Posted on January 31, 2022 in Divorce

During the divorce process, a couple will need to divide multiple different types of marital property. In addition to physical property, spouses will also need to address ownership of financial accounts and other complex assets, including retirement accounts or pensions. When dividing retirement assets, spouses should use a qualified domestic relations order, or QDRO. Understanding the purpose of these types of orders and the benefits they provide will ensure that spouses can protect their financial interests during the divorce process and in the years to come.

Dividing Funds in Retirement Accounts

For employer-sponsored retirement accounts such as 401Ks, a person will have a certain amount deducted from their income before paying taxes. The money saved, which will grow through investments made by the plan holder, will usually remain in an account until a person reaches retirement age, and they will pay taxes when the funds are withdrawn. 

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 Posted on January 28, 2022 in Uncategorized

Many spouses considering divorce have concerns about the financial ramifications of the split. Divorce can be costly, and divorce expenses can grow even more if you make financial mistakes along the way. Knowledge is power, and thankfully, when you know what to look out for, you can minimize the amount of money you spend in the process of getting a divorce. 

Not Realizing That Marital Debt Becomes a Shared Responsibility 

Many couples carry the weight of debt together. In many cases, two partners will come to an understanding about who is responsible for what percentage of the marital debt. However, when spouses decide to get a divorce, casual agreements do not always apply in the eyes of the law. 

For instance, imagine that you and your partner verbally agreed that you are responsible for 20% of the debt and your spouse will take care of the 80% remaining. Unfortunately, this type of agreement is not enforceable by the court. If your spouse fails to hold up his or her end of the bargain, creditors may come after you for payment. Paying off debt before the divorce is finalized can help mitigate this financial stressor.  

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 Posted on December 30, 2021 in Divorce

When a couple chooses to end their marriage and get a divorce, disputes related to property division can become complex and contentious. Spouses will be required to divide all of their marital assets and debts, and disagreements about how to do so can be difficult to resolve. However, matters can become even more complicated if one spouse is accused of hiding assets in an attempt to avoid sharing them with the other spouse. In Texas, this is known as “fraud on the community,” and a spouse who is accused of committing this form of fraud may face consequences.

Addressing Issues Related to Hidden Assets

Community property consists of all assets and debts that a couple acquired during their marriage. This property must be divided between the spouses in a manner that is fair, ensuring that each party will have the necessary financial resources going forward. However, there are a variety of ways that a spouse may attempt to conceal assets in hopes that they will not have to share them with the other spouse. Methods of doing so may include:

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 Posted on December 06, 2021 in Family Law

Every child has two biological parents. However, there are some situations where a person may not be recognized as a child’s legal parent, and in these cases, paternity may need to be established through the legal system. Doing so will protect the rights of the parent and the child. Both parents will be able to maintain a relationship with their child and be involved in raising them, and the child will have the right to receive child support to ensure that their needs will be met. Paternity can also provide other benefits, such as making sure a child has access to family medical history and giving a child the right to receive an inheritance from their parent or qualify for certain types of benefits, such as Social Security. Parents will want to understand the procedures that can be followed to legally establish paternity.

Acknowledgment of Paternity and Court-Ordered Paternity

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 Posted on November 29, 2021 in Child Custody

When a couple with children goes through a divorce, in most cases, they still must have some kind of relationship with each other as they co-parent their children together. Some parents are able to develop a routine that works for their family with little or no conflict at all. Unfortunately, many other parents experience difficulties as they try to work through residual acrimony left over from the divorce that often spills over into their co-parenting relationship.

Having a solid parenting pan in place can help reduce these conflicts and make everyone’s lives – especially the children’s – so much less stressful. The following are some co-parenting tips that can also be helpful.

Promote Consistency

Although you and your ex-spouse are no longer married and parenting under the same roof, you both need to remain on the same page when it comes to how you deal with your children. Although not all rules will be the same at both parents’ homes, having consistency in bedtimes, activities, and allowed behaviors goes a long way in helping children adjust to their new life of having two homes and two routines.

