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3 options for the family business in a divorce

When you and your husband opened your business in Pearland you probably did not have divorce on your mind. Unfortunately, now that the end of your marriage is looming, there are a series of tough decisions you will have to make. For instance, you will have to decide if you want to keep the house or sell it and split the profits.

You will have to make similar decisions concerning the business. Will you stay in and try to continue working with your soon-to-be ex-husband? Or are you thinking about selling your half to him and starting your own business? The following are some options that might be available to you in regard to the family business if you plan to divorce.

Can your ex move your kids out of Texas after the divorce?

For many parents, one of the hardest things about going through a divorce is seeing less of the children. Losing out on precious time with your kids on holidays, birthdays or just mundane school days can be heartbreaking for a parent. The thought of seeing even less of them if your ex moves back home to another state is devastating. You may feel like you have no control, especially if your spouse has temporary custody before you go to court.

Thankfully, Texas law protects the rights of both parents. Unless there is a history of abuse, the courts typically prefer shared custody arrangements. Other issues, like unstable living situations or addiction, could also impact how the courts approach custody decisions and enforcement of parental rights. In general, sharing parental responsibilities and limiting the impact of the divorce on the children usually means staying in the same area.

Don't forget to include these items in your divorce settlement

Divorce can be a very difficult decision to make. In fact, deciding to divorce is just the first in a long list of decisions you will have to make before you walk away with a divorce decree. For some people, divorce marks a new beginning and can be a very positive step toward a brighter future. However, before you can move forward, you have to address certain issues, such as marital property division. For example, will you keep the house in Pearland or would it be better to sell it and split the proceeds?

Before you can make decision regarding property division, you have to have a full accounting of what you and your husband own. By leaving out assets, you risk losing out on property that you may rights to. To find out what kinds of assets people commonly overlook, read further.

Who will get to keep your house in a Texas divorce?

For many couples considering a divorce, the biggest concern is often the marital house. After all, a home is the biggest purchase most couples ever make, and the slowly accrued equity in the home can represent a substantial amount of the income of both spouses over the course of many years or even decades. Generally, the courts do their best to ensure that the equity in the home gets fairly divided during a divorce.

There are certain situations in which both spouses will not have a claim to the marital house. If one spouse owned the home outright before the marriage, the non-owner likely won't have any claim to the home or the equity established in it.

A forensic accountant can help you find hidden assets

People may act in questionable, unethical or even illegal ways in the weeks leading up to a divorce and immediately after beginning a divorce. Many times, verbal arguments happen. Other negative situations can include refusing to pay child support, refusing your spouse visitation and shared custody rights, and even the attempt to hide or squander marital assets.

Texas is a community property state that tries to find a fair and reasonable way to split assets. Generally, unless there is an existing prenuptial agreement on the books, most assets acquired during the marriage will get split between spouses. Knowing that assets are subject to division can prompt your spouse to do things like needlessly spend money or even try to hide assets.

3 things to think about for your gray divorce

Divorcing after 50 is not as uncommon as it once was. In fact, as gray divorces are happening more frequently, people over 50 are quickly becoming the leading demographic of divorcees. These later-in-life divorces are not only happening among individuals who are already on their second and third marriages. Recent studies have found that almost 50 percent of gray divorces actually consist of first-timers.

If you are over 50 and considering divorce, there are several things to know before you even begin the process. While you are probably already focusing on who gets the main residence in Pearland and who gets the beach condo on Galveston Island, there are several factors you may not have thought about yet. Read further to find out more about what you should know when it comes to a gray divorce.

Will refusing visitation affect your ex's chance at custody?

Going through a divorce is an emotional, complicated process. For those who can't see their children, it can be even more difficult. After all, your children are probably some of the people you love the most in the whole world.

If you weren't expecting a divorce, suddenly living separated from them can be difficult enough. When your spouse files, he or she can request temporary custody until the courts finalize your divorce. You'll receive visitation and a court order for child support. If you're getting denied regular visitation or shared custody while waiting for your divorce, it can be that much worse.

Will shared parenting become a reality for Texas dads?

If you are a divorced Texas dad, you may already know about a bill that has been working its working through the state legislature since its introduction in late November of 2016.

HB 453 thus far has gained little traction, as it has proven to be a very controversial piece of legislation. Texas fathers who are tired of limited time and authority over their children's lives have ardently supported its passage.

How to fairly split unusual assets during a divorce

Divorce is a complicated process. You and your former spouse are likely to disagree about what constitutes a fair division of assets. The higher your family's overall assets, the more likely it is that you will encounter some issues with unusual assets. Non-financial and non-traditional assets can complicate a divorce. In order to obtain a fair settlement and division of assets, you need to be able to put a reasonable and verifiable value on assets that could include things like sports memorabilia, fine art, real estate investments and even antiques. Doing so can be prove to be difficult on your own.

Working with an experienced Texas divorce attorney can help with this process. An attorney who knows Texas divorce and family law will understand how property is divided in Texas. An experienced attorney who has worked previous high asset divorces will also be able to help you connect with professionals that can place reasonable and accurate values on assets of all kinds. Additionally, a lawyer can help you determine if your former spouse is attempting to hide assets. The greater your overall marital assets, the more likely it is that one spouse may try to hide some assets from the courts.

Understanding community property laws in Texas

Part of divorcing includes splitting up marital property. You and your husband will have to divide the house, the bank accounts, the investment accounts and vacation property, and even your retirement accounts. While most states practice equitable distribution, Texas still adheres to the principles of community property. This means that, in general, the court will divide all marital property equally between the two of you.

Understanding how Texas courts divide marital property will help you determine the best course for your divorce settlement. An experienced attorney in the Pearland area can help you negotiate a divorce settlement that is fair and beneficial to you. Read further for an overview of Texas community property laws.

Board Certified | Texas Board of Legal Specialization | Family Law

John Powell, III is Board Certified in Family Law ~ Texas Board of Legal Specialization

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