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TX divorce lawyerIf you are a business owner, you need to understand that getting divorced could have a significant impact on your ownership of business assets, the income you earn through your business, and your ability to continue operating your company successfully. For business owners, divorce often involves complex property litigation as they determine how to divide their marital assets and debts. Those who are looking to protect a family business or professional practice in the case of divorce should consider creating either a prenuptial agreement or postnuptial agreement.

Addressing a Family Business in a Prenup or Postnup

A prenuptial agreement, or prenup, is a legal agreement signed by a couple before getting married. This agreement will detail how certain matters will be handled if their marriage ends in divorce, and it may include decisions related to marital assets such as family businesses. A postnuptial agreement, or postnup, functions the same as a prenup, but it is created and signed after a couple is already married.

A prenuptial or postnuptial agreement may address a business or professional practice in the following ways:

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TX family lawyerA divorce will involve multiple different types of financial issues, and child support is one of the key areas that will need to be addressed. These payments will ensure that a parent will be able to provide for children’s needs going forward. However, the amount of child support that is set at the time of a divorce may need to be adjusted at a later date if parents or children experience changes in their lives. Parents who are looking to make changes to these financial obligations will need to understand when child support modifications can be made and the process that will be followed when addressing these requests.

Situations Where Child Support Modifications May Be Warranted

There are a few different types of cases where a parent may ask to modify child support. Modifications may be made if:

  • At least three years have passed since the child support order was established, and calculating child support under the state guidelines based on the parties’ current circumstances would result in a difference of at least 20% or $100 from the amount that is currently being paid.
  • One or more of the parties involved in the case (including the parents or the children being supported) have experienced a “material and substantial change in circumstances.”

In most cases, modification requests will be based on a change in circumstances. These changes may include an increase or decrease in the income earned by the parent who pays child support, changes to children’s needs, or updates to children’s living arrangements.

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