hide assets in anticipation of the marriage ending. In situations such as these working with a forensic accountant can be beneficial.

How a prenuptial agreement might benefit your relationship

When couples are in love and looking to the future it is easy to focus only on living happily ever after. As all too many individuals who reside in the Houston, Texas, area are aware however, things do not always work this way. Not all marriages make it and people are left to address various issues in the course of a divorce. In many cases the division of assets and debts is the most contentious part. 

In divorce involving business, determination of goodwill is vital

The complexity of a divorce will vary from couple to couple. A factor that could make it more complicated is when a business is involved. If in the state of Texas, if that business is deemed to be marital property, it will be added to the assets set to be divided. This will likely require a valuation of the business.

In addition to a business’ tangible assets, its goodwill will also need to be valued. Essentially the value of the business once the tangible assets have been extracted, in many situations the courts in Texas will divide this goodwill into two parts. The first is personal good will and the other enterprise goodwill. Generally, enterprise goodwill is something that can be sold and is separate from the owner of the business.

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