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Frisco Family Law Blog

4 ways to protect your money in a divorce

Divorce can be a long and complicated process and, if you are not careful, you may walk away with less than your fair share of the marital assets. For example, if you insist on keeping the house in Plano and give up other assets in exchange, you could end up with the raw end of the deal. The house might become too expensive to maintain and you might have to sell it at a loss. In fact, as soon as you make the decision to divorce, it is time to start taking steps to protect your money.

With just a little bit of planning, you can organize your finances so that you are not only ready for divorce proceedings but also for your new life. Here are few ways to protect your finances.

Sudden income deficit syndrome and divorce

Many things happen when a person files for a divorce. For people who have a family business, keeping an eye on what is going on with it is beneficial. Sometimes, one party will start to tamper with the profits of the business to make it look like it isn't as profitable as it really is. This is known as sudden income deficit syndrome.

Some people claim that this a form of self-protection. However, it isn't legal to try to hide any assets, including the income of a family owned business. This doesn't stop some individuals from trying. For this reason, you should pay close attention to the claims the other side is making about business matters.

Could you be derailing your own divorce?

Divorces can be fraught with complications. That doesn't necessarily mean that they have to be, however. Especially when a spouse makes errors that weaken their own standing in the case.

It happens more often than one might think — likely because divorce is a traumatic event, and having to cope with the trauma makes many people less able to manage their legal positions. Read on to learn more about the common errors to avoid in divorce.

Grandparents, formalize your custody agreements

If you look around at many Frisco families, you might notice that you are seeing many older parents with young children. Are couples waiting longer to start their families these days?

Not exactly. What at first glance appears to be a traditional family unit is often a set of grandparents rearing their children's kids. The national opioid crisis has hit the Texas heartland particularly hard. Families have been fractured by addiction and decimated by overdoses. All of this has led to a lost generation whose children must be taken in by family members or raised by foster families.

Divorce mediation can save couples money and time

Divorcing Texas couples may be able to settle all or many of their issues using mediation rather than litigation. Mediation can definitely be cheaper and faster, but it is by no means appropriate for all couples in every situation.

If you plan to divorce, mediation can be a viable option. But before initiating any proceedings, it's important to take an honest look at the situation between you and your spouse.

5 tips to get ready for divorce

There is no way around it, divorce is complicated. It typically requires days, weeks or even months of decision-making and negotiating. For instance, you and your husband may have to divide bank accounts, retirement accounts, the family home in Frisco, work out a custody arrangement for the children and even decide which one of you gets the dog. With the sheer complexity involved in getting divorced, it is vital to take the time to properly prepare.

By planning or organizing, you can go into your divorce with much less stress and you may even be able to reduce the time it takes to get through the process. Here are five essential tips to help you prepare for your divorce.

Do you know the answers to these divorce mediation questions?

The divorce process is typically full of twists and turns, all of which can add more stress to your life. While there are divorce cases that eventually end up in court, you shouldn't assume this will happen.

With the help of divorce mediation, you can work through all your issues with the idea of putting your marriage in the past once and for all.

Child custody, summer vacation and keeping things friendly

Summer vacation is one of the best times to kick back and relax with your loved ones.

If you're divorced and have intentions of vacationing with your child this summer, it's important to follow a few key tips with an eye toward avoiding a disagreement with your ex-spouse.

Parenting plans must be considered carefully

The backbone of a child custody arrangement is the parenting plan. It provides all of the information the parents need to handle situations that might come up during the child's life. This plan should be as detailed as possible, but it should also provide some flexibility for the terms so that the children have what they need to thrive.

One of the most trying issues that parents going through a divorce have to deal with is coming up with the terms of this plan. The mediation process can be helpful when working out these terms, but you still need to make sure that you are prepared for what's to come. Here are some suggestions to help you:

How will divorce affect the business you own?

Even in ideal circumstances, divorce is rarely simple or easy, but it can prove devastating for a business owner and the employees and others who depend on income from the business. Although divorce is the dissolution of a personal relationship, it also has far-reaching implications for both spouses' financial and business concerns, often creating surprisingly complex legal conflicts.

If you own a business and also face divorce, the business may not survive the divorce if you do not make its survival your top priority. Businesses often qualify as marital property in divorces. For Texas business owners, this often means that their spouse has a strong claim to half of their owned value in the business, just as a spouse might claim half of the value of a marital home. 

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