Going through a divorce in Texas can be extremely difficult on top of being a potentially complex legal process. Without guidance from a family law attorney, many people make critical mistakes that can negatively impact their case both in the near and long term. Here are some of the most common pitfalls to avoid if you are getting divorced in Texas.

Failing to Gather Important Documents Early On

Not having all your financial statements, tax returns, property records, mortgage documents, investment accounts, and other key paperwork organized ahead of time can significantly stall the legal proceedings. Make copies of all shared assets and debts. Locate any prenups, marital agreements, or deeds. Do not make your lawyer hunt down disorganized paperwork.

Forgetting to Change Beneficiaries

It is crucial to remember to update life insurance policies, retirement accounts, and any other assets that still designate your soon-to-be ex-spouse as beneficiary. Failing to remove your spouse could award them funds later on outside the divorce settlement. Updating beneficiaries prevents problems down the road.

Alimony, or spousal support or maintenance, is a financial arrangement designed to assist one spouse after a divorce financially. In Texas, alimony isn't as common as in some other states. However, family courts may still award it in certain situations. If you are going through a divorce in Texas, it's essential to be aware of the various types of alimony that could come into play. When you hire an experienced Frisco spousal support attorney, they can help you understand the different types of alimony in Texas and the factors that courts consider when awarding it.

Temporary Alimony 

Courts sometimes award temporary alimony to a lower-earning or financially disadvantaged spouse during the divorce proceedings. This support is meant to help the recipient spouse maintain their standard of living until the divorce is finalized. 

To be eligible for temporary alimony in Texas, the requesting spouse must demonstrate financial need and meet specific criteria, such as having been married for at least ten years or being a victim of family violence. If you have such a need, your Frisco spousal support attorney can help you establish it with the court.

When it comes to divorce decrees, situations may arise where modifications are necessary to ensure that the agreement aligns with the evolving needs of the parties involved. In this article, we will explore the process of modifying a divorce decree in Texas, highlighting the importance of seeking professional legal guidance to navigate this complex procedure successfully.

Modifying a Divorce Decree in Texas

Life is full of unexpected twists and turns, and sometimes the terms outlined in a divorce decree no longer reflect the current reality of the individuals involved. Whether it's a significant change in income, relocation, or alterations in the needs of children, it is crucial to recognize when modifications are warranted.

Common Reasons for Modification

Modifications to divorce decrees in Texas typically revolve around key aspects such as child custody, visitation rights, child support, spousal support, and property division. Significant life events, such as job loss, a substantial increase in income, or medical issues, can necessitate changes to these crucial elements.

According to Texas law, divorcing couples must disclose all relevant information regarding their assets. This can include property, financial accounts, retirement assets, and more. If you suspect your spouse is dishonest in disclosing their assets, contact a skilled divorce attorney in Collin County. 

Signs Individuals Are Trying to Hide Assets 

Here are some ways an individual might use to conceal marital assets:

• Transferring property or money out of joint possession or a joint account and into the possession of a relative or friend

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The divorce rate has tripled for people who are 65 years of age and older. At this stage of life, you likely have more assets to divide than other couples, and you may be more set in your ways. But if you have made the decision to end the marriage, you will likely have to divide both assets and liabilities. A skilled divorce attorney can help you make sense of the division of marital assets and how to protect your interests.

Property Division

If you and your spouse purchased a home during the marriage, or any other property, for that matter, it is subject to division during the divorce. Texas is considered a community property state which means marital property is divided equally. In other words, property acquired during the marriage is considered joint property and should be divided in a divorce proceeding. Separate property includes assets acquired before marriage.

What Happens to Our Business?

If you and your spouse have a business, it is important that you preserve your investment. You need an attorney who knows how to determine the value of a business and make sure your interests are protected. At The Law Office of Linda Risinger, we will agree on strategy and valuation methods with a business appraiser and negotiate a fair settlement for the division of business assets.