In the state of Texas, there are two different types of alimony payments. The first is contractual alimony and is a private agreement made between the parties. With this type of payment, there is no limit to the duration or amount of payments. With the contract being made between consenting adults and agreed to ahead of time by both parties, there also are not any stipulations regarding eligibility requirements.
Many citizens of Texas have had to undergo the divorce process, but the financial repercussions of the marriage do not necessarily end at the same time as the marriage. Even after the divorce decree is years old, it can be possible for an ex-spouse to be the target of collection efforts and subject to damage to their credit rating due to possible financial inaction or irresponsibility on the part of the other former partner.
Texas residents may be interested to learn that the number of couples getting divorces after the age of 50 has increased compared to 1960. Experts say that in this age group, divorcing couples may be leaving too much money unnoticed when it comes to retirement accounts.
Texas residents that enjoy the music of Marc Anthony and Jennifer Lopez might have heard that their divorce was finalized in a California family law court on June 19, 2014 after three years of marriage. The judge awarded joint legal custody to both parents regarding their six-year-old twins. The entertainers came to an amicable agreement regarding visitation and agreed that no child support or spousal support was necessary.
For Texas couples about to end their marriages, it may be difficult to think of property division and the various aspects of the legal process. Though any divorce is fairly involved, some high asset divorces involve a special level of complexity. The current proceedings of director Michael Moore, for example, include the division of tens of million of dollars that he and his wife of 23 years, Kathleen Glynn, accumulated over their marriage. Moore is well-known for various documentaries, most notably "Fahrenheit 9/11". Though he is quite a bit more famous than Glynn, she produced several of his documentaries.
For some Texas residents contemplating divorce, there are questions about basic choices that are made during that process. Decisions over alimony and property, as well as retirement accounts, may best be made when a workable understanding exists.
For many couples, divorce can lead to strong emotions, disagreements and considerable stress. However, those who are going through a high asset divorce may have an even more complicated separation. In McKinney, TX, people who are dealing with the end of a marriage should thoroughly review their options and do everything they can to prepare for divorce properly. From property division to child custody, there are many things that some people in this position have to consider.
When two people come to the end of a marriage, they must participate in important legal processes that validate the termination of their marriage. If an individual fails to comprehend the implications and underlying principles associated with divorce, as well as its distinction from legal separation, they may later face negative legal repercussions.
When a marriage dissolves within the state of Texas, the divorce court may address each parent’s individual visitation and custody arrangement with any children that are involved. Child custody establishes a set routine that is meant to provide children with the most optimal and stable living condition possible.
Issues related to money matters, including financial dishonesty and conflicting spending practices, are some of the most widely noted reasons why couples in Texas choose to end their marriages. Recent findings indicate that America’s improving economy is causing an increase in the national divorce rate.