With Strength And Compassion
Irresponsible gambling has destroyed the lives of many Texans, but the consequences of this behavior are, unfortunately, not restricted to the gamblers alone. A gambling addiction can take a serious toll on the relationship and finances of a couple, so much so that divorce is ultimately the only option. Gambling, and the secretive and wasteful behaviors associated with it, complicate…
In recent years, many states have eliminated the option to file for divorce on fault-based grounds and transitioned entirely to no-fault divorces on the grounds of irreconcilable differences. In Texas, however, no-fault divorce and fault-based divorce both remain options. If you or your spouse chooses to file for a fault-based divorce, you should be sure to understand how this can…
Life can be full of challenges for military families, including frequent relocations and extended absences for spouses and parents. When a military marriage fails, the family can also face unique challenges throughout the divorce process. Whether you are a service member yourself or you are married to one, you should be prepared for the possible effects on asset division, child…
In order to reach a fair divorce resolution, it is important that both spouses have access to information about each other’s finances. Until recently, the Texas Rules of Civil Procedure addressed this issue by allowing each spouse to request certain information and documents from the other during a discovery period. However, as of January 1, 2021, these rules have been…
A high net worth divorce will involve a wide variety of financial issues that will need to be addressed, but tax-related matters are one area that can sometimes be overlooked. Those who have complex finances may have tax liabilities, and in many cases, one spouse may be unaware of the debts owed to the IRS. It is important to address…
A high asset divorce does not necessarily involve contested litigation. In many cases, the divorcing spouses are eager to resolve their outstanding issues and end their marriage as quickly as possible. To facilitate this, Texas law does allow for mediated settlement agreements (MSA). An MSA is a legally binding contract signed by both parties. A mediator serves as a neutral…
Ending a marriage requires couples to grapple with a host of difficult issues. For instance, divorcing couples must make the transition from married life to single life and come to terms with the emotional implications of ending a marriage. However, these are not the only considerations that come into play during divorce. This is especially true for couples who have…
During a divorce, spouses are required to disclose detailed information about their income, assets, and debts. This ensures that both parties are able to make informed decisions during the property division process and that any settlement or court order incorporates accurate information about all known financial factors. While many divorcing spouses are careful to provide accurate and detailed financial records…
While there are a number of benefits to going into business with other partners, there are also a few drawbacks. For instance, if one partner’s marriage ends, the interests of any other business partners could also be at risk. This is because Texas law requires all divorcing couples to divide their marital property, which includes business assets, equitably. When this…
Couples who live in Texas and have unique or diverse assets and are considering divorce may want to consider filing by the end of 2018, as new federal tax laws that affect alimony payments are set to go into effect next year. To learn more about filing for divorce and the effect that the new tax law could have on…