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 Posted on November 12, 2021 in Child Support

While there are many issues that may lead to contentious discussions between divorcing spouses, one of those issues that can often lead to long-term acrimony is child support. It is not uncommon for the parent who is paying the support to resent the money they have to turn over every month to their ex-spouse. Conversely, it is also not uncommon for the parent who is receiving the support to feel the amount of child support they are receiving does not come close to meeting the actual financial needs of raising children.

Although Texas family courts use a formula to determine which parent should pay support and how much that support should be, it is still important to provide the court with any evidence that could have an impact in the amount of support obligation the court orders. The following is a brief overview of certain types of evidence that may be required. Your Frisco child support attorney can provide more details of the type of factors that could apply in your particular case.

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 Posted on October 26, 2021 in Family Law

October is designated as National Domestic Violence Awareness Month. The campaign was established in 1987 as a way to raise awareness about domestic violence issues. Despite more than three decades of work by countless organizations and advocates, domestic violence is still an underreported problem, occurring to millions of victims across the country from every walk of life and every socio-economic background.

Intimate Partner Violence

The Centers for Disease Control and Prevention (CDC) uses the term intimate partner violence (IPV) to describe physical, psychological, or sexual harm that is inflicted on a spouse or partner. National statistics show that about one in three women will experience IPV in their lifetimes. Although women are the majority of domestic violence victims, it is not just women who are abused. Men and women both experience it in hetero and same-sex marriages and partnerships. According to the National Coalition Against Domestic Violence (NCDAV), about 20 people per minute are victims of IPV every minute in the U.S. This comes out to more than 10 million women and men each year.

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 Posted on October 13, 2021 in Divorce

Several months ago, Bill and Melinda Gates announced that they were divorcing after almost 30 years of marriage. While many in the media and public voiced their surprise that the couple were splitting up after so many years, divorce among older couples – sometimes referred to as “gray divorce”  – is becoming quite common. Research shows that one in four people who file for divorce in the U.S. are over the age of 50 and more than half of those divorces involve marriages that had endured for at least two decades. 

While every divorce has similar issues to work through, there are some issues that are unique to older couples that younger couples usually do not have to consider when they split up. These issues – if not properly addressed – can leave a person unprepared for life after divorce. Having a Frisco divorce attorney protecting your interests can make a significant difference in how prepared you are.

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 Posted on September 15, 2021 in Property Agreements

Prenuptial agreements or “prenups” are legal contracts that engaged couples develop before they get married. For decades, many people assumed that prenuptial agreements were only for the rich or for couples who do not take their wedding vows seriously. Fortunately, these myths have largely been eradicated. Modern couples recognize the importance of planning for their financial futures using a prenuptial agreement and realize that prenups can benefit the marriage in a multitude of ways—even if the couple never divorces. Read on to learn about prenuptial agreements in Texas and what you can do if you are interested in creating a prenup.

What is the Purpose of a Prenuptial Agreement?

A prenuptial agreement or premarital agreement mainly deals with financial issues. The document can specify:

• How property should be allocated when a spouse passes away

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 Posted on September 07, 2021 in Divorce

Most people think of divorce in terms of the personal or emotional implications. However, divorce can also bring about dramatic financial consequences – especially when a divorcing spouse is reliant on the other spouse’s income. If you are a stay-at-home mother or father, have a disability, or have otherwise not worked outside of the home in several years, you may be worried about supporting yourself after the divorce. You may wonder whether you qualify for alimony or spousal support. Read on to learn about alimony laws in Texas and what you can do if you wish to pursue alimony during your divorce.

Who Qualifies for Spousal Maintenance?

Alimony, called spousal maintenance in Texas law, can help a divorcing spouse cover necessary expenses until he or she is able to be financially self-supporting. However, spousal maintenance is not always awarded. In fact, Texas courts presume that spousal maintenance is not necessary unless the spouse requesting alimony can demonstrate a reasonable need for financial assistance.

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