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The world is dealing with the COVID-19 pandemic and heading into a recession. For a couple in the midst of divorce, the discussion around dividing marital assets and liabilities is now more complicated. Adding to this complication is that one or both spouses may be facing a job loss. If you are currently in a… Read More
In many divorces, the principal, and sometimes only, asset is the marital residence. Couples typically purchase a residence with some money down and a mortgage that consists of monthly payments comprised of interest and principal. Over time, the part of the payments going toward principal increases and the part going toward interest decreases. This principal… Read More
Deciding to divorce is one of the most difficult decision a person can make. Plano Family Lawyer and GoransonBain Ausley partner, Hayley B. Collins takes you through five tips for individuals contemplating or who are in the divorce process. A quote that I often share with clients going through a divorce when there are minor… Read More
Prior generations aspired to get married, buy a home, and have children. In that order. The millennial generation has changed that order. Both inside and outside the context of a divorce, this decision carries with it a variety of legal ramifications. Millennials Cohabitating The millennial generation is now between the ages of twenty-three and thirty-eight…. Read More
What classifies property as “complex” in a divorce? Complex property matters include marital assets that require a special expertise or effort in addressing them. This may include business valuation issues, characterization and tracing of assets, closely-held business interests, trust matters, employment benefits and tax issues among many others. I’ve heard that divorces with complex property… Read More
A high conflict personality is defined as a person with long-standing patterns of behavior and experience that adversely affect the person’s interrelationships with others and ability to function effectively in the world. A high conflict personality type can exist in both complex and simple divorce cases. Divorcing someone with high conflict personality could produce additional… Read More
Property issues can be very complex, and this post is designed to give a brief overview of separate and community property in Texas and what is required to prove separate property. Understanding of Community Property and Separate Property The Texas Family Code provides all property owned during the marriage is presumed to be the community… Read More
Stock options and Restricted Stock Units (RSUs) are assets that many couples divide in their divorce, especially when one spouse is a high-level employee of a company. These assets can be tricky to divide because of disagreements over their character and value. Stock options and RSUs are not the same. The timing, value, and purpose… Read More
Money is a central issue in every Texas divorce case. You will need to identify and divide property, allocate debts, and plan for your financial future. This can be a stressful process for anyone, whether you are a financially-savvy businesswoman, or a stay-at-home parent who lacks financial control. This is because our beliefs about money… Read More
In a divorce action, one of the most difficult financial issues you may face is whether to keep or sell the family home. This decision is also one of the most emotionally charged issues because continuing to live in the family home is comforting and represents security and stability for the children during the stressful… Read More
A great deal of thought and compromise goes into the development of a Texas divorce decree. However, obtaining a signed “Final Decree of Divorce” does not guarantee that the legal proceedings are over once and for all. Our Courts retain jurisdiction over the case, and over the conservatorship and support of your children, long after… Read More
Resolve Alimony Conflicts With the Help of a Divorce Lawyer In most divorce decisions, receiving alimony is conditional. If a certain condition occurs, the alimony payments will end, even if a spouse is supposed to receive it for a longer period of time. When Does Alimony End? While a divorcing couple can agree to any… Read More
Anticipating How Your Spouse Handles Relationship Stress Can Give You the Edge in Divorce Negotiations Have you ever considered how you and your spouse typically resolve conflicts within your relationship? We as Dallas divorce lawyers feel it could be well worth your while to do so, even if the relationship is ending. Why? We live in… Read More
Divorce So, what happens to an LLC interest when the spouses divorce? There is very little case law that deals with divorce and limited liability company interests. Based on current Texas statutory law the only interest that can be owned by “the member’s spouse, to the extent of the spouse’s membership interest, if any, is… Read More
Today, it is not unusual to see a spouse operating a business in the form of a limited liability company or owning an interest in an investment that is a limited liability company (hereafter sometimes referred to as an LLC). This is a relatively recent phenomenon. In 1991 Texas became the 7th state to authorize… Read More
During your divorce, you will be faced with various tax issues and it is important that you explore those issues with an appropriate professional before you start to negotiate your final divorce settlement. Frequently these tax issues are discovered after the settlement has already been negotiated and having to resolve these tax issues post settlement… Read More
It is relatively common for lawyers, when asked whether someone should have a Last Will and Testament, to say something like “if you don’t have a will, Texas has one for you.” The same is true for Marital Property Agreements. When a person says, “I do” to the love of their life, they have just… Read More
How much will my divorce cost? This question is one of the first questions that you will most likely want answered when you are considering filing for a divorce. Unfortunately, the answer is not always simple because the cost of a divorce is driven by many varying factors. One of the most significant factors that… Read More
It is important to provide notice to the court, governmental agencies, your employer, and others of the changes that have taken place in your life as a result of the divorce whether it is a change in tax status, change of address, change in beneficiary designations, or a name change. It is also important that… Read More
Some of the leading causes of divorce are financial disputes. Financial infidelity can be just as destructive to a relationship as sexual infidelity. People with differing financial values i.e. a saver versus a spender can cause friction. And often it is very difficult for an individual to change his or her fundamental financial values, habits,… Read More
The original concept behind the Social Security program was to blunt the increasing risks of poverty to the average American worker by providing a modest form of “social insurance” after reaching the age of 65. By 1934, America was in the throes of the longest and most severe economic depression in its history and millions… Read More
The tragic death of actor Phillip Seymour Hoffman due to an apparent overdose of heroin has highlighted the complex issue of addiction and relapse, particularly to opioids. Opioids, whether they are prescription painkillers such as Vicodin or Percocet, or heroin, are extremely addictive, making recovery difficult and relapse easy. Hoffman’s death was so shocking because… Read More
Alimony. Spousal Support. Spousal Maintenance. These are all terms to describe payments of money from one spouse to another, to ensure the financial well-being of the spouse being paid, after a divorce is final. The Court can also order temporary payments during a couple’s separation while they are going through the divorce process, but because… Read More
Your credit score and ability to obtain credit can have a significant impact on your life post divorce. It can impact your ability to qualify for a new credit card, car loan or home loan, or your ability to refinance an existing home loan or obtain a line of credit. Run your credit report during… Read More
The time you spend going through a divorce, along with the immediate aftermath, can be one of the most financially challenging periods of your life. Often, this difficulty comes when you are least able to deal with it, considering the emotional strains of divorce. Yet, with a solid financial strategy and an experienced family law… Read More
As the nation slowly recovers from one of the worst recessions in its history, many people are concerned about how divorce may affect their finances. However, there are options available to help people keep down the costs of divorce and to emerge from divorce with a clear understanding of their assets and debt obligations. While… Read More
News this summer that the 40-year marriage of Al and Tipper Gore is coming to an end underscores a recent trend in American matrimony: couples who have made it through decades of family rearing and career building are parting ways in unprecedented numbers. American baby boomers are splitting up at three times the rate of… Read More
The current recession appears to be affecting divorce rates, which had declined, but now may be on the rise. A recent study suggests finances may play the larger role in determining whether a couple stays together. “The Survey of Marital Generosity” from the National Marriage Project at the University of Virginia indicates that the financial… Read More
Even when both spouses are fully cooperative, divorce is often one of the most stressful, difficult experiences that people go through in their lives. When one spouse resorts to trickery and dishonesty, however, the divorce process can be harder still. Unfortunately, perhaps because of the high stakes and surging emotions that divorce often involves, divorcing… Read More