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Houston Divorce Law Blog

Financial affidavits a necessary step in Texas divorces

When couples go through a divorce in Texas, they are typically required to fill out a form called a financial affidavit, which details each party's income, assets, liabilities and expenditures. While at first glance the task may not seem complicated, attempting to put everything on paper, especially in a high net worth divorce, can be a weighty undertaking. But the financial affidavit is extremely important for the calculation of the final divorce settlement, so ensuring accurate numbers should be a primary goal for individuals going through a divorce.

The financial affidavit is used by the court to decide the amount of alimony and child support payments, as well as how any marital property should be divided. With future finances and liabilities at stake, the accuracy of the financial affidavit is crucial. However, it is possible to update or revise an affidavit after it is filed with the court. If your financial situation changes, you should take the necessary steps to make note of the changes on the affidavit.

More women than ever paying alimony, child support

Women in Houston may be interested in a new study showing that more women than ever before are currently paying their ex-husbands alimony and child support. As their salaries increase and their career options expand, many women are being required to contribute financially to their former spouse's way of life. In terms of divorce law, this shift in society also underlines the growing need for prenuptial agreements.

Over half of the divorce lawyers surveyed throughout the United States reported an increase in the number of mothers who are now required to pay child support. In addition, nearly 50 percent of the responders have seen a hike in alimony payments by women.

Former husband's request to re-do property division thrown out

A riveting divorce case with ties to the Bernie Madoff scandal may be interesting to divorcing couples in Houston. The controversial saga follows a man and a woman who divorced back in 2006. Their split-up was relatively uneventful, but the couple made headlines after the man requested that the property division be re-settled.

The divorce involved over $13 million in assets that were divided between the couple. $5.4 million of that amount was supposedly invested by Bernie Madoff. After the divorce, the man elected to keep a large portion of his money in the Madoff investments, but the woman did not. Instead, she chose to receive the proceeds of her divorce in a large cash amount and real estate.

Prenuptial agreements a good idea for older Texans

As older couples in Houston get married, the odds are higher that the man and woman will each be financially stable prior to the union, making the protection of individual assets more important. Although hardly anyone goes into a marriage thinking of a potential separation, unforeseeable circumstances do occur. For older Texans who want to ensure the safety of their financial holdings, a prenuptial agreement may be the best thing for both of the people involved.

One financial advisor compared every young newlywed couple to a start-up business and every older newlywed couple to a merger between two already established companies. It is certainly a good analogy since older people in general have had more opportunities to achieve financial success, while young people usually haven't.

High asset Weinstein divorce cools down

Why do people follow the nitty-gritty details of celebrity divorces? One good reason for paying attention to such split-ups is that they offer talking points for those of us whose personal troubles aren't necessarily making headlines but are nonetheless key elements in divorce proceedings. Also, the concerns associated with celebrity divorces may be especially relevant for Texans going through a high asset divorce.

With that in mind, readers in Harris County who follow celebrity news may be interested in the case of Bob and Annie Weinstein, a powerful movie-industry couple currently going through a bitter divorce. The husband and wife have been making headlines since Annie filed for divorce in early April. The timing of the divorce caught the attention of the tabloids after Annie's family and friends apparently made her the subject of an alcoholism intervention, which, according to Bob, failed.

Protective orders can help prevent domestic violence in Texas

Violence within the family is a serious matter, and it should be treated as such. When a spouse or significant other commits abuse within the household, the harm is both physical and emotional. Fortunately, Texas law allows for a person to obtain protective orders that can prohibit the offender from further threatening the victim.

When violence does occur, police sometimes will issue an emergency protective order in an effort to prevent more violence. Such a situation arose recently in Texas when a woman's ex-boyfriend entered her home and allegedly sexually assaulted her. An investigation by authorities determined that the man entered her home without permission and then confronted another person within the residence with a large knife. After making that person leave, the offender then took the woman and her daughter to one of the bedrooms inside the residence. Police intervened, and the man against whom the protective order was served is now facing a number of criminal charges.

Kardashian high asset divorce saga continues

It may seem that celebrity divorces are a dime a dozen, but no matter how famous or wealthy a divorcing couple is, they still go through many of the same emotional struggles that divorcing couples in Texas face. Readers in the Houston area who follow celebrity culture may be interested in yet another twist in the drama surrounding Kim Kardashian's high asset divorce from Kris Humphries.

Reportedly, Humphries has refused to divorce Kardashian until she apologizes and admits to the public and the court that the entire marriage was a sham staged by the Kardashian family. Although his request is unlikely to be fulfilled, the divorce drama does not appear to be slowing down.

Pets and property division: the courts throw a bone to Rover

When thinking of the property division aspect of divorce, most people probably do not consider the pets as part of that negotiation. But divorce law in all 50 states technically considers the family pet an item of property to be divided. Nevertheless, pets are becoming increasingly important in Texas divorce cases, with some couples even agreeing to share custody and make visitation arrangements.

A 2006 survey of members of the American Academy of Matrimonial Lawyers shows that pet custody cases have steadily increased since 2001. Although the survey is a few years old, the president of AAML believes that the numbers of these types of property division cases are still climbing.

Unmarried couples seeing benefits of prenuptial agreements

An interesting trend is revealing itself in Texas and throughout the country. Unmarried couples are beginning to see the benefits of a prenuptial agreement and are seeking legal protection just in case life doesn't go as planned.

A poll conducted last year by the American Academy of Matrimonial Lawyers shows that 39 percent of divorce attorneys surveyed saw that, in the last five years, there has been a rise in cohabitation agreements between unmarried couples. Houston residents will be interested to know that these contracts can protect individuals from their cohabitants' debt, including student loans and credit card debt. This kind of prenuptial agreement can also address child support and custody issues, as well as protect other personal rights in the event of a breakup.

Retirement affected by property division? It depends on your age

Divorcing Texas couples in the midst of property division negotiations may want to pay attention to a recent story making headlines. The U.S. Census Bureau reports that over the past 20 years, a higher number of older couples, specifically between the ages of 48 and 66, are divorcing. Many people in this age group are either well into retirement planning or may have already retired. The inevitable property division issues arising during a divorce for people in this age bracket could very well affect their retirement prospects.

It can be more common to discuss rising health care costs or address issues surrounding the rapidly increasing cost of living when speaking of retirement. Divorce does not often factor into the discussion that financial advisers have with their older clients, but it's likely the rising divorce rates will more often require such conversations. Divorcing couples at this age in the Houston area should understand the potential financial risks they face after their divorce is finalized.

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Jacob & Fritsch, P.C.
440 Louisiana Street, Suite 1300
Houston, TX 77002

Phone: 713-227-7383
Fax: 713-227-0104
Houston Law Office

Golda Jacob is Board Certified in Family Law by the Texas Board of Legal Specialization

Our Houston office is just a short walk from the Harris County Courthouse.