Texas Divorce and Prenuptial Agreement BLOG

For too many business owners, a divorce spells the end of their marriage and their business. A divorce affects business owners in two ways. First, there is the impact that a divorce has on the time and attention of the business owner. In small businesses, owners are usually the heart and soul of the business. If they are frequently away meeting with lawyers, looking for paperwork or working on divorce settlements, their time running and growing the business suffers. Second is the impact that a divorce has on a business legally. Figuring out what to do with a spouse-owned business can be one of the more complicated aspects of managing a divorce settlement. A number of factors play a role in this determination, including: State law The type of the business Organization of the ownership of the business The role both spouses played in the business The date of the creation of the business Couples do not have to face surprises when it comes to dealing with business ownership in the event of a divorce. There are a number of options available. For businesses that predate the marriage, a prenuptial agreement can spell out how the couple wants to deal…
Read More »

Divorce may have a particularly severe impact on college students, a new study has found. Researchers found that some spouses might put off having a divorce for their children’s sake. But, by waiting until the children are older and on their own away at college, spouses could hurt college students more. Students may feel guilty that their parents stayed married just for them. They may feel that their family life was a lie, and these feelings could impact their college performance. The study out of Arizona State University found that the financial consequences of divorce raise students’ stress levels. Students may find themselves worrying about their parents’ living expenses, since they no longer split the bills down the middle. The divorce also causes them to worry about tuition payments, particularly if the payments become a huge burden for the parent who is now footing the tuition bill. The same study did find several factors associated with students who remained healthy while coping with a divorce during college: Peaceful divorces were much better for students’ health than drawn out and bitter divorces that never seem to heal Students who kept in close contact with their parents stayed healthier than those who…
Read More »

Having fallen behind on his child support payments, “Iceman” Val Kilmer had to resort to selling some of his real estate substantially below what he was originally asking. Of course, it is still not the best market in which to have to sell property. He originally listed most of his New Mexico ranch for $33 million in 2009; then $23 million last October, and finally $18.5 million, the price for which it sold at last. Kilmer married Joanne Whalley in 1988. They had two children together before separating in 1996. Kilmer pays Whalley $27,500 a month in child support, a significant sum that likely explains why he had to resort to selling part of his cherished New Mexico ranch. To many of us, $27,500 in child support seems exorbitantly high, but you have to remember that child support helps children maintain the standard of living that they had before. It would be unfair for Kilmer’s children to go from living the lifestyle of Hollywood children to having it all taken away just because child custody went to Kilmer’s ex-wife, who was not taking in the sort of money that Kilmer was. The child support award helps ensure that the children’s…
Read More »

Who would have ever thought that Kim Kardashian would be giving celebrity couples good relationship advice? Though not explicitly, she seems to have acknowledged a prenup between her and her new husband Kris Humphries. At least that is what we suspect given Kardashian’s comments. No celebrity couple should go without one. With the money at stake and the fickle nature of Hollywood, no one can ever predict what will happen with a celebrity marriage. Kardashian told tabloids, “I don’t really talk finances. My father was an attorney and I’m a smart girl – I’d like to think so – you can do the math.” The math does appear to be in Kardashian’s favor, so it would make sense for her to sign a prenup. Kardashian earns a reported $6 million a year from her reality show and endorsements. Her husband’s NBA salary is $2-3 million a year. Her net worth is estimated to be nearly $40 million, so if the two divorce, she stands to lose a lot more than he does. As a reality star, it seems that anything and everything associated with her life is up for sale. Kardashian received a $2 million engagement ring from Humphries (in…
Read More »