If you are a business owner, you may have spent years of effort and made significant financial investments to build a successful company. Your business is a valuable asset, and it may also be your primary source of income. This means that you will want to do everything you can to avoid any issues that could affect your business in a potential divorce. Understanding the ways you can protect your business will help you make sure you will be able to continue to own and operate it in the years to come.

Pre-Divorce Methods of Business Protection

Ideally, you will want to address the ownership of business interests well before divorce becomes an issue. If you own a business before getting married, you may wish to create a prenuptial agreement that will protect your business assets and ensure that you will be able to maintain ownership of the business if your marriage ends. If you start or acquire a business during your marriage, you can create a postnuptial agreement that will detail how ownership of the business will be handled if you get divorced. These agreements can help you avoid a great deal of uncertainty if divorce becomes a possibility while providing you with the reassurance that your business will remain intact, no matter what happens.

When parents split up, including when married parents get divorced or unmarried parents choose to separate, they will need to determine how they will share custody of their children. Custody involves a variety of complex issues, and it is likely that parents will disagree about the best ways to handle these matters. However, going to court to fight these matters out is usually not beneficial for anybody, since it will be very expensive and time-consuming, while also placing stress on both the children and the parents. As an alternative, parents can use mediation to settle these issues and reach agreements on what would be best for their children.

Benefits of Mediation in Child Custody Cases

Mediation can be a good solution for addressing multiple types of cases involving child custody. In addition to creating a parenting plan during the divorce process or determining how to share custody of children as unmarried parents, parents can also use mediation in situations where it will be necessary to modify existing child custody orders.

During the mediation process, parents can work together and find ways they can cooperate to meet their children’s needs. Rather than taking an adversarial approach to these issues, they can determine how they will be able to work together and ensure that they will both be able to provide for their children’s best interests. This will help them establish a new relationship as co-parents, encouraging them to maintain communication with each other about issues related to their children, while also being flexible and helping each other out whenever possible.

During 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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Fathers 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:

According 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.