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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.

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.

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?

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.

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.

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.

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.

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.

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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The Powell Law Firm

2809 Miller Ranch Road
Suite 429
Pearland, TX 77584

Phone: 281-870-2053
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2405 S. Grand Boulevard
Pearland, TX 77581

Phone: 281-485-4252
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