For Texas couples who are considering a divorce, financial and practical concerns can be some of the major worries that they have. Ending a marriage has a major impact on finances, and that impact can extend beyond the obvious issues of asset division and child and spousal support. Health insurance coverage can also be affected.
Texas couples who are getting a divorce may have an additional complication to deal with if they own a business together. While they have the option of selling the business or having one person buy out the other, another possibility is for the two to continue running it together. There are a few guidelines couples should keep in mind if they decide on this route.
Question: My wife and I ran our own restaurant near Houston for the past twelve years. We’ve had our ups and downs, but ultimately our arguments over our relationship have leaked into our business. Our disagreements over every little decision have cost our restaurant thousands. I’m ready to go through with a divorce, but I don’t know what’s going to happen to my business. How can we go through a divorce without destroying it?
For Texas residents and others, it may be worthwhile to negotiate a divorce settlement with the help of a mediator. Doing so may help to settle the divorce in a timely manner while also keeping costs to a reasonable level. When negotiating a settlement, it is important for individuals to understand their finances. This may make it easier to craft a reasonable offer as it relates to child support or alimony.
We’ve all heard the news stories. There’s a major crash on I-45 with two people killed and three sent to the hospital with life-threatening injuries. Imagine for a moment if you were married to one of those people. They’ve got spinal cord injuries and through no fault of their own, now they may never walk again. With a long road to recovery that will include multiple surgeries and hospital stays, medical bills will mount. Hiring an attorney in this case is a no-brainer.
People in Texas who get a divorce may also find that their credit rating is lower afterward. This could happen for a variety of reasons, some of which could be intentionally created by an ex-spouse.
Going through an emotionally charged divorce is a more rigorous challenge when partners have a high level of assets between them, and no prenuptial agreement. However, the road back to a single life requires carefully walking through this tedious process.
While the start of a new year may bring happiness and joy to many, it may also mean the end of a relationship for some Texas residents. In fact, the first Monday in January after the holidays are over is considered one of the busiest divorce days of the year across the country. Those who are considering a divorce should have as much information as possible regardless of when it takes place.