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August 2015 Archives

Determining who gets frozen embryos

When a Texas couple gets divorced, the issue of property division can be complex. This may be even more true when it comes to determining who gets possession of frozen embryos. In a California case, a couple froze five embryos before they got divorced and were split as to what to do with them. The husband wanted them destroyed while the wife wanted to keep them as her age and previous bout with cancer left her practically infertile.

Dealing with credit and divorce

A Texas resident who is facing divorce may find that their financial situation is such that the use of credit cards may be necessary during the transition. Additionally, credit accounts used by both spouses during the marriage may come into play as debt and assets are distributed. It can be helpful to have a plan prior to finalization of a divorce so that one's credit standing is protected.

Joint checking accounts and divorce

One of the first decisions that many Texas couples make after they get married is whether or not to have a joint checking account. Arguments for a joint checking account are that they promote trust between spouses and provide clarity about financial affairs. When a couple maintains separate accounts, one spouse could easily spend money on things without the other spouse knowing.

Determining which state presides over child support issues

It isn't uncommon for Texas parents who owe child support to face changes in their finances that might require modification efforts. Ignoring the obligation when it can't be paid could lead to legal problems, including the potential for wage garnishment or jail time. However, a parent may be concerned about the proper venue for seeking a modification if the child and the other parent have moved. The Uniform Interstate Family Support Act provides the guidance needed for one's legal representative to determine where a modification request should be filed.

Disability protection for child support and alimony payments

A Texas resident who owes child support, alimony or both may find that it can be tough to keep up with these payments during slow work seasons or times of illness. Even in cases of high-asset divorce, one's financial future could be affected by an economic downturn or by unexpected health problems. If such issues arise, keeping up with court-ordered support payments can become difficult or impossible. Disability is one situation that can lead to such changes, but there are insurance policies available to guard against this eventuality.

Experts relied upon to value businesses in divorce

In any Texas divorce case where a business is an asset, one of the primary questions is when the business was begun. Texas is a community property state, so a business that was begun prior to the marriage will be treated differently than a business begun after the parties had married. Generally speaking, the presumption is that each party will receive 50 percent of the value of the business or of the amount its value increased during the marriage.

Tax deductions and alimony payments in Texas

When the marriage of a Texas couple comes to an end, one of the former spouses may end up obligated to pay alimony, child support or both. Alimony exists to provide for a spouse that may have made sacrifices in their career to take care of their family and ensure that they are able to provide for themselves financially following a divorce. Child support ensures that the custodial parent has the funds to raise the couple's children.