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July 2014 Archives

Kenneth Griffin's high net worth divorce filing shocks his wife?

Citing an irretrievable marital breakdown as the result of irreconcilable differences, Kenneth Griffin recently filed for divorce in another state. This filing was not entirely unexpected, as the couple had been separated for over a year. However, his wife was unaware of his intention to file for divorce while she took their three children on a summer vacation. This high net worth divorce will likely catch the attention of many residents in Texas. This was Kenneth’s second marriage, while it was his wife’s first.

Should pets be part of property division in a Texas divorce?

A survey in February showed that there is an increasing number of divorce cases that involve pet custody issues. Pet owners in Texas and other states seem to be unhappy about the way most courts classify their beloved pets as part of community property and deal with it as part of property division. Many couples would prefer their pets to be treated as children, and they expect the court to consider the best interests of the pets.

Mortgage payment issues may arise after property division

One of the issues that often arises during a divorce is whether one spouse should keep the family home or should it be sold. The decision to keep the home may complicate the property division process. If the couple purchased the house after they were married, it would be regarded as community property in Texas, which is a community property state.

Debt belongs to both spouses under Texas community property law

It is not uncommon for financial disputes to be blamed for the breakdown of many Texas marriages. Such conflicts often occur because couples failed to discuss their personal financial positions prior to the marriage. Not many individuals appreciate learning about a spouse’s unpaid debts only when collection agencies start making harassing calls. Because Texas is a community property state, both spouses will be responsible for any debt agreements entered into during the marriage.

Record choice of community estate in prenuptial agreement

While most Texas couples would prefer not to give thought to the possibility of divorce at the time they get engaged and start planning their wedding, it is difficult to ignore statistics that show that about half of all American marriages end in divorce. No matter how blissful a relationship is, divorce remains a possibility. Being prepared would make sense for most modern couples, and the best way to protect the interests of both parties might be a prenuptial agreement.

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Warmbrodt, Winslow & Associates.
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Allen, TX 75013
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