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McKinney Divorce Law Blog

Couples report that financial issues play role in divorce filings

One of the biggest problems that crop up during a marriage is financial disagreements. One way to avoid some of the problems that couples encounter during a marriage and later divorce is to create a pre-marital contract. Texas residents who are curious as to how these documents can protect them may seek information from experienced professionals.

A recent study found that disagreements and struggles over finances play a significant role in nearly half of all divorces. It is suggested that the time to discuss financial goals and money management is before a couple weds. While many may think that a simple discussion over whether to open a joint bank account is enough to resolve potential conflict, in reality, financial professionals encourage couples to engage in in-depth discussions over their financial goals and the steps they need to take to accomplish them.

Actor Nicolas Cage elects to pay child support for grandchildren

Once a relationship between parents sours, there are many legal issues to resolve, including the care and support of the children. It may be difficult for many parents to cover court-ordered child support payments. Texas parents who are struggling to meet these obligations may need to seek assistance through the family court system.

Recently, it was reported that actor Nicolas Cage has offered to help his son meet these expenses after an acrimonious split from his wife. According to the report, the actor's son, Weston Cage, has been caught up in a bitter divorce from the mother of his two children. Though there were no details regarding how long the couple were married or what led to the divorce filing, it was reported that the former wife at one time had a restraining order against the younger Cage except for during court-ordered visitation.

Holdays that focus on children may ease child custody disputes

Every parent hopes to instill warm memories of a loving childhood in the hearts of their children. This may seem nearly impossible in the aftermath of a divorce and resulting child custody disagreements. However, Texas parents who go the extra mile to focus on their children's needs may realize that objective over time.

One of the most stressful times for families who have divorced may be holidays and other special occasions. While parents may hope that their children will look back fondly on how they celebrated holidays, this may be difficult if the children are involved in the unpleasant aspects of custody disputes. Instead, parents who work hard to put their own feelings aside will likely be more successful at ensuring their children will retain warm memories of family togetherness, regardless of what form those families take.

Strategies for recovery after division of marital assets

A divorce is an emotionally and financially turbulent undertaking. In the wake of the division of marital assets, the ability to rebuild may seem insurmountable. Texas residents who are facing a divorce typically have all of the tools they need to rebound and enjoy financial stability. 

It may be tempting to sit in despair once a divorce becomes a reality. However, there are strategies one can apply to rebuild finances and make positive progress. One of the first steps is to not allow worry and stress to take the upper hand. Instead, taking firm steps to reassess is the better approach. Sitting down and going over one's financial holdings both during and after a divorce can provide a clearer picture of how to proceed.

New program geared toward increasing child support cases

The Office of Child Support was established to ensure that the needs of children of single parent households are provided for through the financial support of the non-custodial parent. To that end, they look for ways to encourage single parents to seek assistance in receiving all of the child support payments to which they are entitled. Texas parents who are struggling to either pay or receive these payments may choose to seek additional information regarding their options.

Recently, several states were selected to receive funding to start a new initiative geared toward reaching out to single-parent households regarding their rights to pursue child support payments. The program will involve composing advertisements for social media sites and Google. The ads will be geared toward households that are not currently receiving these support monies. The ads will also seek to encourage parents who are already active clients to continue to make their required contributions.

Impact of lottery win on a complex divorce

Since Texas is a community property state, divorce courts typically divide most marital assets evenly between the spouses. This means that, with a few exceptions, any assets or funds the spouses acquire while they are married are on the table during the divorce unless the couple had a premarital agreement saying otherwise. Many spouses find their retirement funds, businesses and hard-earned money split in half during a complex divorce.

However, what happens if a spouse wins the lottery after the divorce is finalized? Does a lottery winner have to share his or her winnings with an ex-spouse? The answer depends on many factors. Perhaps the most important factor is when the spouse purchased the lottery ticket.

Property division and hidden assets

The marriage is over and it is time for the Texas couple to separate their lives as well as their assets. As a part of the process, each individual is required to submit a financial statement that can be used to determine the various assets in addition to liabilities that should be considered as part of the community property. While one would like to assume that each individual will be honest when it comes to this statement, there are times when one spouse may believe that the other is not being truthful and thus attempting to hide assets that should be included in the property division settlement.

Hiring an investigator is one way to discover hidden assets. Unfortunately, this method can be costly. Another option is to look at paperwork currently available to the individual.

The risk of letting emotion overrule reason in child custody

For most Texas parents, few things are more stressful than a perceived threat to one's child, or the prospect of losing access to a beloved child. Child custody cases often bring out the very worst in terms of parental fear. Fear of the unknown, fear of repercussions for one's children, fear of losing out on parenting time. All of these can make it tempting to choose actions based on emotion, rather than reason. That approach, however, can have devastating consequences for both parent and child. 

An example is found in a case in which a father ended up in jail and facing serious criminal charges after failing to adhere to a custody agreement. The problem began when the father picked up the child from school without the mother's permission, then refused to bring him home when requested. The mother contacted state police, and the situation quickly went downhill from there. 

Consistency key for child custody success

Some relationships just do not work out. No matter how hard each individual tries, there are just some things that cannot be resolved and it is time for the Texas couple to part ways. When the couple has only been together for a short amount of time and there are no children involved, this is typically a fairly painless process. However, once children are involved, the process becomes more complicated and child custody issues become a concern.

In most situations, children will spend time with both parents. Many times one parent will have primary custody and the other will have visitation. Regardless of the legal arrangement, children need to know that they are still part of a family and that they still have consistency in their lives.

Protecting one's business in the event of property division

The entrepreneurial spirit is alive and well in Texas and elsewhere in the country. The desire to be one's own boss and follow one's passion drives many people to start their own businesses. While many businesses do fail, others do not. Many entrepreneurs go into a venture with or without the support of a spouse. In the event of a divorce, the business may become a contentious issue in property division negotiations.

In one example, a woman who had gotten degrees in landscape architecture and business decided to start her own landscape design business as she did not wish to work for anyone else. Her husband complained about her long hours but not about the income and was not directly involved in the business. When the two decided to divorce, the husband realized the value of his wife's company and wanted half of it in the divorce settlement.

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