Divorce can be even more complicated when you or your spouse works in the tech industry. Over the last ten years, Texas has seen a tech boom. Many professionals have flocked to the state – and to Austin in particular – for opportunities in this dynamic industry.
This increase in tech industry jobs means that many more divorces involve one or both spouses who work in the tech industry. What should you know about the challenges that work in the tech industry can create?
Tech professionals may face unique challenges during property division.
Besides the usual assets like houses and cars, professionals in the tech industry might also have more specific investments like cryptocurrencies. Texas treats any assets gained during the marriage as equally owned by both spouses. As a result, these complex assets can be a source of conflict during the divorce process.
The high value of retirement savings can create new challenges when dividing that property. This includes things like 401(k) accounts and other benefits like deferred compensation or profit sharing.
Cryptocurrencies like Bitcoin are particularly difficult to divide fairly because their value can change dramatically in a short time. Investments in cryptocurrency may skyrocket in value, or those cryptocurrencies may fall out of favor and suddenly lose value. Couples must decide if they will sell their cryptocurrencies, buy out the other’s share or split the assets between them. Making smart financial decisions is crucial, and working with experts who know about these assets is important to get a fair deal.
The demands of the tech industry can impact your custody arrangement.
Tech jobs often demand long hours and can go beyond the usual 9-to-5 schedule. Many professionals work long hours, follow to “agile workflow” methodologies or find their responsibilities at work increasing to meet tight deadlines.
In Texas, courts focus on what is best for the child, which includes looking at the parents’ work schedules. Tech professionals need to show that they can manage both their job and parenting responsibilities.
A career in tech can impact where you live.
The nature of tech employment can also lead to issues for people who will need to relocate for their work. Many tech positions require on-site or hybrid working arrangements. This can affect not only the logistics of serving divorce or custody documents but also the feasibility of shared custody arrangements if one parent needs to relocate for work.
In such cases, it is vital to have representation from an Austin divorce attorney that can address these concerns. With the right guidance, tech professionals and their spouses can work towards solutions that respect the needs of both parents while prioritizing the welfare of the children involved.
Divorcing when you work in tech in Texas requires careful planning and attention to detail due to the unique challenges involved. Addressing these issues properly can help ensure financial security and emotional health for everyone involved.