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Plano Family Law Blog

What happens to the family home in a high asset Texas divorce?

No matter how many assets you've accrued during your marriage, chances are good that your marital home is the most significant, both emotionally and financially. Your home represents a massive amount of your income for most couples. The equity in the home may be the single most substantial financial asset in your family, except for a well-funded retirement account or investment portfolio.

It's only natural, then, to wonder how the courts will handle your home in a divorce. Every divorce is unique, which means accurately predicting the outcome is impossible. However, it is possible to familiarize yourself with the most common solutions to dividing a home in a Texas divorce.

The child's best interests is a vague standard

You and your spouse have heard that the children's best interests are the focal point of the child custody case when you get divorced. Above all else, the court will seek to find the solution that is best for your kids, even if that's not exactly what the two of you want.

As your divorce gets closer, you start looking into this standard a bit more so that you can understand how to approach the case. What you find, however, is that it's fairly vague.

Divorces with special needs children pose unique challenges

Divorces that involve children are almost always tough situations. When the child has special needs, the situation gets even more complicated. Children who have special needs have some unique care needs that must be met. This places the parents in a position where they have to make sacrifices.

For parents who are going through a divorce while trying to ensure that the special needs of their children are met, coming up with a child custody agreement can be especially challenging. Once the agreement is made, you still have to remain as flexible as possible because there are bound to be issues that pop up throughout the child's life.

Do prisoners have to pay child support?

Texas mothers and fathers who end up in jail will lose their source of income, and this could make it difficult -- if not impossible -- to keep paying your child support payments. Nevertheless, some non-custodial parents will still be responsible for paying their monthly support obligations regardless of whether they're in jail or not.

In these circumstances, non-custodial parents may be able to petition for a suspension of their child support orders.

In divorce, preparation is key

Divorce takes time, preparation and careful planning. For example, you have to plan the right time to file for divorce, you have to prepare financially, and you have to spend time working toward a fair settlement. And, if you and your spouse are attempting to avoid litigation, you will have to prepare for a settlement meeting.

During a divorce settlement meeting, you might address various aspects of the divorce, such as who will keep the house in Plano, how to divide your oil and gas interests out in Midland, and even which of you gets to keep the living room sofa. Because you will be dealing with decisions regarding high-value assets, it is vital that you take time to prepare for the settlement meeting.

Don't overlook these 4 key things when splitting up

Divorce makes it easy to overlook things. It's a complicated process. You own more assets than you ever realized. Things slip through the cracks.

If you have kids, things get that much more complex. Your focus is going to be on your children, which is great. However, some parents think so hard about what's best for the kids that they miss key financial points or make mistakes that haunt them for years to come.

Should you settle for less just to get the divorce over with?

You and your spouse are splitting up, and you initially thought you'd probably retain enough in assets to retire -- something you planned to do before your spouse brought up the divorce in the first place. You know the two of you have significant wealth, you know you deserve a good portion of it, and you're already planning the next stage in your life.

Your spouse, though, is fighting you every step of the way. He or she is trying to keep far more of the assets than you believe is fair. You're not thrilled about the idea of a long court case, so you're thinking about settling for less than you deserve. You just want to be done and move on.

5 reasons parents with special needs children split up

You've heard the warnings. People have told you that you're more likely to divorce if you and your spouse have a child who has special needs. You've seen the statistics.

Now you feel like your marriage is, in fact, moving in that direction. It's coming apart. You're wondering why this happens. Maybe you're trying to find a way to save it. Maybe you just want to know why these stats hold true so that you can be ready for life after the split.

Tips to get what you need in a divorce

Divorce is often very difficult. It involves separating from the person you thought you would spend the rest of your life with, dividing marital property, and working out a custody schedule for the kids. While you may be tempted to rush through the process to get it over with as quickly as possible, doing so could have a very negative impact on your new life.

Before you rush through the settlement process, take a step back and try to focus on what you want and need once you finalize the divorce. Follow these tips to get what you need in a divorce.

Don't make these 5 prenup mistakes

You and your significant other both control a lot of assets. You're in your 40s, getting married for the second time, and you've been through divorce before. You know what it means emotionally, financially and legally.

What you want is to prevent a mess if your second marriage falls apart like the first one did. You're thinking of asking your significant other if you should use a prenuptial agreement. After all, you think you could both benefit.

Mackoy, Hernandez and Qualls
9300 John Hickman Pkwy Suite 701
Frisco, TX 75035

Phone: 469-269-0134
Fax: 214-387-4910
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