Sep 03
Property division during a divorce is always a hot-button issue, but division is more complex if a family-owned business is the primary income generator. When the time comes for the spouses to separate their assets, their business will generally be considered property that must be valued and split. To divide the business, either one party can purchase the interest of the other, or the couple sells the company and shares the profits. In either case, the business must be valuated. Valuations a...
read moreSep 02
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Has Your Spouse Financially Cheated You? It is not unheard of a spouse being inclined to make transactions that favor themselves and harm their spouse in the midst of a divorce. For example, one might choose to pay off old debts, transfer money to a relative, or spend community funds on a paramour. If this has happened to you, there are several ways an experienced lawyer can attempt to recover those funds. Texas law is designed to correct any depletion of community assets arising from the w...
read moreSep 01
The Basics of Texas Marital Property Law and Retirement Dividing retirement accounts in a divorce can be complicated. If you want to protect your retirement or believe you are entitled to some of your spouse’s plan, understanding the details of your case and how the law handles questions of ownership is essential. Texas is a community property state. This means that all property divided in a divorce is presumed to fall under the characterization of ‘community property....
read moreAug 31
When two spouses get divorced they have to divide the property they own. There are two types of property that spouses can own: community property and separate property. Community property is any property that is not separate property. (more…)
read moreAug 31
Several years ago, a couple with three dogs, two cats, and a rabbit filed for divorce. According to Texas law, the animals were pieces of property owned jointly by the couple, and since Texas is a community property state, the animals were divided between the couple just like all other assets in the marital estate; the dogs were given to the wife and the cats to the husband. The rabbit died during the divorce proceedings. When it came time for the animals to move to their respective ...
read moreAug 31
What are Reimbursement Claims? A “reimbursement claim” is an attempt by one estate (typically the separate estate of one spouse) to recover money spent on another estate. When this type of cross-estate spending occurs, separate and community assets may become “commingled,” opening the possibility of reimbursement claims. (more…)
read moreAug 30
When considering the division of household goods and personal property, courts seek to divide the assets reasonably rather than evenly; this rarely results in a 50/50 split. It is impossible to evenly split personal property because each individual places a different value, both numerical and sentimental, on items. How to Agree to Split Personal Property with Your Spouse Most couples are able to review the contents of the marital residence and informally agree on an item-by-item division. ...
read moreAug 30
Understanding what is likely to happen to a business is one of the most critical and complex issues facing business owners during a divorce. A key first question is whether a business will be considered community or separate property. (more…)
read moreAug 30
Community property is defined through exclusion as “the property, other than separate property, acquired by either spouse during marriage.” Texas courts presume that all property acquired during a marriage belongs jointly to both spouses. This “community estate” is subject to a “just and right” division by the court, generally as close to 50/50 as possible. (more…)
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