A divorce can be quite a complicated process mainly if it is contested unlike if you’re in Texas, you can get an uncontested divorce houston tx lawyer to accelerate the procedure without heading to the court and incurring massive legal expenses.
This article will explore seven areas of contention in typical divorces.
This one can be quite tedious if you have many young children. There are many legal aspects to discuss when it comes to children. This includes child support and custody. Who will get custody and who will get visitation rights? The court will also address the financial aspect. This includes education and insurance costs for the children. The judge will also determine even the religious upbringing of the kids.
Determining child custody and visitation will also bring in matters such as parental behavior on children. For example, if there is evidence of violence on the children on the part of the parent, then that parent can lose custody rights and be forbidden to visit unless medical help is sought.
Another key area of contention is property matters especially if you and your spouse have many real estate properties and also business assets. These things will have to be declared for the proper division to be done. Even financial assets such as stocks and bonds will have to be valued, and the court proceedings will determine how these marital assets will be divided. The same will be done with physical assets such as cars and furniture.
Usually, it’s the husband who provides spouse support to the wife. The judge will determine the duration and the amount of the spousal support aside from the financial aid to the children.
Any debt incurred during the marriage will also have to scrutinize. The judge will have to decide who will be given responsibility for paying these. This is especially true for loans that were co-signed by both parties.
Divorce tax matters
There is a considerable tax implication when a divorce happens. That is why accountant-lawyers are in massive demand in the field because they also know the financial or tax side of divorces. For example, is the spousal support payments tax deductible? How about child support payments? Even the fees to the lawyers can be tax deductible if adequately applied for.
If the retirement benefits are a major asset of the couple, then it can be divided up by the judge. However, if the couple has plenty of assets to take care of, this one is usually left to its own, depending on whoever has the name on the retirement plan.
Obviously, divorce will remove some benefits derived from the employer’s compensation package. This includes health insurance and other perks like discounts that come with the job. This has to be tackled and be made clear during the divorce proceedings.
Divorces can genuinely be messy aside from the emotional stress. It’s imperative to hire competent lawyers and accountants to get a fair transaction and to speed up the process.
Couples should seek all means possible to save their marriage before considering divorce.