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THE MANY NUANCES OF MARRIAGE

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The decision to marry is one of the biggest you will ever make, and can have enormous impacts on your life. When two people decide to get married, they’re joining their finances, their lives and their families together in ways that are legally binding and that often cannot be undone without legal action. That said, there are plenty of things that Houston family law attorneys wish you knew about marriage so you can have the happiest and healthiest relationship possible as well as provide your future children with the stability they need. Here are just a few of those things.

Dissolution

If a couple has been married for less than two years, they have what is called a no-fault divorce, meaning neither person is at fault for breaking their marriage vows. However, if they’ve been married for more than two years and have any children under 18, then there must be a reason stated for their dissolution.

Property Division

When a couple splits, all property will be divided by equitable distribution. Equitable distribution is generally defined as fair or just distribution. In Texas, there is no predetermined percentage for equitable distribution; each case depends on its unique circumstances. However, according to experienced Houston family law attorneys at Thompson & Knight, many judges use a 50/50 split when dividing marital assets.

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Child Custody

If you are going through a divorce, one of your biggest concerns will likely be child custody. If parents cannot come to an agreement, it is up to a judge to decide who will retain custody and what parenting schedule will be in place. If a couple can’t agree on custody and parenting schedules for their children, there are several alternatives for resolution. Collaborative divorce is often recommended as a positive alternative that promotes cooperation between parties and allows parents more say in how they raise their children.

Visitation Rights

Visitation is one of those legal terms that doesn’t always translate easily. Essentially, visitation refers to a noncustodial parent’s right to spend time with his or her child.

Spousal Support

Before you walk down that aisle, it’s important to know what your future may hold. If your nuptials don’t last or if they end because you decide to divorce, you’ll need to know how spousal support will work. Spousal support is awarded by a court when one spouse earns significantly more than another and needs some financial assistance until he or she can become self-sufficient.

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How to file bankruptcy?

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Filling bankruptcy is highly suggested for those who are heavily indebted and there is no possibility of repaying it in near future. This practice isn’t common and our society is found insensitive in filling it. But filing bankruptcy gives a space to start things afresh. It even lets to escape from the sphere of influence of your creditors. In this article, you will gather more information regarding how to file bankruptcy and things it incorporated.

Tips to file bankruptcy:

Bankruptcy is more like a restart button to your life. It gives you the option to restart things when you are facing a huge financial mess and your liabilities seems higher than assets. The following steps help learn how to file it.

  • Prepare your balance sheet:

In general, bankruptcy is a legally acquired status and it has to be proved in your court. Assets and liabilities, you hold becomes the evidence to a court. Prepare a balance sheet enlisting all the details. Interpreting all those details and evidence, you acquire the state of bankruptcy.

  • Consult a legal advisor:

Discuss with an expert advisor. When an expert goes through the balance sheet you had prepared, he or she will explore the probability of winning a court case. They can improvise it accordingly. your legal advisor lets you explore the possibilities of individual filling or joint filing just in case if you are married.

  • File a lawsuit:

Now, it is time to consult your attorney to file a petition. In general, these cases are filed under the Provincial Insolvency Act. Your attorney has to fight the case in court to win it. When you win the case, you will get the bankrupt status and redeemed from the hounding of your creditors.

Bankruptcy is not a desirable state but it is always worth considering when there is no other go.  When you achieve the bankruptcy from the court, it is possible to start your life fresh and achieve better things. There are benefits achieve bankruptcy. The key benefit it offers is mental peace. Yes, financial stress goes down with bankruptcy. You can make a better decision and act in the future. But one thing you need to bring a sharp focus is credibility. It will bring down your credibility and cost of filling can also be high.

Hope you get better idea about filing bankruptcy and pros, cons it encompasses.

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