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Travis County divorce lawyerDivorce is messy. Divorces that involve complex child custody issues, a high-net-worth marital estate, hidden assets, or other significant issues are even messier. In many of these types of cases, a divorce attorney may recommend hiring a private investigator to uncover evidence to help a spouse prevail in the final divorce settlement.

However, it is important that the private investigator you hire is a skilled professional who can produce results and is also aware of the legal limits that they are supposed to be following. Conversely, if your spouse has hired a private investigator to try to dig up evidence against you, it is also important to let your attorney know if that investigator is breaching those limits.  

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Austin complex divorce lawyerDivorce can have a significant financial impact on a person, especially if they are involved in running their own business. A business is usually among the marital assets that need to be divided under Texas community property laws. But before a business can be divided, its value needs to be assessed.  Some businesses are easier to value, while others, such as private practices, can be more difficult. If you are a physician with your own practice, you likely have questions about how your business will be valued for the purposes of divorce. 

Determining the Value of a Medical Practice

In order to determine the actual value of your medical practice, you will need to hire a financial professional who specializes in medical practice valuation. It is critical that you hire your own professional to make an assessment of your practice since it is also highly likely that your spouse’s attorney will also recommend they hire a professional to do the same.

There are several factors that the court will consider when determining how much a medical practice should be valued and how much – if any – of that value is part of the marital estate. These factors include the business structure you chose when you originally opened your practice and how long the practice has been open. Valuation becomes even more complex if you are in practice with other physicians as well as whether any other owners hold stock in the practice.

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Austin divorce lawyerWhat was once just a hobby for a few has turned into a significant form of investment for many. It is estimated that more than 20 million people in this country own cryptocurrency. The value of the cryptocurrency market hit an all-time high of $2 trillion in April, an obvious boom for anyone who owns crypto assets. But this popularity of cryptocurrency has also created a way for some spouses to hide assets in a divorce.

How Is Cryptocurrency Treated in a Texas Divorce?

Cryptocurrency is considered a marital asset, just like funds in financial accounts, stocks, bonds, 401(k) accounts, and IRAs. Since Texas is a community property state – meaning the marital estate is divided in half in a divorce – the value of any crypto assets the couple owns is also required to be split between the couple.

In situations where one spouse purchased crypto assets prior to the marriage, the growth in those assets may be deemed a marital asset depending on how the couple approached this growth. For example, if both spouses worked together in making decisions in purchases, investing, etc., during the marriage, then the court could rule that profits made during the marriage are not separate belonging to the spouse who purchased the original assets, but are instead marital assets.

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Travis County Divorce LawyerThere are many issues that a couple may have to come to an agreement on when they decide to end their marriage. One major issue is the division of assets and property. Texas is a community property state – meaning that the martial estate is owned by both spouses equally and the court divides it in a 50/50 share. Although this division is fairly cut and dry when it comes to bank accounts, that division can and often does get more complicated the more assets the couple owns. Assets such as real estate, collections, and even retirement accounts all must be divided equally. But the majority of retirement accounts have stringent rules when it comes to withdrawals, involving possible penalties and tax implications. This is why it is critical to have a skilled complex divorce attorney advocating for you.

Dividing Accounts with QDRO

Under federal law, a person is not allowed to withdraw from their retirement accounts while they are still employed. Exceptions include taking a loan against the funds or showing hardship. If the person leaves their employer, they can either leave the funds in the former employer’s plan, roll the funds into their new employer’s plan, roll it into an individual retirement account (IRA), or cash out.

Divorce and division of assets is another exception. Even though the account is in one spouse’s name, the court considers it jointly owned by both spouses. In some divorces, there may be enough total asset value that the account’s owner is able to keep the account intact and their spouse gets certain assets that equal the value of the account.

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Austin Divorce LawyerIn today’s world, social media has become an intricate part of many people’s daily lives where they share everything from the big events to the mundane with their family and friends. So, it is not surprising that when person makes the decision to divorce their spouse, they want to blast it all over their social media accounts. Some people feel the need to bash and trash their spouse, while others splash their pages with photos of all the fun and excitement they are experiencing now that their dud of a spouse is gone.

However, posting anything about your divorce on social media can be a big mistake. In fact, the majority of divorce attorneys in this country report that there has been a large spike in the use of social media as evidence in divorce cases over the past several years. Instead of hiring private investigators to dig up dirt on your spouse, all one has to do is peruse their Facebook and Instagram accounts.

How Social Media Postings Can Hurt You

A spouse can file for a divorce in Texas either with grounds or no-fault. The majority of couples file for no-fault divorce, meaning neither side has to prove the other spouse is “responsible” for the breakdown of the marriage. And since Texas is a community property state, bad behaviors will not usually determine how the marital estate will be divided. 

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