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Houston Divorce Law Blog

Wealthy women should consider prenup before marriage

Divorce can be a traumatizing event that may lead some individuals to forego the union of marriage in the future. Some people move beyond that however and after meeting the right person, decide to remarry. After experiencing the difficulties surrounding divorce firsthand, it is possible that they will take steps to protect themselves should another divorce occur. This may be accomplished at least in part, through the use of a prenuptial agreement.

Thinking about divorcing? Prepare by addressing debt.

For most Houston, Texas, area divorcing couples the division of assets is one of the most important matters to address. It isn’t only assets that need to be split however. Debt acquired during the course of the marriage must be addressed as well.

In most cases divorcing couples want to distance themselves as much as possible from their estranged spouse. Accordingly, it is always best to try to pay off any debt accrued on a joint account before filing for, or in the course of, a divorce. This may be accomplished using the proceeds from the sale of a house or from savings accounts.

Already in use in Texas, collaborative divorce gains traction

All individuals reading this post are likely aware that the legal process of ending a marriage is a divorce. When it comes to how this process will occur however, depends on the couple and their goals. While there are some divorcing couples who focus only on getting the best possible settlement, others are more concerned with making the process as good as possible for all parties involved, particularly children if they are a part of the equation. For these individuals, collaborative divorce may be worth exploring. 

When dividing assets in divorce don't forget retirement funds

From an early age, many people throughout the Houston, Texas, area start saving for retirement. This activity often starts before someone is married and the savings may grow to a large amount during the course of the marriage. While some people dream about how they will use that money, it is unlikely that during the years when one's retirement fund is growing that most are thinking about the way in which that account could be impacted if the marriage ends. Nonetheless this is happening more and more often.

Financial matters to keep in mind when marriage ends

There are many financial matters that a person who is in the process of divorcing needs to keep in mind. Making sure one’s financial state is in a good place at the start of a divorce is the first step toward starting the next chapter of one’s life in the best possible financial shape.

The first thing to do is make sure that you have documents providing information on the assets you had with your spouse. In pulling this information together, it is important to look beyond the obvious to assets that your spouse might try to hide. A good place to get information is from income tax returns. This is because most people are afraid of getting in trouble for lying on the documents so they accurately provide the requested information.

High-asset divorce missteps to avoid

Divorce is commonly considered to be one of the most stressful things someone can endure. Whether a divorcing couple is rich or poor, the process can be complicated. For divorces considered to be high-asset, the division of assets is often the focus. This is particularly true when a couple does not have a prenuptial agreement in place.

There are multiple pitfalls that someone in the midst of a divorce may encounter. Some that may be particularly relevant to those involved in a high-asset divorce include:

Hiding assets in divorce may have just gotten easier

Some divorces that occur are resolved fairly quickly and easily. Others however are long and contentious. While in the latter situation spouses may argue about anything and everything, in many cases the most difficult aspect to settle is the division of assets. There may be many reasons for this including one spouse hiding assets. One method that could be used in communities throughout the world to accomplish this is via the electronic currency, Bitcoin.

When it comes to divorce, timing could matter

Many would say it is never a good time to get a divorce. For individuals who do nonetheless decide to take this course of action, certain times may actually be better than others when it comes to ending a marriage. There are several factors that could contribute to this finding.

The first is privacy. If the timing of a divorce is taken into consideration, certain things that impact a divorce settlement may be made public for all to be aware of. Depending on the circumstances surrounding one’s arrangement and reality, this can be a traumatizing occurrence and even have an impact on the final settlement.

Divorces that involve businesses usually more complicated

The decision to end a marriage involves more than just signing divorce papers. In addition to separating from each other, spouses must also decide how their lives together will be divided. The act of dividing everything in two is usually traumatizing even in straightforward circumstances. When a business is involved, it usually becomes more complicated and could lead to additional stress. 

Divorce does not need to be a contentious affair

Because of the many difficult issues that need to be addressed in the course of a divorce, most people going through the process endure an incredible amount of stress. While many of the matters we write about on this blog stem from difficulties encountered during a divorce, under the right circumstances, if a party to a divorce makes certain decisions, it may be possible to experience a “good” divorce. This is true for all residents of this country including those who live in the state of Texas.

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