Parents going through a divorce in Texas may consider how the split will affect the upcoming school year for their children. The beginning of every academic year is often marked by both anticipation and anxiety as children look forward to new classrooms, teachers and even friends. When kids are adjusting to sharing time between both parents' houses, the back-to-school season can gain some additional confusion and stress. However, divorced parents can work together to make the first school year after a separation more positive for the children.
Wealthy celebrities over the years have brought the concept of prenuptial agreements to the attention of people in Texas. High incomes and royalties associated with celebrities have motivated many wealthy individuals to negotiate the terms of a divorce prior to marriage. These legal agreements aim to prevent battles over assets and debts in the event of a breakup. People from all walks of life, especially millennials, have now recognized the usefulness of prenuptial agreements in increasing numbers. The contracts potentially allow people to reserve assets from the marital estate and insulate parties from the debt obligations of spouses.
Minimizing the effects of your divorce on your children might be one of your primary concerns during this time. You could be worried about how splitting with your child’s other parent could damage their emotional state, but have you thought about any of the other potential consequences your divorce could have on your kids?
When business owners in Texas go through a divorce, they may face particular challenges. Many divorces carry serious financial implications that can have far more long-lasting effects than the psychological and practical consequences. However, when one of the assets involved in the divorce is a privately owned business, the situation can become even more complex.
According to the Pew Research Center, the divorce rate for older couples in Texas and the rest of the United States is twice what it was in the 1990s. People who are older than 50 years old and who want to get a divorce should be aware of how to properly divide their assets, particularly retirement assets. Dividing certain assets in the wrong manner can result in unexpected tax bills and other types of financial hits. Because older couples are close to retirement, it is especially important that they avoid these types of financial mistakes during their divorce.