There are many things that divorcing couples need to take into consideration while going through the divorce process. In many instances financial matters are at the forefront. Most people want to make sure they are receiving the assets they deserve. In the state of Texas, this entails first identifying what constitutes community property. While much time and energy may be put into that, it is possible that other issues that can have a great impact a party's financial future could easily be overlooked. One of these factors is the impact a divorce will have on an income tax filing.
Many couples throughout the nation, including some who reside in the state of Texas, dream of building a business together. The most recent census puts the number of married couples doing this at 3.7 million. As the economy improves and divorce becomes more common, there is no way that all of those marriages will survive. When a marriage between business partners sours, what was once a dream can turn to a nightmare.
Divorce is commonly a complex process. Dividing assets and debts and determining matters related to children such as custody and support, alone can result in great stress and tension. When a marriage in which the spouses are business partners ends, the complexity is usually that much greater. In some cases, that partnership too comes to an end.
While there are usually multiple factors that contribute to someone’s decision to end a marriage, for most people, unhappiness plays a role in filing for divorce. On some level it is assumed that one will be better off at the end of the process. For some, that level of happiness will depend at least in part on their financial situation. This situation may be the result of the way the assets are divided. Because of this it is important that one makes sure that they receive all that they are entitled to.
For many individuals who decide to end a marriage, the primary concern is how their assets will be distributed. This is particularly true in situations where children are not involved. While the presence of a prenuptial or postnuptial agreement can greatly reduce the stress associated with property division, in situations where such an agreement is not in existence there are still steps that can be taken to try to protect one's finances.
Divorce can be a complicated process for individuals throughout the nation including those who reside in the state of Texas. This is particularly true when there is a family business involved. In addition to deciding how assets such as homes, stocks and retirement accounts will be divided, a decision regarding how the business will be handled will also need to be made. In most cases this involves at least one of the owners stepping away from it. In other situations, a business might be liquidated. This can be a very difficult process that requires the assistance of a lawyer who understands what needs to be done to ensure that his or her client receives a fair settlement.
There is no question that filing for divorce can be stressful. While in many cases the divorce process is contentious, there are situations where Houston area couples are able to put those feelings aside and resolve their issues without setting foot in a courtroom. In these situations a collaborative divorce may be the best way to proceed.
The reasons behind why a couple might seek a divorce using collaborative law will vary depending on the specific circumstances each couple finds themselves in. Nonetheless, there are several common reasons.
When most couples decide to marry few anticipate that the union will end in divorce. As we all know however, marriages in the Houston, Texas, area do end on a regular basis. When this happens there are many matters a couple will need to address including the division of assets and debts.
The process of dividing assets can be trying for all parties involved. Because Texas is a community property state, any money earned by either spouse during the course of the marriage usually belongs to both of them and will need to be divided. Accordingly, prior to the division it is important that all assets that are in fact community property are accounted for. Sometimes there are disputes regarding what qualifies.
If so, you are not alone. According to sociologists, the divorce rate among people age 50 and older has skyrocketed in recent years.
While less than one in 10 people going through divorce was over the age of 50 in 1990, today close to one in four people going through divorce is 50 and above, a sociologist from Bowling Green University told NPR.
New data suggests that many couples in Texas and the rest of the United States who stayed together during the economic recession are now deciding to move forward with divorce.
Data from the U.S. Census Bureau shows that the divorce rate plunged in the U.S. during the economic recession, but has slowly been ramping its way back up for the past three years.
Divorce is more than just legally terminating a marriage. It often involves splitting a lifetime of financial accounts, addressing child custody issues and making sure that both parties will have financial security in the future.
If the requisite care is not taken, mistakes can be costly and can affect the parties for years to come. A recent article from the Huffington Post went over a couple financial mistakes that are commonly made during divorce and how to avoid them.