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How to buy a home as part of a divorce settlement

When a married couple in Texas chooses to end their relationship, they may have to decide how to split the marital home. This is not always an easy decision for a Texas couple to make as each partner could have an emotional attachment to the house. By asking the right questions, it's possible to make an educated decision about what to do with such an asset.

In many cases, having a deal in place to refinance the mortgage into one person's name can make it easier to come to a full divorce settlement. However, the person who will own the home after the refinance is complete will need to be able to qualify for a loan on his or her own. It will also be necessary to determine how much the other person will receive in a buyout and what the interest rate on the new loan will be.

Parents can help kids get through divorce

When parents in Texas decide to divorce, they may be concerned about how the end of their marriage will affect their children. Of course, many people know that children can suffer when their parents separate, but by being conscious of how they interact with each other and the kids, parents can help to mitigate these effects. Experts note that marriages that are full of conflict, infidelity, contempt or abuse can be particularly dangerous to children's well-being and can teach damaging messages about relationships for the future.

This means that divorce is not necessarily a net negative for children. However, it is important for the parents involved to put their children's interests first and work to ease the changes that can accompany their parents' separation. If possible, parents can work to keep their children in the same school district, for example. Of course, the financial and practical aspects of divorce mean that some changes are inevitable, but parents can help with these issues by being open and communicative with their children.

Protecting a credit score in a divorce

Filing for divorce could have a negative impact on a credit score whether a person is getting divorced in Texas or any other state. One reason why a credit score could suffer is because joint accounts were not closed when the marriage ended. Credit bureaus receive information about anyone who is listed on such an account.

Therefore, if there is a missed or late payment, it will show up on an individual's credit report even if he or she didn't accrue the debt in question. The same is true regardless of who is responsible for making payments on a joint debt under the terms of the divorce decree. This is because a creditor is not bound by the terms of the decree. One solution is to transfer the debt into the name of the spouse responsible for paying it back. If both parties agree to pay a portion of the debt, it can be split into two loans.

Minimizing the effect of divorce on professional life

People in Texas who are getting a divorce may struggle to keep their divorce separate from their work life, but it is important to do so. The stress and anxiety of divorce can have a significant effect on a person's performance at work if strategies are not in place to deal with it. People should also avoid mistakes that could compromise the confidentiality of the divorce.

A lack of discretion could be damaging in the unlikely event that a work colleague is deposed as part of the divorce. Divorce-related issues may come up throughout the work day, and the best way to deal with them is to set aside a time to do so. People should make phone calls in a private area. They should also avoid leaving private documents where they might be seen by others or using work email for divorce-related issues. Digital documents should be kept in one place for quick access when needed.

Co-Parenting through the summer: How to start planning

When most kids think about summer, the word freedom isn’t far away. With no responsibilities to school or homework, children and teens are looking to spend their days doing whatever they want.

But, for co-parents, coordinating the reality of these expectations can be challenging to say the least. How will we manage summer camps, childcare and vacations all while trying to separately foster memories with our children? Here are a few tips to get started.

Silent relationship killers that ruin marriages

Texas couples who are concerned about making their marriages last should be aware of the silent relationship killers that can lead to a divorce. These are problems that usually start out small but can escalate quickly and cause both partners to decide that sticking things out is no longer the best option.

When a person starts to look at his or her spouse with resentment or contempt, that individual sees everything that his or her partner does in a negative way. These feelings can undermine a person's desire to keep on working at improving the relationship. Learning to tackle conflict early in the marriage can allow both individuals to freely express how they feel and then find a compromise with which they are both happy.

What happens after a divorce is final

When people in Texas get a divorce, they likely still have a significant to-do list related to the split. For example, they may want to go through and change their passwords on all digital accounts.

Some people may need to change their name on their driver's license and other documents, and some may need to remove an ex-spouse from health insurance. Other types of insurance, such as auto insurance, might need to be changed as well. If one spouse is keeping a vehicle, a home or other assets, they may need to be retitled. The house might need to be refinanced so that the ex-spouse is no longer responsible for the mortgage.

Demographic trends pushing up use of prenuptial agreements

Wedding planning in Texas now includes the preparation of a prenuptial agreement more than it used to. Members of the Millennial generation have grown up familiar with the use of marriage contracts that govern the distribution of property in the event of a divorce. Now that people in this generation are getting married, lawyers have reported an increase in clients requesting the agreements. A survey by the American Academy of Matrimonial Lawyers found that 51 percent of lawyers had worked with growing numbers of millennial clients who wanted prenuptial agreements.

Modern marriages typically begin for people at later ages than earlier generations. Extended single lives provide people with more opportunity to accumulate assets, which they may choose to protect when entering marriage. In 2005, the average age of marriage for women was 25.5 and 27 for men. Currently, women are not getting married on average until age 28.1. For men, their average marriage age now stands at 29.9. Financial concerns that inspire people to complete prenuptial agreements include real estate ownership, business interests and family inheritances.

When a divorce entails dividing the family business

Couples in Texas who decide to get a divorce will need to negotiate how to fairly divide their assets. While this is an already delicate endeavor, the process can become more complicated and take longer when there is a family business involved.

During divorce, couples who own a business have three options about how to handle it. The first and seemingly easier option is for both to remain as owners involved in the business. However, divorce also often comes with a lot of emotional distress, so it is not easy for many couples to continue working together amicably. The second option is to sell the business and then divide the proceeds evenly. If couples choose to go with this option, they can individually decide what to do with their portion of the money. However, selling the business can take a long time, which means the divorce process could last longer, and the couple will need to decide how to handle the business until it sells.

Protecting privacy online during a divorce

When people in Texas get a divorce, they may want to take steps to secure their online accounts. They could change all their passwords and remove themselves from any shared accounts. If the couple shares any devices, such as phones, laptops or tablets, they should delete any personal information from them. They may want to reset to factory settings after each person has had an opportunity to remove everything they want.

Heading into a divorce is a good time to lock down social media accounts. This could include deleting anything that could cause problems during the divorce process. These are all steps that can help to reduce the likelihood of any drama during and after the divorce.

Law Office of B. Diane Heindel, P.C.
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Tyler, TX 75701

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Law Office of B. Diane Heindel, P.C.