A married couple often sets off on a journey that both individuals expect to last a lifetime. This is not always how the ride ends, though. Instead, it ends with divorce, a process that brings a whole group of friends along that the former spouses must deal with. Many people in Tarrant, Texas, know about these processes: child custody, property division, child support and spousal support. But not all couples have to deal with the child-related issues. How about focusing on property division instead?
Divorce is a real issue that many people in Tarrant, Texas, have either dealt with or will deal with. But before they do that, they will likely hear about yet another celebrity divorce. For instance, just last month another cast member from the television franchise "Real Housewives" announced that she was getting divorced. Many people focus on celebrity divorces because of the wide range of issues that will likely come up, including those associated with property division.
A complicated divorce can leave the heads of both spouses spinning. But when one spouse knows how to work the system while the other does not, things can get ugly fast. That is supposedly what happened in a recent case involving an oil trader, his offshore investments and a wife who likely feels scorned by the whole process. Though she has been awarded a large amount in the property division process, it has yet to be paid.
Reports from the Centers for Disease Control and Prevention and other research institutions inform many about the realities of marriage and divorce in Texas and the U.S. According to the CDC, the number of couples who tied the knot was 2.1 million in 2010. Ten years before that, there were 2.3 million weddings, so a slight decrease has been seen.
One of the major troubles with divorce is that it is often unpredictable. Some couples in Texas have spent years together to find out later that one of the spouses has not been happy for a considerable amount of time and may have even been preparing to divorce, leaving the other spouse blindsided by the announcement. Prepared individuals often fare better during the division of assets, leaving the other person with less than they would have received had the field of play been even.
It's official. The Texas Supreme Court has approved a pro se divorce form, allowing married couples in the state to seek divorce without the assistance of an attorney. Pro se divorces involve self-representation by one or both spouses, which can leave both open to unforeseen consequences. The forms are known as Divorce Set One and can only be used by couples that do not possess children or real property.
According to a Texas Supreme Court decision, many low-income people are seeking divorce but cannot afford it. The decision involved the approval of new pro se divorce documents. A pro se divorce is one that does not involve any attorneys. Many legal experts are concerned about the approval of the documents, particularly in regard to property division issues that may arise.
According to a recent study, individuals that experienced doubts about getting married may be more likely to get divorced. For some in Texas and elsewhere, this may translate to a need to plan for the division of assets, child custody determinations and a future without the income of your current spouse, in other words a prenuptial agreement. Having a prenuptial or postnuptial agreement may actually strengthen a relationship in that discussing the financial aspects of getting married a couple will likely learn more about each other's approach to marital finances in general.
Married couples are having trouble committing to a sensitive topic: finances. According to a recent study by American Express, 31 percent of married individuals have separate checking accounts. The survey also found that 23 percent of spouses have separate savings accounts, as well. The process of property division during a divorce is certainly affected by these choices.
Divorce is a life changing event, but it doesn't have to put you into poverty to the point of no return. There is such a thing as planning financially for a divorce and the latest trend is using a financial planner in the divorce process. For many years money has been the number one marital dispute that leads to divorce. A 2009 university study found that couples who argue a minimum of once a week about money are 30 percent more likely to get a divorce.