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Houston Divorce And Family Law Blog

Property division and securing your post-divorce future

What's going to happen to your money if you divorce? How will this decision impact your financial future? These are just a few of the many questions you probably have as you prepare to move forward with the process of ending your marriage. It's normal to have concerns about your future, and it can be helpful to learn about what you can expect from this process.

Property division is one of the most complex issues in a divorce. In fact, it's an issue that can cause a significant amount of fighting and disagreements. When you know what to expect, you're less likely to find yourself in a costly and stressful legal dispute, and you can fight for the strong and stable post-divorce future you deserve.

Can my spouse keep the house after our divorce?

If you are one of the many people in Texas who is facing a divorce, you will have many difficult decisions with which to deal. Even if the face of the emotional impact of your divorce, you will need to assess many of these decisions from a practical, financial perspective. The more you can take emotions out of the decisions, the better it might be for you in the long term.

If you own a home with your spouse, it is not uncommon for that person to want to keep the house after your divorce is over. This is especially common if you have young children together as your partner might be very focused on trying to maintain stability wherever possible for the sake of the kids. Before you rush in and allow this to happen, you should understand how to protect yourself against future credit problems or collections efforts.

Do you know these useful tips for high asset divorces?

Texan residents like you who are getting a divorce may have extra hurdles to jump if you have a lot of assets. Today, we at Law Thompson, P.C., will discuss some tips that you can use if you're dealing with a high asset divorce and all of the struggles that come with it.

Some tips have to do with how the case is handled in court, with the first being to keep as much of your information private as possible. You can do this by requesting for certain documents to be sealed. This makes it so that only the related parties and the court can view the content, keeping potentially sensitive information safe from the eyes of the public.

What is considered acceptable child support spending?

As the parent with primary custody, you should receive court-ordered child support from the non-custodial parent. You and other Texas residents who get child support may also get unsolicited advice and information from well-meaning family and friends - some of it incorrect. Understandably, this may leave you feeling confused and worried as to how you can spend child support and whether your spending will be monitored or controlled.

First off, it may give you some peace of mind to learn that your ex-spouse may not dictate how you spend child support or demand receipts. The family law court will also not tell you how to spend the money or ask for proof of your spending habits. What can you spend your child support money on, you may wonder? As you know, this money is meant for the benefit of your children, but you have a great deal of freedom as to the expenses you deem necessary for their physical and emotional well-being. For example, as FindLaw explains, you may spend child support on necessities, such as rent, clothing, food and utilities. You may also find it helpful for medication, doctor appointment co-pays, school supplies and emergencies.

How can a forensic accountant help you in your divorce?

When you have considerable assets, you have a lot worth protecting, and you also have a lot to potentially lose in your impending Texas divorce. Typically, high-asset individuals who make their way through divorces want to do everything they can to help preserve their wealth, and there are numerous methods you can employ to help make this happen. One such method many high-asset individuals are choosing to help them get their fair shares amid divorce involves adding forensic accountants to their divorce teams.

Just what is a forensic accountant, and how can one help you preserve more of the wealth you worked so hard to amass? According to Forbes, forensic accountants are essentially accounting specialists who can help you properly divide assets, or evaluate the value of certain assets, among other efforts. While forensic accountants can potentially help people of all income levels as they navigate their divorces, you may find it particularly beneficial to enlist the help of one if you have a lot to lose amidst your split.

Is joint custody suitable for your family?

As Texan parents trying to navigate what parenting will look like after a divorce, you have a lot of big decisions to make. Fortunately, Law Thompson, P.C., can help by discussing some of the benefits and possible downsides of different types of custody arrangements, starting with joint custody.

As of late, studies are showing that joint custody is the way to go for parents and children of divorce. It allows your child to maintain bonds with both parents, and lets both parents retain their parental authority. It also allows both parents to have a say over important life decisions for their child. This can include schooling decisions, choices regarding the religion they're raised with, and which medical options should be taken.

What happens during the discovery process during a divorce?

One of the most important aspects of divorce is securing a fair property division settlement. You have the right to a fair share of all marital property, which includes the assets, money and other property accumulated over the course of the marriage. It is critical to understand how to walk through this process as you seek a strong post-divorce future. 

The discovery step is something that happens early in the property division process. Essentially, it is an exchange of information between the two parties, disclosing all financial information that will be important as they divide property. This includes documentation about real estate, bank account information and much more. It is in the interests of all parties to be honest during this disclosure process, as this reduces the chance of complications in the future. 

Threats from your ex during divorce

When a relationship ends, hard feelings may arise, and some people have an especially difficult time moving forward. For example, those who have kids and cannot agree on how custody should be divided or those who have an ex who is very bitter about any number of issues may have an especially difficult time during the divorce process. In some instances, someone’s ex may even begin to threaten them.

These threats may be financial in nature, such as making claims that they will shatter their former partner’s finances due to alimony, child support or property division. Or, the threats may involve children, such as claims that they will not be able to see their child again. In some cases, threats may even become violent, and someone may threaten their ex’s life. People may threaten to tarnish their former spouse’s reputation among friends and family members or over the internet, and there are other hardships that people have to struggle with in this regard.

Challenges when one parent lives out of state

Co-parenting is usually difficult regardless of distance or the parents’ ability to get along. At Law Thompson, P.C., we understand that there are unique challenges when the noncustodial parent lives farther away. You and other Texas residents may be interested in learning about these challenges, especially if you are just getting divorced and you or the other parent is considering a move.

The team at Livestrong.com has provided some insight into the difficulties of long-distance co-parenting. If you or your ex reside a great distance from your children, the following challenges may arise:

  • The children may greatly miss seeing the parent who moves away, especially if they were accustomed to seeing him or her often.
  • On the other hand, the children might not want to travel out of state to visit the noncustodial parent.
  • The noncustodial parent may feel left out of the kids’ lives and miss seeing them regularly.
  • It can be difficult financially to make travel arrangements and to take time off work or handle child care during visitation.
  • The relationship between the parents may become more strained with the challenges of long-distance co-parenting.

What is considered marital property in Texas?

When going through a divorce, you are often forced to deal with a myriad of issues. One of the most difficult issues may be that of property division. You may have strong emotions tied to your property and assets, making it hard to determine who is entitled to what in the divorce settlement. Texas is a community property state, meaning all marital property is divided equally in half between spouses. Yet, it is important to know just what constitutes marital property, so you can be sure you get everything you are entitled to in the final divorce settlement.

While you may think of the family home, vehicles, furniture and possessions as marital property, there are some things you may not consider. All of the following are considered community property and are eligible for division in the final decree:

  •          Expensive art, coin, car, coin, book and antique collections
  •          Lottery ticket winnings and income tax refunds
  •          Memberships to exclusive golf and country clubs
  •          Term life insurance policies
  •          Travel reward points and other program points
  •          Trademarks, copyrights and patents
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14405 Walters Road, Suite 960
Houston, TX 77014

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