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Powers Kerr & Rashidi, PLLC
To promote a more effective property division in a high asset divorce, Texas courts recognize and enforce two different types of spousal support. Statutory Maintenance The Legislature enacted Section 8 of the Family Code about twenty years ago, with the apparent intent to expand the law over time. But that no longer seems to be the case, as the edict…
With tassels turning on mortarboards throughout Central Texas, this question is a popular one in divorced families throughout the area. While the short answer is “no, unless the child is still in high school or is disabled” there are some nuances in child support law that both parents should be aware of. The Law There is some basis for a…
When it comes to child support calculation, Texas is one of only several percentage-of-income states. Non-custodial parents pay a set percentage of their net income on a sliding scale according to the number of children before the court. Nearly all other jurisdictions use an income share model. It attempts to give the children the same standard of living they would…
Collaborative law is quite common in certain areas of North America, including California and Canada, but it has not gained much traction in some areas of The Lone Star State. Is this model an option for your complex divorce or other family law issue? The Collaborative Family Law Act outlines the procedure in Texas. In a nutshell, the process is…
The marriage dissolution rate for these couples has doubled in the last twenty years. These “gray divorce” matters are often the epitome of a high-asset divorce. While there may be no complex child custody issues to resolve, the property division can be a Gordian Knot of separate assets, community assets, and commingled assets. Aging baby boomers were the first demographic…
Section 6.711(a) of the Texas Family Code mandates that prior to entering a judgment that divides the estate of the parties,” the court must enter affirmative, written findings regarding the value of the community estate’s assets, as well as the value of separate assets. Subsequent case law has made it clear that there cannot be a just and right division…
A retirement plan may be one of the largest assets in the marital estate, especially in a high asset divorce case when the parties have been married for a number of years. Section 7.003 of the Texas Family Code authorizes the judge “to determine the rights of both spouses” with regard to a defined benefit pension plan or a defined…
Quite often, asset and property division involve complex accounting measures in high-asset divorce cases. Assume that Husband owned an investment portfolio prior to the marriage. Initially, he only contributes funds from his separate bank account. As time passes, however, both Husband and Wife begin investing money, and sometimes these funds come from a Wife’s separate bank account. Also assume that…
Texas is a no-fault state, and the vast majority of divorces are based on “insupportability,” which is Texan for “irreconcilable differences.” However, a spouse may still obtain a divorce based on adultery, cruelty, or some other evidence-based ground. An adverse ruling – or a favorable ruling, depending on your point of view – can have a significant impact on a…
A premarital agreement can hardly be considered romantic, but it is an important part of a strong marital foundation. Many couples fight over money issues, and although the issue is normally dealing with debt, dealing with large assets can be every bit as stressful. By executing a solid premarital agreement, you can eliminate a potential source of conflict before it…