Divorce is seldom easy. A high net worth divorce can be particularly challenging, with life-changing financial implications. There are several things that can be done to avoid breaking the bank during a Texas divorce.
Unanticipated happenings can change the financial situation of anybody overnight. Despite the good intentions of a noncustodial parent, a job loss or emergency medical procedure can render a parent unable to pay court-ordered child support. Texas parents facing such difficulties may be surprised to learn that even celebrities may face such dilemmas.
When Texas couples become serious and start planning weddings, it may also be the best time to put romance aside for a little while and discuss the protection of each spouse's assets. It may be a difficult subject to raise, but a divorce or death of one spouse is a possibility that deserves consideration. A prenuptial agreement is similar to insurance and understanding what can be included, along with the legal requirements of such a contract, may be helpful.
For many divorcing parents in Texas, decisions related to their children are the most emotional and challenging part of the proceedings. In many circumstances, both parents are concerned that their relationships with their children may be jeopardized. Parents can negotiate and resolve child custody issues directly in most circumstances. However, if the parents cannot agree about child custody, the family court will have to make these important decisions.
Couples in Texas who are considering ending their marriages may decide to get them over and done quickly in order to moved forward with their respective single futures. However, although it is true that uncontested divorces are less time-consuming and less costly than litigated divorces, there may be unanticipated pitfalls along the way. For example, property division in a community property state such as Texas involves much more than just keeping the assets each spouse brought into the marriage.