If you’ve been contemplating divorce or if you’ve been presented with divorce papers, you probably have many questions. Perhaps you own a business and have many financial assets; you wonder what will happen to both. You may also have children you wish to protect.
Our skilled Frisco divorce lawyers often hear various questions from couples considering a divorce. Let’s answer them here and hopefully deliver some peace of mind.
How will my property be divided?
Texas is a community property state. This means that marital assets and debts (property obtained during the marriage) typically will be divided equally between you and your spouse. However, if one spouse has less earning potential, they may receive a higher percentage.
Also, you may be held solely responsible if you have personal debts with your name attached. The court will determine what’s best. Plus, an attorney can help you understand how to divide assets to make the outcome work for you and your spouse.
Will I need to pay/will I receive spousal maintenance?
It’s possible to receive spousal maintenance (support) in Texas. The spouse requesting the support must lack sufficient property, such as income, to provide for their minimum reasonable needs.
For a spouse to qualify, the marriage must have lasted at least ten years, and they must be actively trying to obtain sufficient income. If the marriage lasted less than ten years, the requesting spouse must have suffered family violence within the past two years.
Can I avoid going to court?
Not all divorces end up in court. Mediation is a great alternative if you and your spouse agree to the divorce and other issues such as property division. In mediation, you and your spouse will work with a mediator to finalize your divorce, keeping you out of the courtroom.
If your spouse doesn’t agree to the divorce or wishes to fight you for assets, you’ll probably need the court’s assistance. An attorney can help you choose the best route for your unique situation.
How much child support will I need to pay/receive?
Texas has set forth guidelines for the amount of support you can pay or receive on behalf of your children. For example, the guideline amount is 20% of your net monthly resources for one child and 25% for two children. In court, support is typically decided at the discretion of the judge, who will examine the facts and circumstances surrounding your situation.
Is It possible to receive full custody of my children?
In Texas, full custody is referred to as sole managing conservatorship. A sole managing conservator has the exclusive right to decide on a child. Although full custody is possible, specific parameters must be met.
For example, child abandonment, physical endangerment, and abuse are all causes for the other party to receive full custody.
How long will the divorce process take?
It depends. Depending on your unique situation, the process could take months or a year. Factors such as the number of assets, business complexities, and the age of your children will affect the process. Your attorney should be able to give you a better timeline after they review your case.
Do I need an attorney?
In a divorce with many assets, there are many complexities. Unfortunately, it’s easy to overlook assets and make mistakes without the support of a trained attorney. A lawyer will help protect your interests so you can move forward confidently.
Plus, an attorney can help you pursue your fair share of the marital property and ensure your children receive a parenting plan in their best interests.
Will my past affect the outcome of my divorce?
In Texas, you can file for an uncontested divorce, where you both agree that you have differences that must result in the dissolution of the marriage. You can also file for a fault divorce, where one spouse alleges infidelity or abuse.
A history of suspicious or criminal activity might affect the outcome of a faulty divorce. It depends on how long ago you were involved in this activity and its severity. Tell your attorney everything, even if you don’t think it’s important. They’ll understand how to move forward to protect your rights.
How will divorce affect my business?
The law considers the business separate property if you created your business before marriage. If the company were developed between you and your spouse, it would need to be divided somehow. You may need to purchase your spouse’s interest to retain the business, or you may need to sell the business and split the resulting finances. Your attorney can help you decide which option is best for you.
How much will my divorce cost?
It’s impossible to estimate the cost of a divorce. The length of the divorce process, time in court, and other factors determine the overall cost. It’s best to retain an open and honest attorney about fees and pricing to keep you abreast of costs.
How will divorce affect my retirement plans?
In Texas, retirement accounts accumulated during the marriage are typically considered community property and must be divided between spouses. Utilizing a Qualified Domestic Relations Order (QDRO), we ensure these funds are distributed fairly and without unnecessary financial penalties.
What are the tax implications of divorce?
Divorce can significantly alter your tax obligations, affecting everything from your filing status to potential liabilities on alimony. Our team is here to guide you through these changes, ensuring you meet your tax responsibilities without surprises.
How do you handle a high-conflict divorce?
Our skilled attorneys devise strategies to protect your interests for divorces marked by high conflict while minimizing emotional distress. This approach is crucial when facing an uncooperative or manipulative spouse.
How can I manage health Insurance after divorce?
Losing health insurance coverage is a common concern post-divorce. We explore all available options, including COBRA, which may provide extended coverage or assist you in finding new health insurance plans that fit your new circumstances.
Should I update my will and estate plans after divorce?
Updating your will and estate planning documents post-divorce to reflect your new marital status is essential. This process includes revising beneficiaries in your will, insurance policies, and retirement accounts to ensure they align with your current wishes.
What should I know about dating after divorce?
Dating after divorce is a significant step that requires emotional readiness. We offer advice on approaching new relationships thoughtfully and respectfully, ensuring you are prepared for this new chapter in your life.
What support systems are available for coping with divorce?
We understand that divorce is as much an emotional process as a legal one. We recommend counseling and support groups to help manage the stresses and emotions during this period, emphasizing the importance of self-care and emotional well-being.
Have more questions? Reach out to Albin Oldner Law today!
Do you have more questions about your divorce? We’re here to help. To learn more about your case or to speak with an attorney, call us at (214) 423-5100 or send us a message.
