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Dallas, Texas Family Law Blog

Will you need a forensic accountant to find hidden assets?

During a divorce, couples typically clash over two primary issues: child custody and asset division. Even if you and your spouse do not have children, you could find yourself in a protracted divorce battle if you can't see eye to eye about who gets what.

Texas law is clear about asset division. Texas is a community property state. That means that the courts consider all assets acquired during your marriage, as well as all debts, as community property subject to equal division. However, there are exceptions to this principle.

Mistakes to avoid in a grey divorce

Divorcing later in life comes with a different set of challenges than for couples that divorce under the age of 50. People that divorce at a younger age have time to rebuild retirement accounts, investment portfolios, and their lives in general.

Now that you are considering divorce with retirement right around the corner, you may be wondering how you will recover. You and your spouse will have to divide the wealth you have accumulated during the course of your marriage. Even now, you may be making adjustments in your life, and after your divorce becomes final, your lifestyle may have to change in significant ways. Fortunately, making the right moves now can make a difference when it comes to starting over.

What happens with student loans and other debts in divorce?

When couples divorce, people typically focus on issues like asset division and child custody. However, the division and allocation of debts can have a significant effect on the size of the property settlement you receive.  You may think that just because you didn't co-sign for a credit card, you won't be responsible. The courts in Texas, however, have a different view when it comes to financial responsibility and fair division of both assets and debts in a divorce.

Let's say that your former spouse completed school before you were married. Chances are, those debts won't affect your community property settlement. But if your former spouse took out those student loans during your marriage, you may incur liability for a substantial amount of that debt. Texas law leaves it up to the courts to interpret what is the fairest way to split up both assets and debts. They won't just look at amounts and who benefited. The courts will also look at who has greater earning potential and at the reason for divorce. Fault can result in more uneven distribution of debts.

Avoiding fees when dividing retirement accounts in divorce

Certain community assets are are difficult than others to accurately divide during a Texas divorce. For many couples, retirement accounts and pensions may seem straightforward. After all, these accounts have a clear balance. It's easy to determine what was deposited during the course of the marriage, as opposed to what was in the account before the marriage.

You may assume it's only a matter of making a transfer or agreeing to the amount each spouse will receive, but it's actually more complicated than that. Even if you both agree on exactly how the accounts will be divided, you need to follow special steps.

Dividing property during the divorce process

Divorce is never easy, especially when it comes time to decide who gets what. If your spouse wants the main residence, does that mean you will get the vacation house on the lake? What about the oil and gas interests the two of you invested in a few years ago, the retirement accounts, and even the furniture? In order to ensure you are getting a fair divorce settlement, it is important to understand how Texas courts divide marital property.

If you are thinking about divorce, the first thing you should do is to reach out to an attorney in the Plano area to discuss your situation. In order to protect your interests, you will need to be prepared to discuss every aspect of your financial status with your attorney. Read further for more information on dividing marital property in Texas.

Plan how you'll discuss divorce with your child

As unfortunate as it may be, many people go through the divorce process every year. Some are able to put their relationship in the past without much stress, but others find that there are details that make this extremely challenging.

If you have at least one child with your soon to be ex-spouse, you can be rest assured that matters of custody and support will come to the forefront at some point. For this reason, you need to make plans in advance.

An underage drug offense could damage your child's educational hopes

Even the brightest and most promising of teenagers make mistakes in judgment. Many teenagers experiment with drugs, from nicotine and alcohol to marijuana and even harder substances. A large number of teens who try a drug a few times won't experience any long-term ill effects.

Thanks to strict federal rules, however, your child could bear the weight of a teenage mistake for the rest of his or her life if charged with possession of illegal drugs. That's why you need to retain an experienced Texas criminal defense attorney as soon as you know of your child's arrest or charges from a drug offense.

How small business owners can protect their company in divorce

Divorce will have dramatic implications on every part of a person's life. For business owners, a divorce could even imperil the company's future.

If you find yourself in this position, there's no better time than now to answer key questions to ensure that your business will remain in good hands after your divorce is finalized.

Elements Of A Good Parenting Plan

When mom and dad decide to end the marriage, the kids are often left feeling stranded and unstable in a world where they aren't sure what is going to happen. As parents work through financial and emotional issues related to divorce, an important piece of the puzzle is creating a parenting plan that works for your family. Every family is unique, but there are general guidelines that should be followed when creating a parenting plan.

Keeping your inheritance safe from divorce

Texas is a community property state, which means that any property attained during the marriage belongs to both spouses. Since inheritance money is considered separate property, there's a good chance your spouse will not be entitled to any of it in the divorce. However, this is not always the case! Factors such as where you host the money and/or how you've spent it could alter who gets what in the divorce.

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