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Legal and Financial Issues to Consider in a Gray Divorce
While couples can get divorced at any age, people over the age of 50 are one demographic that has seen large increases in divorce rates over the past few decades. There are a variety of reasons for the rise in “gray divorce” cases, including a higher likelihood of financial autonomy for women, the ease of finding new partners through online dating, and an increased social and religious acceptance of divorce. Whether a couple has been married for a long time or has a high net worth, they may need to address some unique issues in a gray divorce that may not necessarily apply for younger couples.
Divorce Issues for Spouses Over 50
Some of the unique concerns that couples may face in a gray divorce include:
- Child-related issues - Older couples may not necessarily need to address issues related to child custody or child support, since any children they have are likely to have reached adulthood. However, they may need to update their estate planning documents to address any decisions made about inheritances received by their children following the death of either spouse.
How a Prenuptial Agreement Can Protect Your Business During Divorce
If 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.
How Parental Alienation Can Affect Child Custody Disputes
When parents get divorced, they will need to address multiple concerns related to their children, including how they will share in making decisions about how their children will be raised and when children will live with each parent. While parents will often disagree about how to handle these matters, they may be able to work together to resolve their differences and reach agreements on how to meet their children’s needs. However, some contentious divorce cases can involve complex child custody disputes, requiring parents to take legal action to protect their rights and their children’s best interests. Parental alienation is one issue that may play a major role in these disputes, and a parent will need to understand how to respond in these situations.
What Is Parental Alienation?
It is common for divorcing parents to feel some negativity toward each other. However, it is also important for them to recognize that their children deserve to have positive relationships with both parents. Unfortunately, some parents try to harm their children’s relationships with the other parent. This may be done intentionally, such as by making negative comments about the other parent or blaming them for the divorce, and a parent may hope to have children take their side and ask that custody disputes be resolved in their favor. Parental alienation may also be more passive, such as when a parent reacts negatively when a child talks about enjoying their time with the other parent.
When Can Child Support Be Modified Following a Texas Divorce?
A 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.
Frequently Asked Questions About Spousal Support in Texas Divorce Cases
Spouses who are going through the divorce process will need to address multiple different types of legal and financial issues. The laws surrounding divorce can be complicated, but by working with an experienced attorney, a person can gain a full understanding of their rights and obligations, and they can determine the best ways to achieve their goals. Spousal support, which is commonly known as alimony and referred to as spousal maintenance in Texas law, is one issue that spouses will often have questions about. These questions may include:
When Is a Person Eligible to Receive Spousal Support?
Typically, a spouse will only be able to receive maintenance if they do not own enough assets, including marital property awarded to them during their divorce and separate property owned independently of the other spouse, to reasonably provide for their minimal ongoing needs. If this is the case, spousal support may be awarded in the following situations:
Updated: The Risks of Selling Assets Prior to Divorce Without Your Spouse's Approval
UPDATE: To avoid financial issues during divorce, spouses should take care when making any major decisions about money or property, including entering into any major transactions. To ensure that marital property can be fairly divided between spouses, the parties should fully disclose all relevant financial information related to their marital assets, as well as all forms of separate property. Spouses should not sell, give away, destroy, or otherwise dispose of any physical items, financial assets, or other forms of marital property. If a spouse does so, they could face consequences as described below.
Unfortunately, when a person commits fraud against their spouse, this may lead to the loss of assets, limiting the financial resources that are available during the property division process. To prevent this, a spouse may ask the court to issue a temporary financial restraining order. This type of court order will prevent both spouses from making any major financial transactions or taking any actions that could cause financial harm to their former partner. Spouses will be permitted to make regular expenditures to cover the costs of daily life, and as they work through the divorce process, they can ensure that the majority of their marital assets will not be affected, allowing them to reach a settlement that is fair and equitable for both parties. If you believe that a temporary restraining order is needed in your divorce, or if you need to address other complex property issues, an Austin divorce lawyer can provide you with legal help and representation.
How Can a Protective Order Protect the Safety of Family Members?
There are many different types of situations where a person may fear for the safety of themselves, their children, or other family members or people who live in their home. Whether a person in a family has been the victim of domestic abuse, or conflict between divorcing spouses has escalated to the point of physical violence, those who are in danger of harm can take action to address this issue and prevent a person from abusing, injuring, or threatening them. People in Texas who are in this type of situation will need to understand their options for receiving a protective order that will help keep them and their family safe.
Types of Protective Orders
Those who are in need of immediate protection can file a petition in court for a temporary protective order, which is also known as an “ex parte order.” If a judge believes, based on the information contained in an application for an ex parte order, that there is a clear and present danger that a person will commit family violence, they may issue a temporary protective order without holding a hearing. This order may prohibit a person from taking specific actions, such as committing domestic abuse, contacting the petitioner or their family members, or entering a shared residence. Temporary protective orders can remain in effect for 20 days, and they can be extended for additional 20-day periods if necessary.
How Can I Address Wasted or Dissipated Assets During My Divorce?
The breakdown of a marriage will often involve strong emotions and heated disputes between spouses, and this can sometimes lead people to behave inappropriately. In some cases, a spouse will waste money or act in ways that result in the loss of marital assets. This is known as the dissipation of marital assets, and it can take a variety of forms. A spouse may make large purchases solely for their own benefit, or they may spend money while having an affair. In some cases, spouses may even purposely destroy property or otherwise waste money or assets in an attempt to harm their spouse. These actions can affect the division of marital property during the divorce process, and complex property litigation may be needed to address this issue.
Fraud on the Community
Asset dissipation is a form of fraud against the “community” of a couple’s marriage, although it will usually not result in criminal charges. In some cases, dissipation may constitute actual fraud if a person acted dishonestly with the purpose of depriving their spouse of the use of marital assets. However, in most cases, dissipation is considered “constructive fraud on the community,” meaning that a person used, gave away, or otherwise disposed of marital assets without their spouse’s consent.
Will I Be Responsible for My Ex-Spouse’s Tax Debts After My Divorce?
A high net worth divorce will involve a wide variety of financial issues that will need to be addressed, but tax-related matters are one area that can sometimes be overlooked. Those who have complex finances may have tax liabilities, and in many cases, one spouse may be unaware of the debts owed to the IRS. It is important to address these issues during the divorce process, and divorcing spouses should also understand their options if the IRS attempts to collect the taxes owed.
Tax Liabilities and Innocent Spouse Relief
When a married couple files taxes jointly, both parties will be liable for any taxes owed, including in cases where the IRS conducts a tax audit and determines that the parties have tax liabilities due to errors on a joint tax return. Even if a divorce decree or judgment states that one spouse will be solely or primarily responsible for paying tax debts, the IRS can disregard these orders and attempt to collect the amount owed from either or both spouses.
How Can I Protect Family Wealth During My Divorce?
During a high net worth divorce, spouses will not only want to make sure their own financial interests will be protected, but they may need to take steps to ensure that other family members are not negatively affected by the end of their marriage. Those who come from wealthy families will want to make sure their family’s assets will not be lost during divorce proceedings. Spouses who have acquired significant assets during their marriage may want to ensure that certain assets will be preserved and passed on to their children or other family members. Business owners, executives, and those with large incomes may need to determine how to divide their marital assets in a way that will allow family businesses to remain in operation while making sure they and their families will have the resources they need in the years to come.
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