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Sugar Land Divorce Law Blog

Requesting alimony payments during dissolution

When it becomes too difficult to keep a marriage together, couples will often cite divorce as their best option. Messy or not, divorce can be a very trying time. It not only means parting ways with a spouse, but also property and assets. And, in cases in which one spouse makes a significant amount more than the other, it could also mean requesting alimony payments.

With over 4,000 divorce filings every day in the U.S., there are many hot topic issues when it comes to the dissolution process. Whether a marriage was short lived or lasts several decades, finances are often a divorce issue that must be sorted out. But, when it comes to achieving a fair settlement, alimony might be requested.

Helping you move through the property division process

While some spouses may be ready to part ways after a divorce and start their new single life, the process to get from married to single can be complex. This is especially certain if divorcing spouses in Texas and elsewhere cannot agree on the issues at hand. Divorce issues are unique to the couple divorcing. One issue that is often contentious is property division.

Splitting marital assets is not as easy as it sounds. Some things cannot be divided at all, and others may be more valuable to one spouse than the other. Thus, a fair property division agreement may not be equitable even though it is fair. At our law firm, we understand how the division of property can complicate a divorce case. We are dedicated to helping our clients fully understand the situation at hand.

How can you uncover hidden assets during dissolution?

Unless a prenuptial or postnuptial agreement is involved in a marriage, most property and assets are considered to be jointly owned. This means that when the couple decides to divorce, these assets, no matter who they originally belonged to, will be divided among them. While the property division process can be complicated and emotional, a spouse who is not forthcoming can further complicate the issue.

How can you uncover hidden assets during dissolution? It can be difficult for individuals in Texas and elsewhere to focus on the details of the entire process. Oftentimes, property division is contentious. What can further complicate the matter is having one spouse who is taking the time to hide certain assets from the other. In some cases, this is done strategically throughout the marriage or is done when it is clear that the marriage is coming to an end.

The benefits of sole custody

No two families are alike. Some parents have been married for years, while other families are built with unmarried parents. For some families, parents may be separated with the children sharing time with each parent. And, in some cases, only one parent is raising the child. Nonetheless, when parents split, child custody needs to be addressed. Based on the circumstances and factors surrounding the divorce, child custody can look very different for any given family situation.

Although shared custody is frequently pushed post-divorce, this may not be the most suitable situation. Parents may not live close to one another, one parent may have a stronger bond with the child or there may be safety concerns that cause the child to remain with only one parent. It may not be as common as joint custody, but sole custody still exists and is still sought out by divorcing parents in Texas.

U.S. economy could be impacted by Amazon's CEO's divorce

A high asset divorce can require more time, care and consideration than many other divorce cases, as there can be a large amount of property to sort through and protect. Our readers may have heard the news that the richest man in the world, Jeff Bezos, will be going through a divorce. According to reports, Bezos, the CEO of Amazon, has a net worth of $137 billion, and he is divorcing his wife after 25 years of marriage. Financial experts say that their decisions during the dissolution process could have huge financial ramifications, even impacting the U.S. economy.

Included in Bezos' net worth is a multi-million dollar real estate portfolio, charitable gifts, foundations and roughly 16 percent of Amazon's stock. All of this needs to be divided, and could be split in half if a prenuptial agreement does not exist. How they divide up the Amazon stock could alter and even affect the value of Amazon. It is possible that they could agree to hold on to the stock together, reducing the overall impact. While there is no sign that the divorce is contentious, even an amicable split can pose some problems. Thus, it is important that they carefully work through this high asset divorce.

Divorcing Later In Life: More Common Than You Might Think

"Half of all marriages end in divorce." It's a statistic that seems to be burned into our brains. While many of us are aware that divorce rates have increased significantly in recent decades, there is a general misconception that this surge is due to younger generations' stronger inclination to call it quits.

It's true that millennials are often children of divorce-and therefore view divorce as more commonplace than baby boomers. However, it is actually retirement-age adults who are most likely to terminate their marriage.

What To Do If Your Ex Is Lying About Their Assets

Ever since you got married two decades ago, your husband has always managed the finances. He has an aptitude for numbers, so it seemed only natural that he keep track of the bills, taxes and your shared financial portfolio.

But when your marriage came crashing to the ground, you were suddenly faced with questions you realized you didn't have the answers to. You have no idea how much your husband's private practice is worth. You know he bought some stocks and made some real estate investments, but you haven't kept track of the details.

How a prenuptial agreement can make your marriage stronger

When you meet the love of your life, everything seems rosy. You and your partner agree on just about everything: you've decided how many kids you want to have, and whether you want to live in the city or in the suburbs. Planning your life together seems easy.

However, prior to getting married, most couples fail to discuss some of the core issues that often lead to stress and turmoil in a marriage. And neglecting these issues until they become problems can be a fatal mistake in a marriage.

How does a divorce later in life impact retirement?

A divorce that occurs later in life is oftentimes referred to as a "gray divorce." Whether the couple married in their 20's or 50's, when an older couple dissolves their marriage, there are certain issues that are different, which younger couples are not faced with. Pension and retirement are of particular concern.

How does a divorce that occurs later in life impact retirement? For couples who have been married for numerous years, they likely made plans to spend the rest of their lives together. Their finances and assets were likely tied together. This occurs because couples have future plans when it comes to retirement. The couples are forced to deal with the idea that these accounts should be split during a divorce. This ultimately could postpone the year of retirement, because a spouse will no longer have enough to retire on their own.

In a divorce, don't leave your furry friend's fate to a judge

It may feel like your loyal, furry friend is a member of the family. However, under Texas law, your pet is considered property. This means that, in the event of divorce, your dog or cat can be treated just like furniture and any other possessions-and be assigned to one spouse or the other.

While you may be able to cope with giving up your car or wedding china, having your pet taken from you is much more emotionally costly. Dealing with the grief of your marriage ending is difficult enough. You shouldn't also have to worry about losing your doting animal companion.

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Law Office of Michael D. Tracton, P.C.

12920 Dairy Ashford Road
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Sugar Land, TX 77478

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