Many people focus on property division for younger couples who have time to recoup the losses that might experience when the end a marriage. There are some special considerations that older adults need to consider if they're going through this situation.
Divorce can be a menacing word, even when separation is the only acceptable option for one or both partners. It may be widely known that going through this process can take an emotional and financial toll, but many older couples aren't fully prepared for the ramifications of divorce later in life. Texas couples considering an official end to their marriage should take the time to learn how to prepare and protect themselves throughout the process.
Many Texas residents are deciding to marry later in life after they've established careers and purchased property. They may remarry after having children with a previous partner and work to build a blended family. The changing face of marriage has also meant that prenuptial agreements have become far more common for a wider range of couples. They have become a popular way for people to think about the future and plan for a potential divorce without relying on Texas' community property statute or the family courts.
While the number of divorces is declining, along with the number of marriages, the month of January has built a reputation for having more divorce filings than any other month of the year. The reason might be that couples stay together through the holidays, but then they are ready to end the marriage when the new year rolls around. Divorce can still be a stressful process for people in Texas, but an examination of the statistics can show that it's not altogether uncommon. Searches for "divorce" on Google Trends are at their peak during the second week of January.
While most people think of the romance and excitement of getting engaged, there is also a deeply pragmatic side to it. Couples in Texas who are intending to tie the knot need to discuss a variety of financial matters, including prenuptial agreements. This agreement needs to be drawn up before the wedding date in order to protect both parties.
It is possible that proceeds inside of a retirement account will need to be divided in a divorce. Therefore, it is important for an individual to understand asset division rules regardless of whether that person will benefit from the transaction. In Texas, assets are considered community property, which means that they will generally be split 50/50. However, other factors could determine how assets, such as retirements accounts, may be allocated in a final settlement.
Divorce can mean that some people in Texas have significant assets to split, such as annuities, securities, retirement accounts and more. It is important to understand the rules associated with dividing these accounts in a divorce and how to avoid or minimize taxes and penalties.
Initiating a divorce in Texas is a huge decision. Some feel that it would be easier if there was one major sign that indicated separation is the best option. However, things are usually much more complicated. There are usually several factors that drive marriage mates apart.
Divorcing Texan couples may need some help along the way with decision-making and working through arguments. This could be where a divorce mediator comes in handy. They can provide guidance and work as a referee of sorts as couples sort out their issues.
Texan residents who are going through a divorce have a lot of hurdles to jump. As a couple with high assets, you will have your own unique battles to face. We at the Law Office of Roland R. Esparza, PC, are here to help you work through these issues with some suggestions on how to handle high asset divorces.