Couples that choose to end their marriage and get a divorce will need to address a variety of issues related to their property and finances, their children, and other areas of their lives. While these issues can be complicated in any situation, those who are involved in a high asset divorce may need to deal with multiple types of complex assets. By understanding the types of marital property that may need to be considered during the divorce process, couples with a high net worth can make sure they are approaching financial matters correctly.

Addressing and Dividing Complex Assets

For divorcing couples who reside in the state of Texas, community property must be divided in a matter that is “just and right.” Community property includes all assets and debts acquired by either spouse while they were married. In high net worth divorce cases, a couple may need to consider complex assets, including:

• Financial accounts and investments - A couple may own and use multiple types of bank accounts both together and separately, such as savings accounts, checking accounts, money market accounts, and certificates of deposit (CDs). In addition to dividing the funds in these accounts, other types of investments will also need to be considered, such as stocks, bonds, and cryptocurrency. 

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Spring is here, and for many Texans, it’s a time of hope and renewal after a long and stressful two years. It’s also a time for many couples to reassess their marriages, especially those who put divorce plans on hold during the pandemic.

If you and your spouse have already separated or attempts to strengthen your marital bond haven’t gone as planned, you may be thinking of taking the next step to ending your marriage. But you likely have a lot of questions.

Focus on the three main divorce issues

The first impact of divorce is always emotional, whether intense sadness or anger. There’s nothing wrong with that. In fact, it’s the normal way to respond. But once the divorce process begins, it’s crucial to focus on the three primary legal aspects:

When parents decide to end their marriage, most of our thoughts automatically go to the impact on a divorcing couple’s young children. But many Texas parents split up later in life, some after several years or even decades of being together.

If you are age 50 or older and have gone through or are considering a so-called “gray divorce,” you should be aware of its impact on your adult kids. Many older children report feeling intense pain and a host of distressing emotions when their parents decide to call it quits.

Don’t overlook the signs

As a parent, you only want what’s best for your children. But if they’re over 21 and out of the house, you might think they are old enough to roll with the punches. After all, they may have already graduated from college and started their own family. Or they might be pursuing a college degree or have started their career.

Are you divorcing or planning to divorce your child’s other parent? While many of the unresolved differences you have will probably linger on for years, your priority should be helping your kids cope with the divorce.

To do this, work hard to minimize conflict between you and your ex for your child’s sake. That means being supportive and avoiding so-called “loyalty traps.” Here’s something that can help.

Identify potential co-parenting hazards

It is no longer standard operating procedure for Texas courts to award custody to the mother. However, fathers still face some obstacles. That’s why it’s essential always to put your child’s needs first. Kids often get caught in the middle when parents:

In family law parlance, a “military divorce” is a marital dissolution in which at least one of the parties involved is active military, or part of the National Guard, or part of the military reserves. Military divorces are basically a separate type of dissolution because these divorces have their own requirements and considerations. If you or your spouse are military personnel, and you’re planning (or desiring) a divorce, you should be aware of these requirements and considerations.

The Right to Postpone While on Active Duty

One of the key things to know about military divorces is that the divorce proceedings may be postponed while someone is on active duty. This is true even when the petitioner files the initial documentation correctly. If a spouse is away on active duty, and the petitioner initiates a divorce, proceedings may be postponed as long as both the respondent spouse (on active duty) and local court agree to do so. Furthermore, the court may also delay the proceedings for 60 days after the service member returns. Active duty personnel may elect to waive this right if they wish to speed the divorce process along without any postponements.