Debt is just a part of life for many couples in Texas and across the nation. Credit card debt, a mortgage, auto loans, and student loan debt are all obligations that many married couples deal with every month. And for many couples, just as debt is a part of life, so too is divorce. However, this begs the question, what happens to this debt in the event of a high value divorce?
When a high-asset couple in Texas decides to divorce, the issues they face are sometimes magnified. This may especially be true when it comes to property division, since the couple has so much at stake financially. Divorce can leave a person with a whole host of negative emotions, ranging from anger, to guilt, to remorse. It is important for divorcing spouses to set these emotions aside, so they can make objective and informed decisions. And, perhaps more importantly, they must consent to "play fair" with their ex in order to reach an appropriate resolution to their divorce legal issues.
No one can deny that the cost of college has soared, and many people in Texas must take out thousands of dollars in student loans, just to finance their education. Oftentimes a person takes out these loans and then later on marries. Sometimes it is the case that one spouse earns a lot more than the other and thus, that spouse's higher income is what makes it possible to pay back the other spouse's student loans. However, what happens if couples in such situations later on decide to divorce? Is the higher-earning spouse entitled to anything for paying back their partner's student loans?
When it comes to property division and divorce in Texas, decisions will need to be made regarding the family home. If a party keeps the home, he or she will need to have it refinanced in his or her name. If a party was not awarded the home, he or she will want to buy a new one. And, if the parties agreed to sell the home and split the proceeds, they will both be purchasing a new home. In any of these situations, a person may need to apply for a mortgage. The following are some tips for those who are planning on refinancing or purchasing a home post-divorce.
Some people think that, as part of a divorce settlement, one party will automatically be ordered to pay spousal support (also known as alimony) to the other party. This notion may be especially true in a high value divorce where both parties are accustomed to living a certain lifestyle. However, Texas has strict laws on who can receive spousal support, meaning that many spouses will not be eligible for such payments.
Some married couples in Texas are also business partners. They both may have put a lot of hard work into ensuring their business is successful. Oftentimes, a family business is the most valuable asset a couple owns. Therefore, should the couple decide to divorce, they may want to see that they are treated fairly when it comes to property division and the business they have cultivated for years through the sweat of their brow.
Touted as one of the largest types of cryptocurrency worldwide, Bitcoin is a digital currency that is not linked to a bank or credit union and is not backed by any sort of governing authority. This means that Bitcoin accounts can be kept secret, and transactions done over the Internet using Bitcoin can be kept anonymous. This makes identifying these assets difficult because there is no paper trail.
People in Texas who have been following political news may be aware that the proposed Republican tax bill could negatively affect those who pay spousal support. However, do those who are contemplating ending their marriages and are anticipating having to pay spousal support need to rush to finalize their divorce before the bill becomes law, especially if their divorce will be a high value divorce?
Any divorce is an emotional affair, but the stakes are higher when it's a high-asset divorce. When couples in Texas have substantial assets to divide and the issue of spousal support is on the table, neither party wants to leave the divorce process feeling short-changed. However, it is important to think with a clear head. An attorney can be a great asset in helping their clients look at their divorce legal issues objectively, so they can reach a result that is fair.
It takes years of schooling and hard work to become a doctor in Texas. Oftentimes, if the doctor is married, they may say that they could never get through medical school without the support of their spouse. Many times, when one spouse is going to medical school, the other spouse will do what it takes to support their spouse in this endeavor, even if it means giving up their own schooling and job opportunities. Then, once a spouse earns their medical degree and starts working, the spouse who had supported them during medical school will then stay at home to care for the family.