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Houston Divorce Law Blog

Approach important to keep wealth information private in divorce

While all divorces result in the end of a marriage, the goals of each party and the method used to attain them will vary from couple to couple. While the financial settlement or custody arrangement is a priority for many, there is another concern that drives some divorcing couples—privacy.

Just how interested a couple is in keeping the specifics of their divorce out of the public eye will depend on a variety of things. For example, high profile couples or those with a great amount of wealth might want to keep specifics regarding their lives and financial situation, to themselves. When one stops to think about it, the reasons for this are clear.

Things older divorcing couples may want to keep in mind

In any divorce there are certain matters that will need to be addressed. The priority assigned to each of those issues depends on a variety of factors including the age of the people involved in the divorce. For example, those over the age of 50 will likely be concerned with issues that are vastly different than what those who are 30 with young children are worried about. Since divorces involving people over the age of 49 have been on the rise this is a particularly relevant topic.

Valuation expert could be of assistance in high-asset divorce

While it is fair to say that in general divorce is a stressful process, some are more straightforward than others. When the couple seeking to end their marriage is wealthy, things can get much more complicated. Accordingly, it is a good idea for those individuals to work with a lawyer who has a history of representing spouses in high asset divorces.

A lawyer is not the only professional who may be of assistance however. A valuation expert may make a big difference in the outcome of your divorce. In this post we will talk about three situations in which such an individual may be of assistance.

For best outcome in divorce, keep emotions in check

Taking an objective approach makes the division of assets fairly straightforward. Unfortunately, when this activity takes place during the course of a divorce emotions are introduced into the process and it is often difficult to maintain objectivity. In turn, this could lead to one party giving away more than he or she could.

According to some psychology researchers, women are more likely to fall into this trap. This is because while men generally focus on task-specific goals, studies find that women on the other hand, tend to focus on interpersonal goals. As a result, a woman might give up assets in the course of a divorce in her quest to keep the relationship between the former spouses as good as possible.

Planning ahead the best way to keep inheritance in divorce

As a community property state, divorcing couples in Texas can expect that assets accumulated during the course of their marriage will be divided. While this may sound straightforward, determining just what assets fall under the umbrella of community property can be complicated.  For example, depending on the circumstances surrounding an inheritance that one of the spouses received, it is possible that there could be questions about how it should be regarded. To help make the matter clearer there are several approaches that might be taken.

Tips for approaching the division of a household in a divorce

Throughout the nation somewhere in the ballpark of around 1.2 million couples divorce each year. For many of these couples, selling the family home and divvying up the household assets is part of the process. This can be a difficult task and may lead to a great amount of emotion and arguing over who should get what. 

Marrying later in life? You might want to consider a prenup.

While individuals of all ages might benefit from having a prenuptial agreement before marrying, this may be most true for older members of society. If you think about it the reason behind this is probably clear. In many cases those who have lived longer have had an opportunity to build a greater level of wealth and assets than young people in their 20s. 

Working with lawyer a good idea when seeking alimony

One of the many matters than may need to be determined when a couple in the state of Texas decides to divorce, is whether alimony will be awarded. While there may have been a time when a stay-at-home spouse could expect to automatically be awarded spousal support, in addition to child support, this is no longer the case. Though it is possible that either gender could seek alimony, throughout the nation in 2010, 97 percent of the 400,000 individuals who received alimony were women. 

Do you need a forensic accountant in your divorce?

While it is true that some couples in the state of Texas who are divorcing are able to do so using the collaborative approach, for a variety of reasons this is not always a possibility and a case may need to go to court to be sorted out. One situation in which this could be true is when a couple has a complex financial portfolio.

As a result of the nature of a complex portfolio it can be difficult to divide during a divorce. Assets that may need to be divided in a situation such as this one include:

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.

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