Many Texas individuals will agree that in addition to the emotional upheaval of legally ending a marriage, separating couples must also face various practical issues for which important decisions must be made. Most people know about the need to discuss topics during the divorce process such as living arrangements, financial obligations and child custody. However, sometimes, divorcing individuals do not think to consider how the divorce will impact their credit. Those who fail to do so can suffer from a negative effect on their credit score, so it is important to know what can be done now to avoid a financial mess later.
Once a Texas couple has decided to begin the process of dissolving their union, they know they will likely face many challenging moments before they are legally divorced. Many people find their greatest challenge in negotiating the financial aspects of divorce. As part of this process, typically, the separating couple will be asked to produce a list of assets. While most individuals will easily remember to include marital property, bank accounts, automobiles and the like, many may overlook less obvious assets, some of which hold monetary value and others with sentimental value.
When a married couple decides to part ways, they likely know they will now face many decisions about finances, children, division of assets and potentially many other issues. Many divorcing people find this time very stressful. For most Texas divorcing couples, property division is a significant source of stress during the divorce process, and those who own a family business may find negotiations in this area particularly challenging.
There was a time when most couples married in their 20s, and if a couple separated, typically, they were still relatively young. However, over the last few decades, the trend has changed. According to research, the rate of divorce among adults aged 50 and older has more than doubled since 1990. This trend, called "gray divorce," comes with its own set of potential challenges, as the parties involved are likely preparing for retirement or already retired. Experts offer the following advice to help Texas couples in this position deal with such challenges.