COVID-19 is surging in Texas, with thousands of new cases being confirmed every day. While the infection numbers capture the daily headlines, the full extent of the virus’ impact goes far beyond the statistics, reaching into every facet of life.
For many, divorce is part of life right now, and the novel coronavirus is adding complication and uncertainty into the process. This article offers a few things to think about as you progress through a divorce during the pandemic, including the importance of having a seasoned divorce attorney by your side to protect your interests now and well into the future.
Asset Values Could Be Impacted
It’s no secret that our economy is currently in a state of upheaval:
- After plummeting in March, the stock market has since mounted a recovery during what has been labeled the “coronavirus rally.”
- Many major corporations are so uncertain about the future they have withdrawn their investor guidance as they try to get a handle on what’s happening.
- The housing market has cooled off. In May 2020, home sales in Dallas County were down almost 35% compared to May 2019.
Right now, it’s uncertain what direction values will go for housing, stocks and bonds, and retirement and investment accounts.
Why Does This Matter to a Divorcing Couple?
Asset division is a major phase of divorce for many couples. Property like houses, 401(k)s and IRAs are usually some of the most valuable items requiring division. Couples of high net worth, for example, typically have complex portfolios of real estate, stocks and bonds, not just in their retirement accounts, but in the form of brokerage accounts and other vehicles.
Current economic conditions make choosing the right divorce lawyer even more important than usual. An experienced attorney will understand how to negotiate for a fair division of property in an uncertain environment.
At Albin Oldner Law, our approach is to fight not only for a fair outcome right now, but to negotiate for assets whose value have the potential to recover once the pandemic ends. Our goal is always to help secure our client’s future.
Medical Coverage, Custody and More Things to Consider
About three million Texans have filed for unemployment since the pandemic began. Unfortunately, when jobs disappear, so does health coverage. For instance, divorced people can’t remain on each other’s health plans. This means you may need to consider obtaining COBRA benefits or buying private health insurance if you’re currently unemployed.
Parenting is also impacted by the virus. Divorcing parents should always work hard to communicate about things like visitation, children’s health care, education and many other aspects of custody. Managing this through a pandemic, however, is not always straightforward.
These issues are complex no matter when you decide to divorce. That’s why we’re here to help you through these times so you can move forward to a better future.
Our Texas Law Firm Is Open and Here to Help
Physical access to our Frisco and Prosper law offices is limited right now, but our attorneys are all available to help. We can meet via video conference or telephone, and we are quick to respond to emails. To discuss how COVID-19 could affect your divorce, please call Albin Oldner Law, PLLC at (214) 423-5100 or send us a message.