A divorce in Texas can lead to various insurance-related issues. If a spouse has health coverage under a spouse's employer-based plan, for example, they might need to look into getting a new policy. COBRA allows a three-year continuation of the employer's plan, but this is still temporary.
One difficult aspect of divorce for people in Texas might be keeping talk of the divorce out of the office, but it is necessary to do so. The stress of divorce can negatively affect a person's work performance, and talking about the divorce or other personal issues at work may cause problems later if any coworkers are deposed as part of the process.
As a couple goes through the divorce process in Texas, they have many things to think about. If they are parents, there are questions of custody that need to be addressed. If they are homeowners, they need to resolve questions about property division. During the divorce process, it is easy to be focused on the here and now and the emotions that divorce kicks up. However, divorcing individuals also need to think about their future, particularly how the financial decisions they are making now will affect them when they reach retirement.
A number of Texas residents have likely followed the divorce of Jeff and MacKenzie Bezos. A topic that may be of interest to many is how the divorcing couple will be able to divide the wealth that their business was able to accumulate. Unquestionably, dividing up an estate as large as this one is going to be complicated.
If a couple owned a business while married, it will likely need to be divided in a divorce. To determine how to divide a Texas company, it must first be determined how much the company is worth. From there, the former couple can determine how they want it to operate going forward. It is possible for people to remain business partners after their marriages come to an end.
It isn't uncommon for couples who are getting divorced to have disputes over money. However, Texas residents may complicate matters when the money takes the form of Bitcoin or other digital currencies. According to a 2018 survey from the Global Blockchain Business Council, only 5 percent of respondents said that they currently owned virtual currency. However, another 21 percent were considering such an investment in the future.
Elderly divorce rates have been increasing over the past few decades. Back in 1990, about 10 percent of people over the age of 50 filed for divorce. About a quarter of people over 50 file for divorce today, giving them the name of "grey divorcees." What some people living in Texas might find surprising is that this is all happening against a backdrop of overall declining divorce rates in America.
The economic aspects of a divorce can be quite divisive for separating spouses. For many Texas couples, financial disagreements are what led to the divorce in the first place. If one or both partners own a business, the property division process can be even more complicated. Factors such as whether the business was started before or after the marriage and how much growth the business experienced during the marriage are relevant issues in determining how the assets will be handled.
Those in Texas and throughout the country who get a divorce may want to account for how it could impact their retirement. This is a good idea regardless of how long into the future a person wants to stop working. Almost any type of retirement account could be divided in a divorce even if there is only one name on the document. An IRA is an example of an account with one name on it that could be considered marital property.
When Texas couples with a high net worth choose to end their marriage, the resulting divorce can be complicated. Therefore, there are steps that they should take to make sure that they settle the divorce in as timely and clean a manner as possible. The first step is to create personal and professional priorities and advocate for them during divorce settlement talks.