McKinney Texas Family Law Blog

Deciding if a prenup is right for you

Prenuptial agreement is not a dirty word anymore. The nature of marriage is evolving, and more couples are seeing that they can have a partnership while retaining certain rights over their assets. As more couples delay marriage until after they have established their careers, it is logical that they will not want to place their future security at risk.

However, broaching the subject of a prenuptial agreement during wedding planning may be unsettling and confusing. After all, the purpose of such a contract is to establish which property is off the table during a divorce. Nevertheless, without such a contract in place, you and your spouse are at the mercy of the laws of Texas, and you may have circumstances for which those laws are not appropriate.

Careful asset division can stabilize your future

Like many who go through a divorce, you may feel the urgency to get the legal process over with you so you can begin to rebuild your life and redefine yourself. However, rushing the process may be detrimental to your financial health. Obtaining a fair divorce settlement or court order is critical if you hope to meet your goal of moving smoothly into your post-divorce life without financial setbacks.

Unfortunately, not many marital assets divide neatly down the middle. Some may have hidden liabilities, unreliable appraisals or corresponding debt. You would be wise to gain as much information as you can about your joint assets and your rights under the laws of Texas.

Texas is a community property state when it comes to divorce

Navigating the divorce process can understandably be challenging from both a financial standpoint and an emotional one. This is the case whether you have years' or decades' worth of assets accumulated.

The reality is that, no matter what your net worth may be, the choices you make concerning the division of property during divorce can easily affect your financial situation long term. Let's take a look at what Texas law says about the division of assets in Texas.

Finding a peaceful way to divorce

If you and your spouse have considerable marital assets, you may expect that your divorce will have some conflict. Likewise, if you and your spouse have children, there are sure to be issues over which you will not agree. However, these conflicts do not necessarily mean your divorce must be brutal, leaving you and your spouse with bitterness, resentment and uncertainty about your future.

Keeping your divorce peaceful is often a matter of making the choice to avoid unnecessary conflict. If you desire to end your marriage on a civil note, perhaps even leaving the door open for a reasonably friendly relationship in the future, you may have to decide to change your frame of mind.

Should you consider mediation for your Texas divorce?

Have you decided to move forward with divorce? If you have made the decision to move forward with this process, you may be wondering what this will mean for your future. From child custody to your financial well-being, you probably have many concerns about what your post-divorce life will look like.

One option for your divorce is mediation. This method of resolving disputes will allow you to have a significant role in what your final divorce order is like. Many Texas couples find that mediation allows them to feel more confident about their future as they have to work together to develop a final order that is mutually beneficial. 

Paying too much in child support? Here's what you can do

As a parent, you understand the importance of making sure that your child is financially secure in life. For divorced parents in Texas, this usually means paying monthly child support. But what if the current calculated amount is too high or was calculated incorrectly?

Even when they are struggling, some parents feel guilty over having their child support recalculated. But if you are paying too much in child support, can you continue to support your child in other ways too? Probably not. Here are a few steps you can take to achieve a more reasonable monthly support.

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.

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