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Sugar Land Divorce Law Blog

Using financial experts during a divorce

We all have certain visions of our future. Some may be more elaborate than others, but most would not envision a divorce being part of it. Whether an individual in Texas or elsewhere has taken the time to include a prenuptial or postnuptial agreement in a marriage, the reality is that the divorce process can disrupt one's hopes and goals for the future. Thus, it is important to consider your finances and retirement accounts while going through the divorce process.

Many decisions must be made during the divorce process. This can be stressful, causing even the simplest decisions to feel complex and taxing. This can fog the judgment of a spouse, making it important to include some experts in the divorce process. In addition to obtaining legal guidance, it is common for divorcing spouses to seek out advice from a financial advisor.

Helping you protect separate property during dissolution

If you are going through a divorce, many things are likely going through your mind. And, when it comes to your assets and property, you are likely concerned about what you will walk away from the marriage with. At the Law Office of Michael D. Tracton, P.C., our attorneys understand that it is perfectly normal to be worried about asset and debt division during dissolution. Our goal is to ease our clients' minds by helping them understand their situation, the rights afforded to them and how to ensure they walk away with what is rightfully theirs.

Texas divorce laws call for equitable division. This means that all assets, property, investments and debts acquired during marriage are automatically assumed to be community property. During a divorce in Texas, community property is divided in a fair and equitable manner between spouses. However, there are ways to have certain property and debts to belong to just one party.

Special needs children might benefit from co-parenting situations

Deciding how to handle child custody decisions is difficult under the best of circumstances. When you have a child who has special needs, the complexities are often increased. Even though you are going through a divorce, you can't forget about the unique needs of your child.

As you work with your ex to determine what child custody will look like in your case, you might come to the realization that co-parenting is the ideal solution. One thing to remember is that you can't shoehorn your case into a traditional arrangement.

How can health issues lead to custody modification?

Caring for a child requires attention, time and dedication. While doing the bare minimum may seem enough to maintain the basic needs of a child, some parents view this as not doing enough to meet the emotional, physical and mental needs of the child. This is especially true when a child is faced with certain medical conditions. Following divorce, if a parent in Texas does not timely, properly and continually address these needs, this can be considered to be neglectful and harmful for the child.

When a child is diagnosed with diabetes, for example, this can be an emotional time. Parents are often faced with emotional, financial and psychological challenges, as their child's health evolves into a very serious situation. Together, parents are able to address these ongoing concerns. However, following a divorce, parents may not always be on the same page. In fact, if one parent is not checking the child's numbers and administering medication at the proper times, this could significantly impair the child's health.

Mediation and divorce

If you are like most couples, your marriage broke down because it has become impossible for the two of you to get along. Divorce comes when there is nothing left to talk about in most cases.

That's why it's a surprise to many couples asking for a divorce in Fort Bend and Harris counties that sitting down and talking is required before getting a divorce. The process is called mediation, and it's supervised by skilled professionals. But in the end, it's always up to you to make it as productive and painless as possible.

An affair could lead to dissipation of marital assets

Adultery is one of the more common reasons that people end a marriage. Sometimes, a person is a serial cheater, who can't help but stray. Other times, a person suddenly develops a weakness after a long time in the same relationship.

Regardless of how long you've been married or the circumstances of the affair, when you find out that your spouse is cheating, that may mean it's time to end the marriage. It is relatively common for people reeling from the recent discovery of an affair to wonder how that affair will impact the divorce. After all, movies and television make it seem like spouses wronged through adultery may receive beneficial treatment.

Understanding child custody in Texas

Divorcing with a minor child is difficult for parents in Texas and elsewhere. The last thing a parent wants to do is to disrupt the life and well-being of their child. However, being in a high conflict marriage or a relationship that no longer works can also be detrimental to a child. It is important that divorcing parents understand how to best address the matter and what would be in the best interests of their child, as joint custody is not always best in the situation.

In Texas, child custody is referred to conservatorship, and a parent is referred to a conservator instead of a custodian. Unless both parents agree, a family law judge will need to determine conservatorship. There are two types in Texas: joint managing conservatorship and sole managing conservatorship. Either both parents have the legal right to get information and make decisions about the health, education and welfare of the child, or only one parent is granted all of these rights.

Billy Bush's wife files for divorce, ending a 20-year marriage

Ending a marriage is a tough decision to make. It typically is not one made on a whim or just because. It takes a lot for a spouse to call it quits, as divorce is an often complex and emotional process. What makes the process even more problematic is when the divorcing couple is in the public eye. This can add issues to an already difficult time. Nonetheless, like any divorcing couple, they must get through any and all divorce issues on their plate.

According to recent reports, Billy Bush's wife Sydney Davis filed for divorce, ending their marriage of almost 20 years. Reports indicate that the two have been separated since September. This occurred roughly 11 months following the infamous Access Hollywood tape leaks of Bush and Donald Trump.

How is a business valued in a high asset divorce?

Marriage looks different from one couple to another. One couple might have much property and assets included in the marriage, while others have limited assets, mostly renting property. No matter what the situation is, it is always vital to look at what is included in a marriage when a couple decides to end their union. This could mean sorting through a long laundry list of items, one of which could be a family business.

A privately held business could make for a long and difficult high asset divorce. Dealing with this asset during dissolution does not only complicate the process but also causes some issues to come to the surface. One might question how much the business is worth, whether there are any issues regarding double dipping with regards to the valuation of the business and support obligations and how is income reported by the spouse that owns and operates the business.

How divorce impacts retirement accounts

Whether it is something you have owned for a long time or a short amount of time, the idea is that what is yours will remain yours. Unfortunately, when it comes to a divorce, some of this property will be deemed marital property. This means that any assets one obtains while married may be considered community property in the state of Texas. This means that upon divorce these marital assets will be divided evenly between the spouses. In some cases, a spouse's retirement assets will be up for grabs, making it important to understand how best to protect this asset in the divorce process.

Whether you are decades away from retirement or a few weeks away, it is important to note that divorce will likely cause your retirement accounts to take a major hit. Dissolving a marriage often means that a retirement account, like other financial accounts, will have to be divided among you and your spouse. Essentially, this means that your retirement saving will shrink substantially.