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Texas complex divorce attorney, Texas alimony lawyer, Texas high asset attorney, Unmarried women over 50 are nearly five times more likely to live in poverty as married women in that age group, according to a recent divorce study.

Researchers from Bowling Green University also found a number of other "wide ranging financial consequences" to divorce in this age group. There are several reasons for this reality. First, according to the study, unmarried women receive significantly lower Social Security payments than married ones, mostly because when the system was designed, later-in-life divorce was essentially unheard of. Secondly, women who divorce earlier in life have more time to recoup lost wealth through employment and investment income.

Curiously, the age/income disparity was not present among men of a similar age.

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Texas marital laws, Texas high-asset divorce attorney, complex litigation,Purchasing a car is nearly always a happy experience. Buyers are understandably focused on the cars' features and their plans for years of freedom on the open road. Auto insurance is only a necessary afterthought. In some ways, marriage is much the same. The bride and groom are understandably focused on their love for each other and their plans for a life together. A premarital agreement is only a necessary afterthought. Although no one plans to get in a car wreck or get divorced, responsible owners, and spouses, should be prepared for any possible outcome.

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Especially in a second or subsequent relationship, a premarital agreement can put inheritance plans in writing, virtually eliminating the possibility of a future battle in probate court that no one really wants.

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Posted on in Contested Divorce

Texas high asset divorce lawyer, Texas marital laws, Texas complex litigation attorney, Although the vast majority of Texas divorces are filed under the no-fault law, there are times that an evidenced-based action may be more appropriate, particularly in a high-asset divorce.

For many people, a no-fault divorce is not a good option for religious or moral reasons. An evidenced-based divorce helps them paint a picture of an out-of-control relationship which was far beyond salvaging. In a similar vein, some spouses may want to portray themselves as victims. There is another reason. Texas is rather unique in that a judge may consider fault in the marriage as a basis for an unequal property distribution. Specifically, "marital misconduct" is one of the listed factors to determine the amount and frequency of maintenance payments.

The grounds for divorce, as well as some possible defenses, are laid out in Section 6 of the Family Code.

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Posted on in Complex Divorce

Texas high-asset divorce attorney, Texas mediation lawyer, Cedar Park family law attorney,Most Texas courts require parties to mediate a contested family law matter prior to trial. Other times, the parties may attempt to resolve a case before it comes to that point. Mediation is not always successful, but it is almost always worth a try, particularly in a high-asset divorce.

If mediation is an option, the first step is to choose an effective mediator. It is important to use an attorney who practices family law in the area. Anyone else may be unfamiliar with the legal process, with the law applicable to your case and with the judges in that jurisdiction. If a court has ordered the parties to use a certain person, the judge is sometimes willing to reconsider that directive.

Mediations are normally full-day affairs. The parties meet at a neutral location – typically the mediator's office or a conference facility – and the attorneys make brief opening statements. Afterwards, the parties retire to separate rooms and the mediator conducts shuttle diplomacy by conveying offers and counteroffers until an agreement is reached.

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Texas complex litigaiton attorney, Texas high-asset divorce lawyer, QDRO, 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 contribution retirement plan, such as a 401k or IRA.

Each plan is different and has its own rules. Some plans, most notably military retirement plans and some other accounts related to federal government employment, require a special Division Order, as opposed to a Qualified Domestic Relations Order (QDRO). It is important that the QDRO or other order be timely and accurate, or else the IRS may assess taxes and penalties against the Alternate Payee, or non-employee spouse.

Payment Options

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Texas divorce attorney, Texas complex litigation attorney, irreconcilable differences,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 future property settlement in a high-asset divorce.

Section 8 of the Family Code states that "marital misconduct" is a factor when determining the amount and duration of maintenance payments. The statute specifically mentions adultery and cruel treatment, but other types of fault may also be applicable. Meanwhile, Section 7 states that a spouse may be punished in the property settlement, if there is evidence of fraud on the community. Such fraud could include a husband who spends community funds to buy a present for his girlfriend or a wife who has part of her paycheck deposited into a separate account, without her husband's knowledge or consent.

Fault

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Posted on in Spousal Support

Texas high-asset divorce attorney, Texas complex litigation attorney, spousal maintenance,At a time when many states are passing laws to limit alimony, the Texas Legislature recently expanded the spousal maintenance provisions in Chapter 8 of the Texas Family Code. Even with these modest amendments, spousal support laws in The Lone Star State are not nearly as broad as they are in other jurisdictions.

When Can I Get Alimony?

First and foremost, spousal maintenance is not automatic in Texas. In fact, the opposite is true. There is a legal presumption that spousal support is unnecessary. Obligees – persons receiving maintenance – may rebut that presumption by proving that they made a diligent effort to earn sufficient income to provide for their minimum reasonable needs or developed sufficient skills to provide for their reasonable needs.

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Texas divorce attorney, Texas complex litigation attorney, high-asset divorce,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 ever manifests itself in the first place. If there is a high-asset divorce later, a premarital agreement may help narrow the issues, and the spouses might avoid a legal battle that is both financially and emotionally costly.

Who Needs a Premarital Agreement?

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