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Dallas-Fort Worth Family Law Blog

Tracing cryptocurrency in a divorce

The divorce process for some Texas couples may be more complicated if one or both partners own cryptocurrency assets. Most people both in and out of the legal system are unfamiliar with cryptocurrency, and the asset can be both easy to hide and difficult to valuate.

Cryptocurrencies purchased through an online exchange can generally be traced; although, even this can be challenging for people who are unfamiliar with the asset. By studying bank statements, one financial expert found $100,000 in a cryptocurrency investment that a husband did not disclose in a divorce case. Cryptocurrency that is purchased directly instead of on an exchange and then moved offline can be nearly impossible to trace. However, consequences for hiding assets can include having to pay a larger share to a spouse or going to jail for contempt of court.

Claiming dependents and tax credits following a divorce

Many things change when a couple ends a marriage in Texas, especially if children are involved. One of these things is how taxes are handled, especially when it comes to claiming dependents and taking advantage of tax credits. Being able to claim a Head of Household filing status coupled with the possibility of claiming tax credits has the potential to add up to significant savings or provide extra cash.

The Tax Cuts and Jobs Act eliminates the personal exemption while doubling the Child Tax Credit. When more than one individual, whether a parent or non-parent, is claiming the same dependent following a divorce, how taxes are handled may be dictated by a custody, divorce or separation agreement. In the absence of such arrangements, the IRS has "tie-breaker" rules that apply. With relationships to the child, parents take preference over any non-parent who may be involved with a child's care.

These co-parenting mistakes can impact your post-divorce life

The thought alone of co-parenting is enough to raise your stress level. Once you're in the thick of things, you'll come to find that there are potential mistakes and challenges waiting around every corner.

As you move into your post-divorce life, it's important to focus on the personal well-being of you and your children. As far as your children are concerned, being a good co-parent will go a long way in providing the stability they need.

Getting through a gray divorce

As many people in Texas may already be aware, divorce can be a very difficult process that's emotionally and financially draining. This is just as true no matter how old the couple may be. However, the increasing rates of "gray divorce," which involve spouses over 50, has led to many unique issues for Americans close to retirement.

There are many reasons why older people may choose to get divorced. Apart from the fact that the social stigma surrounding divorce has waned over the past few decades, older couples may choose to separate as a result of financial issues. For instance, if either spouse has a problem managing money or is struggling with too much debt, this may lead to a lot of fighting. Alternatively, if either spouse is the sole breadwinner of the house and makes all the financial decisions alone, this monopoly of power can lead to trouble.

Divorce and business ownership

When a Texas couple divorces, they generally must go through a process of dividing all of their assets and liabilities. In situations when one spouse owns a business, this process can become more complicated. If steps have not been taken to protect the company before and during the divorce, the fate of the company could be jeopardized and the spouse that owns the business may find him or herself in a difficult position when trying to rebuild financially after the end of a marriage.

The best time to start protecting a business in case of divorce is before the marriage actually takes place. This can take the form of a prenuptial agreement in which both parties agree that the business belongs to the person who founded it and the other person agrees to a financial division that can keep that business intact.

Learning more about divorce legal issues

Texas spouses who are unhappy in their marriages may be thinking about divorce. While they might first consider the emotional and personal aspects of ending a marriage, divorce is fundamentally a legal and financial process that comes with significant consequences. By learning more about the process, one may be better equipped to emerge successfully from their divorce with a plan in place for the future.

While state laws vary from place to place, divorce generally involves three stages: filing, discovery and disposition. In some cases, a marriage is ended through a courtroom trial, but in many other cases, the vast majority of the work is done in mediation to arrive at a negotiated settlement. The discovery portion of the divorce focuses closely on financial matters and the respective finances of both spouses going through the split.

Divorce trends may change with age

People in Texas may decide to divorce at different times and stages in life. Across the American population, however, people are more likely to have some experiences at certain times in their lives. One report examined census information to look at the outcomes of people's marriages based on their age.

For example, in 2017, around half of 30-year-old Americans had never been married. While around 40 percent were in their first marriage, another 10 percent were separated, divorced or on their second or later marriage. By the age of 63, around 41.5 percent of the participants were either separated, divorced or remarried. Trends in divorce have changed over the years, and the 2017 results were compared to 1980 and 1960 results. In 1960 and 1980, a higher number of people were divorced, separated or remarried by 30.

Reasons why couples divorce

Texas couples who decide to end their marriage may do so for a number of different reasons unique to their situation. However, there are some reasons for divorce that are very common.

A list of the most common divorce reasons was created based in part on a study that was conducted by the National Center for Biotechnology Information. The study entailed surveying 52 people who had taken part in a prevention and relationship enhancement program before they got married. The focus of the program was to instruct couples about conflict resolution and communication. The individuals who were surveyed were those who were divorced 14 years after they had participated in the program.

Divorce mediation frequently asked questions: Answer these

Most divorcing couples find it difficult to get along with one another. For this reason, they immediately assume that divorce mediation is out of the question.

Rather than look down on this strategy from the start, it's better to learn more about what it can do for you.

How to make a parenting schedule

When Texas parents get divorced, they may have the challenging task of creating a parenting schedule. This is the plan for when the child will stay with each household. Its purpose is to ensure that the child is able to maintain a relationship with both parents. Parents should stay focused on this purpose and should not try to use the parenting schedule as a way to get revenge on one another.

It is important for parents to try to approach the situation from the child's point of view. For example, if the child has a regular child care provider, maintaining that relationship can help ease the transition. The schedule should be focused on what is convenient for the child and not the parents. Therefore, the parents should take the child's regular activities into account. They should also consider the logistics of where they both live in relation to school and extracurricular activities. Older children may want to express some preference about the schedule. If a child has special needs, these must be considered as well.

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