Some Texas couples have a desire to kick off their married life together with the perfect wedding. While there is nothing wrong with this goal, a study conducted by a leading online lending marketplace found that going into debt to achieve it could contribute to the end of a marriage. The study was based on a survey of more than 500 Americans between the ages of 18 and 53 who were married within the last two years.
Texas residents who shop online will likely know that Amazon has grown from humble beginnings to become one of the world's most valuable companies, and they may be aware the online retailer's founder, Jeff Bezos, is now said to have a net worth in excess of $100 billion. These developments prompted legal experts and gossip columnists alike to turn to social media in January when Bezos and his wife of 25 years announced that they were ending their marriage.
Married individuals may prefer to maintain their own bank accounts. This can be helpful in the event of a divorce because they will exert greater control over the money in those accounts. However, having separate accounts may not make the money inside of them separate property because Texas is one of a handful of community property states. What that means is that property and debts accumulated during a marriage will likely be divided 50/50.
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.
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.
Divorce can bring about a variety of issues for a Texas couple. One of the factors that might deeply impact each spouse's post-divorce life is how assets are divided and handled. If the couple owns a business together, the property division process will be that much more important.
Texas couples untying the knot typically go through a series of emotional, logistical and financial adjustments, so it's easy to overlook things like insurance policies that were created during a marriage. While all policies with a soon-to-be-ex should be reviewed and appropriately adjusted, health insurance and life insurance are the types of coverage that tend to be affected most by divorce.
Divorcing couples in Texas should be concerned about how a separation could affect their retirement savings. The money placed in an IRA, pension plan or 401(k) is generally considered a shared asset that could be subject to division in a divorce.
Texas residents have probably heard about the divorce of Amazon founder and CEO Jeff Bezos. What they may not know is that his wife, MacKenzie, is about to become the third-richest woman in the world. When their divorce is finalized, her net worth will be more than $35 billion. She will only be surpassed by L'Oréal's Francoise Bettencourt Meyers and Walmart's Alice Walton, respectively worth about $53 billion and $45 billion.
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.