8911 N. Capital of Texas Highway, Building 2, Suite 2105,
Austin, TX 78759

Call Us512-610-6199

Subscribe to this list via RSS Blog posts tagged in Austin complex divorce attorney

TX divorce lawyerA 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 facilitator who assists the parties, and their attorneys, in reaching an agreement. But unlike an arbitrator, the mediator does not have the legal authority to force a decision. The spouses are still free to abandon mediation at any time and take their case to litigation.

Texas Supreme Court Clarifies Law Governing Mediated Settlement Agreements

The Texas Supreme Court recently addressed an important legal question regarding MSAs: Are such agreements enforceable if they are signed before either spouse actually files for divorce?

...

TX divorce lawyerCouples who own especially valuable or unique assets face a number of difficulties when it comes to divorce. Fortunately, individuals who find themselves in this situation do have certain tools at their disposal that can help them prepare for the property division process. Creating a property division checklist, for instance, has helped countless divorcing couples account for, categorize, value, and fairly divide their marital property. Creating a property division checklist, however, can be a difficult endeavor in its own right, so if you are considering divorce and have questions about how your marital assets will be divided, please contact an experienced high asset divorce lawyer who can walk you through the property division process.

Marital Property Categories

One of the biggest challenges faced by divorcing couples is deciding who will retain which assets. To help simplify this process, many divorcing couples are encouraged to create a property division checklist, in which they account for and categorize all of their assets. Although each couple’s property division checklist will look different, there are some basic categories under which most assets fall, including:

  • Personal property, which can include everything from home furnishings and electronics to jewelry and collectibles
  • Financial assets, including bank accounts, stocks and bonds, life insurance policies, retirement accounts, cash, and pensions
  • Real property, which includes not only the marital home, but also any vacation homes, rental properties, undeveloped land, or commercial properties
  • Business assets, including any ownership interests in a business or company equipment

Once a couple has each of these categories in place, they can go through their assets one at a time and place them in the proper category.

...

TX divorce lawyerIn the absence of a pre or postmarital agreement, a couple who has decided to divorce and who owns businesses will need to decide how those assets will be divided, which will also require an accurate business appraisal. These appraisals are conducted by experts, but it’s still important to carefully review them for accuracy. However, the technical language of these documents can make their review a difficult process, so if you are considering divorce and own one or more businesses, it is important to retain an experienced Austin, TX high asset divorce lawyer who can go over the appraisals with you and ensure that the terms of any property settlement agreements are fair.

Professional Standards

Before requesting a business valuation, it is important for divorcing couples to ensure that the appraiser is qualified to perform the analysis and has the proper credentials. There are three main professional associations that issue valuation standards for appraisers: the American Society of Appraisers, the American Society of Certified Public Accountants, and the National Society of Certified Valuation Analysts. Ensuring that your own appraiser has been credentialed by one of these groups is one of the first steps that a divorcing couple should take when seeking an appraisal.

Clarity and Thoroughness

Once a business valuation has been completed, the appraiser will create and submit a valuation report. Upon review, this report should be clear as to the purpose of the appraisal and include information about:

...

TX divorce lawyerMany people know that dividing up marital assets is one of the most difficult aspects of divorce, as appraising and determining who will retain which assets is a complicated process. However, few couples realize that one of the most complex aspects of the property division process is actually having to account for the tax implications of retaining or transferring certain types of property. To learn more about the tax-related issues that you should take into consideration during your own divorce, please contact an experienced high asset divorce attorney who can advise you.

Tax-Free Transfers

Couples who have filed for divorce and are in the middle of the property division process should remember that only property transfers that are made within one year after the dissolution of a marriage are considered income tax-free. No deductible loss or taxable gain can be declared during this time period, although once a year has passed, any transfers made by either party can be evaluated by the IRS.

Alimony Payments

Under recent changes made to the U.S. tax code, alimony payments will no longer be tax-deductible for the payer and will also no longer qualify as taxable income for the recipient. For these reasons, couples who are in the midst of a divorce should think carefully when negotiating a settlement involving alimony payments.

...

Texas family law attorney, Texas high asset divorce lawyer, Texas prenup lawyer, New homeowners never think that their houses will burn down, and they certainly do not desire such an outcome. But responsible homeowners always obtain insurance policies, even though there is nothing "fun" about filling out insurance forms. In a similar vein, no soon-to-be-newlywed couple anticipates a high asset divorce, and they certainly do not desire this outcome. But a premarital agreement and a homeowner's insurance policy have much in common: they both help couples be prepared if the unthinkable should happen.

These contracts serve an additional purpose. Much evidence indicates that financial squabbles are among the leading causes of marital strife. When these disagreements inevitably appear, a premarital agreement helps bring order to the chaos, because some important financial decisions have already been made.

Making a Premarital Agreement

...

alimony payments, Austin complex divorce attorney, high-asset divorce settlements, high-asset divorces, lump-sum settlement, spousal maintenance, complex litigation attorneyA common stipulation in high-asset divorces is alimony, also known as spousal maintenance. Alimony is money that one spouse is court-ordered to pay the other spouse. Unlike child support, alimony is completely up to a judge's discretion. In September 2011, Texas HB 901 amended the rules regarding alimony in this state, including increases to the amount and length of time a spouse may be entitled to spousal maintenance.

Traditionally, there are two ways alimony payments can be made in high-asset divorces—either periodic alimony (which is paid on an established schedule i.e. monthly) or in a lump-sum payment. There are benefits and disadvantages to each of these two methods, and an experienced complex litigation attorney can help determine which is best for your situation.

In periodic alimony payments, the payments are typically set for a certain period of time. Usually, alimony payments will end if:

...
Super Lawyers TBLS AV Martindale Avvo Top One Expert Top 10 Law Firm
Back to Top