Divorce can be an overwhelming experience for anyone, but it can be even more complicated for business owners. A family business may have taken years to build and develop, and a person who has put so much time and energy into their business efforts will most likely want to avoid any issues that could affect their ownership of the company. At the same time, a business is likely to be a valuable asset, and both spouses will want to make sure it is considered properly during the property division process.

To ensure that all marital assets can be divided correctly, it will usually be necessary to perform a business valuation. By taking steps to determine the market value of the business, spouses can place a monetary figure on business assets, giving them a better understanding of the total value of their marital estate. They can also determine whether there are any liabilities that will affect either party and whether a probable increase in value of the business in the future will benefit the person who will own the business. Ultimately, the information gained in a business valuation will inform the final decisions made about the division of all marital property.

Ensuring That a Business Valuation Is Accurate

A business valuation may involve one or more different approaches that take different types of information into account. In many cases, the simplest approach is to add up the value of all business assets and subtract any liabilities, which will give an estimate of the business's worth. However, this may not provide a complete picture of the value of the business. To gain a better understanding of the current and future value of the business, factors such as earnings, profits and losses, and projected growth may also be considered. In cases where couples expect to sell a business during the divorce process, they may gain an estimate of the potential sale price by reviewing recent purchases and sales of similar businesses.

During a divorce in which a couple has children, the court will decide on an amount of child support that one parent will pay to the other. This amount is meant to ensure that both parents are contributing to the children's needs, and it is based on the income earned by the parent paying support, as well as other factors. Courts make determinations based on what is in the best interests of the child, although a judge will also consider the parents' circumstances, as well as issues like the costs of transporting children between the parents' homes and expenses related to child care while a parent is working.

While child support orders are meant to stay in place until children reach adulthood, life does not always stay static, and it is possible that the circumstances of one or both parents may change significantly after the initial ruling. Because of this, parents may wonder if they can modify child support payments after their divorce has been finalized. Fortunately, the laws in Texas provide for the ability to modify child support payments if certain conditions are met.

When Can Child Support Be Modified?

In Texas, the court can modify a child support order if there has been a significant change in circumstances since the original order was entered or if at least three years have passed since the last modification. There are several different situations that could qualify as significant changes, including the loss of a job, a substantial increase or decrease in income for other reasons, changes in child custody arrangements, or significant health care needs for either parent or for a child.

Addressing issues related to child custody is often one of the most difficult aspects of a divorce. Parents whose relationship has broken down are likely to disagree about various child-related issues, and reaching agreements on matters such as who will be responsible for making decisions for children and where children will live may not be easy. One issue that may need to be addressed in a child custody case is the right of first refusal. This may ensure that both parents will be able to spend sufficient time with children, but the parents may disagree about the terms that should be included in their child custody order. By understanding the options in these situations and the laws that may apply, parents can determine how to address the right of first refusal during divorce negotiations.

What Is the Right of First Refusal?

The right of first refusal is a clause included in some Texas child custody orders that requires parents to consult with each other in certain situations before leaving their child in the care of a babysitter or a friend or family member. That is, if the child is scheduled to stay with one parent at a certain day and time, and that parent will be unavailable, they will be required to contact the other parent to see if they are available to care for the child. Essentially, the other parent will have the right to refuse to provide care for the child before any other arrangements for child care may be made. This can ensure that a child will be in the care of a parent whenever possible, and it can relieve a parent's concerns about who is watching their child.

The purpose of the right of first refusal is to ensure that both parents have access to their children whenever possible without giving preferential treatment to either parent or to other parties such as grandparents. It can help parents work together to ensure that children receive the necessary care while maintaining good communication and being flexible when coming up with child care arrangements. It also helps minimize disruption in the lives of children by ensuring they are not shuffled between multiple caregivers when a parent is unavailable.

Divorce can be one of the most difficult and stressful experiences you can go through. As you work to negotiate a settlement that will meet your needs, address the many ways your life is changing, and take steps to ensure that you will be treated fairly, the process of divorce can be emotionally draining. Fortunately, there are alternatives to traditional litigation in court, and divorce mediation is often the most beneficial option for everyone involved. By understanding the advantages and disadvantages of mediation, you can decide if this method is right for you.

What Is Divorce Mediation?

As you consider whether to use mediation, it is important to understand exactly what it entails. Divorce mediation is a voluntary process in which two divorcing spouses attempt to settle their differences with the help of a mediator. The mediator is an impartial third party who facilitates communication between the spouses and helps them work together to reach an agreement on all issues related to their divorce, such as child custody, division of assets and debts, spousal maintenance, etc. It is important to note that the mediator does not make decisions or provide legal advice; instead, they act as a facilitator by helping each spouse understand the other’s point of view while guiding the couple towards agreements they can both be satisfied with.

Advantages of Divorce Mediation

• Cost savings: One of the primary advantages of divorce mediation is that it will provide savings for both parties, especially when compared to traditional court proceedings. While you and your spouse will still be advised to hire separate attorneys, and you may need to pay some court fees during your case, splitting the costs of a single mediator will be much less expensive than paying for your attorneys to negotiate with each other, appear in multiple court hearings, and prepare for a trial. Since the mediation process is often much faster than litigation, it can help save a great deal of time and money in the long run.

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Stay-at-home parents play an important role in raising children and managing a household. However, a parent who has not worked outside the home for an extended period of time or who has foregone career opportunities in order to focus on household responsibilities may be concerned about what will happen in the event of divorce. In these cases, a parent may worry that they will be unable to continue staying at home to provide care for their children, and if they choose to return to work, they may be uncertain about their career prospects and their ability to meet their ongoing needs. Depending on the circumstances of a particular case, a stay-at-home parent may be eligible to receive spousal maintenance (commonly known as alimony).

Types of Alimony in Texas

In Texas, there are two types of alimony that may be available to stay-at-home parents: temporary and permanent spousal maintenance. Temporary maintenance is usually awarded when one spouse needs financial assistance while they wait for the divorce proceedings to be finalized. This type of maintenance typically lasts until the divorce is complete and ceases once it has been finalized. Permanent maintenance will provide long-term financial assistance after the divorce has been finalized.

Permanent alimony will usually only be awarded if specific eligibility requirements have been met. If a couple was married for at least 10 years, and the spouse seeking maintenance does not have the ability to provide for their own financial needs, a court may determine that alimony is appropriate. A person may also be eligible for maintenance if they have been married for less than 10 years, but they have a physical or mental disability that prevents them from working and earning enough to support themselves, their ability to work is limited because they are the primary caretaker of a child with a disability that requires substantial care and supervision, or the other spouse committed acts of domestic violence within two years before the couple's divorce case began.