Shared assets must be divided equally in a Texas divorce. In some cases, this might include a family business. Couples who get along may opt to keep running a business together after the divorce. More often, the business will be sold.
A home is likely the most valuable asset that individuals in Texas and the rest of the country own. Therefore, it is not uncommon for a marital home to become a point of contention in a divorce. However, even if a person wins the home in the final divorce settlement, it doesn't mean that he or she can afford to live there. In some cases, the terms of the mortgage will not change after one spouse moves out.
A high asset divorce involves complex asset division. Add a few concealed Bitcoins to cause even more complications. Family law lawyers have been exposed to a cryptocurrency world filled with legal evasions. Although investors have known about Bitcoin since 2009, the issue involving hidden cryptocurrencies is a recent development in high asset divorce cases. In addition to retirement plans, asset valuation, marital property and business assets, cryptocurrency ownership is another complicated dilemma. A few high-net-worth individuals have managed to amass fortunes from small investments in cryptocurrencies.
Noncustodial parents in Texas are generally required to care for their children regardless of their social status. After going to jail for failure to pay child support, singer R. Kelly was ordered to continue to pay $21,000 a month to care for his three children. In his home state of Illinois, failure to pay child support is a felony, and the singer spent three days in custody before paying the $161,000 he owed.
Texas residents who follow celebrity news may be aware that former NBA Most Valuable Player Kevin Garnett and his wife of 14 years are getting divorced. When Garnett's wife filed divorce papers in July 2018, she cited irreconcilable differences and sought spousal support for herself and child support for the couple's 6-year-old and 10-year-old daughters. Court documents filed recently in California reveal what she is asking for, and it is unlikely the former basketball star is going to be pleased.
Texas parents who are going through a divorce might have to go to court if they cannot come to an agreement about custody and visitation, also known as "possession" and "access." Before going to court, a parent must send a written submission to the judge that explains their position and what they're asking for. The parent should also include copies of any documentation that will be presented in court so the judge will have the opportunity to review it beforehand.
Noncustodial parents in Texas are expected to pay child support as ordered. However, this doesn't always happen. In some cases, parents even move to a different state to avoid providing for their child financially. Custodial parents may be able to go to either a state or federal court to seek the money that they are owed. The type of venue that they go to depends on the facts of the case.
The divorce rate in Texas and throughout the United States has decreased over the past 20 years. However, the rate has increased for those who are 50 and older. There are many reasons why this is the case. For instance, some couples may have stayed together simply to raise their children. Once the kids leave the house, there is no need to remain married. In some cases, a couple that used to be happy together simply grows apart.