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Houston Divorce Law Blog

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.

Family pets may complicate property division during divorce

How assets will be divided is one of the most important aspects of most divorces. Depending on each couple’s situation homes, cars, savings accounts, retirement accounts and even family businesses will need to be split between the spouses. Because Texas is a community property state, determining which assets were accumulated in the course of the marriage, and will therefore be divided, is an important piece of the process. This process can sometimes be contentious which often makes the assistance of a divorce lawyer a good idea.

What is collaborative divorce and why might I want to pursue it?

There are likely many divorcing couples in the Houston, Texas area who do not know what collaborative divorce is. This is unfortunate since it could be a beneficial route for a lot of people from all backgrounds, seeking to end a marriage.

Collaborative divorce differs from the most common approach of litigating in a courtroom, in that it is the couple that determines how the various issues will be settled. Unlike “do it yourself” divorces, the agreements are reached with the assistance of various professionals in addition to each party’s attorney. These professionals may include: real estate evaluators, business valuators, child specialists, financial neutrals and mental health professionals. Though not a requirement, these individuals may be called upon to help look out for the best interest of individuals involved.

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