McKinney Texas Family Law Blog

Understand your assets when going through a high asset divorce

The substantial assets you have accumulated throughout your working career may have seemed like a blessing. They allowed you to afford your necessities and your desires, and you have not had to worry about your financial stability for some time. However, now that you have chosen to end your marriage, concern over that stability may have come to the forefront.

Dividing substantial assets can certainly make divorce proceedings more complicated. If you had already amassed a considerable amount of wealth before your marriage, you likely created a prenuptial agreement. However, you may not have followed that route if you had not yet garnered financial success when you tied the knot. Still, you can do your part to maintain your financial stability during divorce.

Is relocation best for your child?

It is not uncommon for a spouse to survive the breakup of a marriage, the difficult divorce and the heart wrenching custody dispute, only to learn one day that the other parent is planning to move away with the children. In some cases, this is because the other parent has an offer for a dream job with a hefty salary increase, but other times, the ex may be moving closer to family or moving away with a new spouse.

Whether you are the parent who is moving away or you have learned of your ex's intentions, you have another difficult battle ahead. Child relocation is often the one family law issue where no compromise is possible. Someone will win, and someone will lose. It will be critical for you to plan the argument you will present to the court as carefully and thoroughly as possible.

As a business owner, you want to protect your assets from divorce

Starting your own business may have been one of the highlights of your life. As your company continued to grow -- and your income with it -- you undoubtedly felt more accomplished. Though you may have dealt with some bumps along the way, you have likely become a savvy business person who will do what it takes to protect the best interests of your company.

Of course, you may still end up having to navigate unfamiliar waters when it comes to making sure your business does not suffer unnecessarily. For instance, now that you face divorce, you may worry that your soon-to-be ex-spouse could end up with a portion of the business or that your company could face other detrimental outcomes due to the ending of your marriage.

A parenting plan may make divorcing with kids easier in Texas

If you are about to go through the divorce process, you may understandably be worried about your finances and which assets you will end up taking with you. However, if you are the parent of a young child, who will end up with custody of the child is likely an even bigger concern for you.

Fortunately, most couples dealing with child custody in Texas can handle the situation before going to trial. This is possible in your case, too, if you and your soon-to-be ex-spouse are willing to work together on a parenting plan that addresses the custody of your child following your marital breakup.

What reasons may give cause for child support modification?

Divorce may have been one of the more difficult parts of your life that you have faced so far. Throughout the process, however, your child likely remained your top priority. As a result, you fought for the best child custody and support terms that you could reach during your legal proceedings.

Of course, you may know that the terms that suit your needs and your child's needs at a particular point in time may not always fit in the future. In particular, the financial circumstances of either parent could face changes that may have one considering whether a modification to child support terms may be warranted. Of course, in order for a modification to be legally binding, the court must approve it.

What to do when your ex is not meeting the terms of your divorce

Once the dissolution of marriage is completed, you'd think life would start to get a bit easier. A divorce settlement is in place and all you have to do is abide by its terms. Well, what happens if you do everything you can to live up to the terms but your ex does not? Is there anything you can do?

The short and simple answer here is, yes, you can. The state of Texas does offer enforcement options if your ex fails to pay child support or alimony, refuses to follow a custody arrangement or fails to divide assets according to the divorce settlement.

I'm getting a divorce. Is my inheritance protected?

An inheritance is a gift left to an individual after another person has died. The gift then becomes part of the heir's property, but if that person is married, is his or her spouse entitled to a share of the funds? For some, an inheritance can represent a large portion of personal wealth.

Inheritances are typically viewed as separate property. However, if you are considering a divorce and have received or will soon receive an inheritance, there are a few factors that go into determining whether the soon-to-be ex-spouse receives a share of the inheritance during a divorce. Determining the specific factors of whether and how an inheritance becomes shared property can be a challenge. Luckily, help is available.

What are my options for spousal maintenance?

At the end of a marriage, you and your spouse have the opportunity to decide on the details of the settlement. Of course, the two of you may have differing ideas on how to divide assets between the two of you and the amount of any support payments. Luckily, if the two of you can't agree, the state of Texas has laws to guide divorces in the state, and a judge can help you settle your differences in court.

One area often covered during a divorce is the concept of alimony or spousal support. If one spouse did not work, or made a significantly lesser income, he or she may receive support payments in the immediate aftermath of the divorce until he or she can gain more financial stability. This is especially true when the marriage was long, or one spouse was disproportionately responsible for the household maintenance. A spouse who was a high-earner with many assets may expect to discuss alimony during divorce proceedings.

Are there any drawbacks to drafting a prenuptial agreement?

Preparing to marry is an exciting time, but Texas couples would be wise to think beyond just the day of the wedding. There are many things that a couple can do to prepare for the future beyond the big day, and one of those things is to draft a prenuptial agreement.

Many people think that these types of legal contracts are only for the wealthy and the famous, but in reality, they can offer many practical benefits to people of all income levels. While there are many positive aspects to this step, it is helpful to consider exactly what you can accomplish with this type of legal contract and what you cannot do.

Mediation can help to take the tug of war out of divorce

You and your spouse realize that you cannot reconcile your differences. As a result, you decide to get divorced. However, the thought of playing tug of war with your soon-to-be ex is not exactly appealing. After all, getting a divorce is far from fun and games.

Fortunately, your divorce does not have to be an animosity-filled competition in Texas. Instead, you could work together to achieve a mutually beneficial result -- without further court intrusion. One route for pursuing this is divorce mediation, which offers numerous potential benefits. 

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