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Plano Divorce attorney High AssetsDuring any divorce, issues related to property division can be difficult to resolve. However, these matters can become much more complicated in a high net worth divorce. Spouses who own significant assets, either together or separately, will often need to work with multiple types of experts to gain a full understanding of what they own and determine how to divide these assets properly. During the divorce process, a spouse will need to make sure they are represented by an attorney who understands the unique financial issues they will need to address and who can provide strong representation in legal proceedings.

Dividing High-Value Assets

While all divorcing couples will need to address assets such as financial accounts, vehicles, and physical belongings, couples who have a high net worth may need to address a number of unique types of assets, including:

  • Investments - In addition to the balances of financial accounts, spouses may own multiple other types of financial instruments, such as stocks and bonds. These assets will need to be properly valued, and spouses will need to understand the potential tax consequences that may result from selling or transferring these assets.

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Plano fathers rights lawyerFathers often struggle against stereotypes when they get divorced. Mothers are typically seen as the parents who are primarily responsible for childcare and household responsibilities, and fathers may feel that they are not afforded the same consideration.

Even if a father has taken an active role in caring for his children, he may worry that he will be portrayed as a “deadbeat dad” and denied the ability to continue to be closely involved in his children’s lives. During the divorce process, it is important to work with an attorney who can help protect a father’s rights.

Fathers’ Rights in Texas Divorce Cases

Texas law defines a number of different rights and responsibilities that apply to parents. These include:

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Plano divorce attorneysAccording to most experts, the overall divorce rate in the United States is on the decline. However, the divorce rate for individuals over age 50 has doubled in the last several decades. Older individuals who divorce deal with a much different set of challenges than younger couples. Furthermore, the financial impact of divorce is often much greater for older adults than younger adults. If you are over age 50 and you are considering divorce, make sure to keep the following considerations in mind.

Property Division in a “Gray Divorce”

Divorce involving spouses nearing retirement age has been nick-named “gray divorce.” Individuals in their 50s, 60s, and 70s, have decades worth of accumulated assets. Many individuals entering into a grey divorce also own complex assets like investments, real estate, small businesses, and professional practices. Whether property division is resolved through an out-of-court agreement or litigation, assets must be accurately valued before they can be divided.

In addition to valuing assets, the identity of the property must be determined. Per Texas law, property and debt that is accumulated by either spouse during the marriage is community property. Assets acquired through inheritance or gift are exceptions to this rule. Separate property includes property that a spouse owned prior to getting married. Both spouses are entitled to a fair share of property classified as community property.

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Texas family law attorneyEven when it is in the best interests of your family, divorce is a difficult topic for most kids. Concerns about family life are normal, in this case, and it is up to you to assuage your child's fears.  According to HealthyChildren.org, the way you break the news to your kids can have a huge impact on their feelings toward the matter. Here are a few methods you can use to talk to your children about divorce. 

Emphasize Safety and Security

While you should always communicate openly and honestly to kids, make sure they know are still safe and secure. Many children wrongfully assume that divorce means they did something wrong, which is extremely distressing. Instead, explains that their relationships with each parent will not change and that they will continue to receive the same amount of love and affection from their parents. 

Use Clear, Simple Language

This is especially important with younger children. You do not need to go into unnecessary details about your split, but you must provide clear information on what it means going forward. For example, if your spouse is leaving the family home, kids should know that as soon as possible. Gauge each child's maturity level to decide how to break the news. 

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