Occasionally, a marital estate will involve a successful closely held corporation. The corporation may have extensive agreements with commercial lenders which require continued management by a key individual, continued ownership by a key individual, and continued control though voting rights by a key individual. When that type divorce arises, you will need a family lawyer and likely a corporate type lawyer to familarize you with the lender's requirements. After all, the goal is NOT to destroy the company by ruining its relationship with its bankers. The goal is to protect the assets so they continue to exist and provide value to the divorcing spouses.
If you are going through a divorce and you own a business, you may fear that in the end, you will not only lose your marriage but also your business. While this very well could happen, it is important that you protect yourself before you ever get to this point. According to NFIB, the ideal situation is that you protect your business through a prenuptial agreement. However, if you are already at the stage of divorce, then it is too late for that.
When getting divorced, there are many significant assets you may be concerned about. Perhaps, you received a large inheritance from a deceased relative that you hope will help you weather the financial tumult that can come with divorce. You may be worried about whether you will have to split this money with your ex-spouse.
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.