For many going through a divorce in Texas, it seems like no decision goes the right way. Naturally, you would hope to be able to keep as much money and as many assets as possible to take into your new life, but the sad fact is that community property will likely be divided in some way. Perhaps the most misunderstood ruling in some eyes involves alimony.
Female members of the babyboomer generation are more confident in their finances than any other generation of women in history. Yet, in a recent survey conducted by Allianz Life Insurance on women and money, over 64 percent of divorced respondents over 50 suffered post-divorce financial crises.
The spouse of a business owner facing divorce may be justifiably concerned about how the business will impact the divorce proceedings. If no prenuptial agreement exists, the business is likely subject to property division according to Texas community property laws. This means that a business valuation may be necessary in order to determine how the business will be apportioned between the owner and the spouse.
Texas men and women who serve in the military have long protested laws regarding the division of their retirement pay during divorce. Military divorce comes with unique rules meant to protect both servicemembers and their civilian spouses, and this involves the splitting of military retirement pay by as much as 50 percent. Although states have some leeway in deciding how much a civilian spouse receives after a divorce, a recent U.S. Supreme Court decision may change that.
While there are certainly marriages that end suddenly and without warning, many spouses in Texas are aware that divorce is imminent long before the papers are filed. Spouses can take advantage of the early inklings of a breakup to make crucial preparations for the future. In a high asset divorce, there is often a great deal at stake. Planning for the future can ensure a more positive financial transition into post-divorce life.