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Frisco Family Law Blog

Financial security during a divorce

Going through a divorce can have the potential to wreak havoc on your finances. One of the main reasons for this is because, in Texas, the legal theory of community property is recognized. This means that, in many cases, assets will be divided between spouses 50/50, even if one spouse acquired the vast majority of income.

If you are considering filing for a divorce in Texas, it is important that you plan ahead to ensure that you are organized and that you go about the process in a way that protects your interests. The following are some strategies that you can adapt to ensure that you get a successful financial outcome from your divorce.

Yes, you can learn to co-parent effectively with your ex

One of the lingering effects of particularly contentious and acrimonious divorces is the inability of the exes to successfully co-parent their children together. The very problems that led to the couple splitting up continue to wreak havoc in their post-divorce relationship.

This is troublesome on all fronts. It keeps the adults trapped in negative relationship patterns where settling even the most minor difficulties becomes impossible. But worst of all, the kids suffer needlessly when their parents can't manage to civilly interact with one another.

Is lump-sum alimony the right choice for you?

When you get divorced in a community property state like Texas, it's very important to determine whether spousal support (or alimony) is appropriate in your circumstances. Since alimony payments are rarely a given in 2019, you may not qualify to receive these payments nor be required to pay them.

But alimony is still awarded in Texas divorces in some cases: for instance, if you are coming out of a marriage of long duration where you eschewed pursuing a lucrative career in order to stay home and rear the children and take care of the home and family. But even in these cases, all spousal support is not equal.

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.

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