When a couple gets a divorce, they often think that once the divorce is final, their connection to each other will be done. In some ways that is true. The marriage is over. The division of assets and property is usually addressed within weeks or months following the divorce. Quit claim deeds are recorded, vehicle titles transferred, QDRO agreements for retirement accounts drawn up, etc. But there are some areas of divorce that do not end when the ink is dried on the divorce decree.

Child support is one issue that is decided in divorce that is often long-term. The financial obligations of one spouse to the other can last for years. This is why many divorces include a clause that requires one or both parents to obtain life insurance policies that will provide financial support for the child should something happen to the parent.

Child Support

Parents are usually required under Texas law to pay child support until the child turns 18 or graduates from high school, whatever is secondary. In some cases, the parent is required to provide support if the child attends college after they complete high school.  

Every divorce has its own unique issues that must be addressed, however, for the most part, the process for each divorce is similar. However, when it comes to high asset divorces, the discovery, negotiations, and ultimate decree can be much more complex than a divorce that does not involve high net-worth assets. This is why it is important to have an attorney who is experienced and skilled in high-asset divorces. The following are some of the factors that indicate having a law firm that regularly handles complex divorces, like Powers and Kerr, PLLC, is in your best interest.

Numerous Real Estate Holdings

While many married couples own the home they live in, couples involved in high-asset divorces often own several properties. In addition to the marital home, they can own vacation homes, rental properties, commercial properties, and land.

Investments

High-net-worth couples not only have checking, savings, and retirement accounts, but they also typically have stock market investments with full portfolios that will pay out dividends in the future. The value of the investments often fluctuates, so it is important to have an attorney who has experience in determining the fair value of these investments so you are protected when it comes to the division of assets in your divorce.

It is rare for a high asset divorce not to involve complex financial issues that need to be addressed. If your marriage was one that involved high net worth assets and property, your divorce attorney may suggest hiring a forensic accountant to analyze all the financial documents submitted by both parties in order to help determine how those assets should be divided, how much child support and spousal maintenance should be paid, and other financial decisions.

When Should a Forensic Accountant Be Consulted?

While many people think forensic accountants are only called in to help in a divorce if there is suspected financial wrongdoing on the party of one of the spouses, their services can actually be beneficial in a divorce where both parties are agreeable, but their financial situation is complex.

Some of the more common reasons why an attorney will suggest a forensic accountant be hired include:

Although not every state recognizes common-law marriages, the state of Texas does when the relationship has met certain criteria. Meeting the criteria of a common-law marriage, referred to as an informal marriage, is critical in the event the couple split up and seeks the same legal rights as a couple who signed a declaration of marriage.

Couples can enter into an informal marriage by signing a declaration of informal marriage with their county clerk’s office. This is all the proof that is needed for divorce, inheritance, or any other legal proceeding.

However, if the couple does not sign an agreement, proving they were in an informal marriage may be somewhat more difficult. The following are factors required by the state in order to recognize a legal informal marriage.

When a person goes through a divorce, it is often a jarring experience. What they thought was once their future has now been dissolved and an uncertain future may lay ahead. Not only are there emotional uncertainties to deal with, but the financial changes can also feel overwhelming. There are immediate concerns, like the change in monthly income, that child and spousal support may cover, but there are also future financial changes that can be a concern.

These concerns can be particularly significant for military spouses, especially when it comes to military benefits. Military couples do have a high rate of divorce, with approximately 20,000 of them divorcing each year. In a survey of what industries have higher divorce rates that used data compiled by the U.S. Census Bureau, the profession with the number one highest rate was first-line enlisted military supervisors.

How Is a Military Pension Divided in a Divorce?

Unlike non-military pensions, addressing a military pension in a divorce can be complex. There are several factors that need to be examined, including where the divorce is filed. Under federal law, the state the divorce is taking place in only has jurisdiction over how the member’s military pension will be divided if: