Fort Worth, Texas Divorce Law Blog

Business owners in Texas and throughout the country may derive a significant amount of income from their companies. Therefore, it is important that the business is valued properly in a divorce. It is also important to ensure that business assets are divided in a manner that allows the company to run efficiently both now and into the future. To determine a company's value, an appraiser should be given access to relevant records and other information.

The final value may be based on how much its assets are worth or how much income it generates. It could also be valued based on how much similar companies in a given area or industry are worth. Enlisting the services of an independent valuation professional may prevent an owner from exaggerating income or expenses in an effort to create a favorable divorce settlement. It may also prevent a spouse from receiving both an interest in the company and maintenance payments based on future projected revenue.

Parents in Texas who decide to divorce can face some unique challenges in the summer as they develop their co-parenting relationship. The busy schedule of school and extracurricular activities can help to keep kids' lives relatively consistent, even as they move back and forth between their parents' homes. However, while summertime can be a period for additional fun and adventure, it can also be a period of changes for parents and their children. There are some things that divorced parents can keep in mind to help their summers remain positive and enjoyable experiences for the kids.

Communication is always important to co-parenting, and this remains true in the summer. Conflicts over summer plans and schedules can often be avoided when parents share information with each other early enough to come to an agreement. Shared online calendars or posted schedules can also help kids be prepared for upcoming plans. In addition, it is important that parents keep their children out of their disputes. After a divorce, children continue to love both of their parents, absent a situation of neglect or abuse. Both parents have the responsibility to support their child's relationship with the other parent and to avoid negative talk or complaints about the other parent.

Before initiating a divorce, a Texas couple should gather three types of financial documents. This preparation process can be particularly important for spouses who might be less informed about the financial side of the marriage.

First, a soon-to-be ex should gather three years' worth of tax returns and supporting documentation. They can get copies of the returns from the IRS if necessary. If there is a business, this element could be more complicated. One should also pull three years' of credit card records and bank statements. These documents will be helpful in creating a lifestyle analysis, which is essentially a record of all expenses and a look at the financial picture both before and after the divorce. It is important to be as thorough and accurate as possible. For example, although inflation might be low overall, this is not reflected in the costs of education and health care. Expense trackers found online can help automate this process.

Most Texas parents who are divorced still have rights to their children. In some cases, one parent will be given sole legal or physical possession while the other is given access rights. However, it's also possible that parents will share possession in an effort to protect the child's best interests. Legal possession allows a parent to make important decisions, such as what religion a son or daughter is exposed to.

If a parent has physical possession, it means that the child lives with that parent on most days. However, it's possible that the noncustodial parent will be allowed to have overnight access. Sometimes, parents will engage in what is often called bird nesting. In such a scenario, the child remains in the same home and the exes rotate in and out on a regular basis.