6034 West Courtyard Drive, Suite 100,
Austin, TX 78730

Call Us512-610-6199

Subscribe to this list via RSS Blog posts tagged in high net worth divorce issues

TX divorce lawyerFinancial issues are likely to be a concern for anyone who is splitting up with their partner. In many high asset divorce cases, one spouse earns the majority of the family’s income, and the other spouse may be unable to make enough money to provide for their needs on their own. A spouse may ask for spousal support, which is also known as spousal maintenance or alimony, to be paid, giving them the means to pay for their ongoing expenses. However, spousal support is not awarded in every case, and spouses should be sure to understand how Texas’ divorce laws will apply in their situation.

When Is Spousal Maintenance Awarded?

The purpose of spousal support is to provide for the needs of a spouse who is unable to provide for their own minimum reasonable needs. Typically, a spouse will be eligible to receive spousal maintenance if the parties have been married for at least 10 years, and the spouse who is seeking spousal support does not currently have the means to support themselves. This will allow a spouse to receive ongoing support payments if they did not work during their marriage or relied primarily on their partner’s income to meet the family’s needs.

While spousal maintenance is rarer in marriages of less than 10 years, there are some situations where it may be awarded. These include cases where a spouse has a physical or mental disability that causes them to be unable to earn enough income to support themselves or where a spouse will be the custodial parent for a child who has a disability that requires a level of care that would prevent the parent from earning a sufficient income. A spouse may also be required to pay spousal support if they were convicted of family violence against the other spouse or their child during the marriage or divorce. Even if a spouse would not normally be eligible to receive spousal maintenance, a couple may agree that support will be paid as part of their divorce settlement, or the terms of a prenuptial agreement may require support to be paid.

...

TX high asset divorceIf you are planning for a high net worth divorce in Texas and have children from your marriage, you are probably worrying about how they will fare emotionally. Generally speaking, children from higher-income households tend to do better in school and tend to have more educational opportunities. However, according to a recent study, a family’s income level might not be a deciding factor when a child’s parents get divorced. To be sure, parental divorce, often regardless of the parents’ income level, leads kids to have a lower grade point average and to struggle, at least in the short term, in school.

Whether you have questions about high net worth divorce in Austin, TX generally or specific questions about kids in an Austin divorce, a Texas high asset divorce lawyer at our firm can help.

Your Child’s Education May Suffer Temporarily Due to Divorce

According to the recent study, children and adolescents with divorced or separated parents do less well in school than adolescents with non-divorced parents. Indeed, at least in the short term, teens with recently divorced parents had a GPA that was lower by 0.3 points, on average, than kids with non-divorced parents. Yet it is important to remember that these effects usually are limited, and as long as parents commit to their child’s education, a GPA can bounce back.

...
Super Lawyers Super Lawyers TBLS AV Martindale
Avvo Top One Expert Top 10 Law Firm
Back to Top