Posted on March 10,2015 in Complex Property Litigation

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?

Persons who are getting married for the second or subsequent time often have some separate property they want to protect. The cash value often pales in comparison to the emotional value, so the property could be a retirement nest egg or a china cabinet. Second-time spouses also may have children from a previous marriage, so a stepfamily can introduce significant inheritance issues.

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 Posted on March 03,2015 in Child Custody

One of the most difficult decisions, and the most important, that needs to be made during a complex divorce is how will child custody be divided. There are several different options to that question – including sole or shared custody - but the final outcome is decided and approved by the court.

At one time, it was pretty much the standard in child custody cases that the mother would receive sole physical custody and the father would have a set visitation schedule. Typically, that visitation schedule was every other weekend and one night during the week. However, as the norms of society have changed, with fathers taking a more active role in parenting responsibilities, it has become more common for courts to award joint - or shared - custody to both parents.

Multiple studies have concluded that in most circumstances, it is better for children both emotionally and physically to have both parents taking an active role in raising them. According to research documented by the American Psychological Association (APA), children whose parents have joint custody have higher self-esteem, do better in school and socially, have less emotional issues, less behavior issues and get along better with siblings and other family members than children who come from sole custody families.

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 Posted on February 27,2015 in High Asset Divorce

It is that time of the year again—tax season. Filing income taxes can be stressful and difficult, but if you have recently gone through or plan on going through a high-asset divorce, those difficulties can be amplified by your divorce settlement type.

Exemptions for Dependents

In regards to income taxes, the dependency exemption and child tax credit are very important. If you and your ex-spouse have children together, this is something that you should have stipulated in your final divorce decree. Contrary to what many people may think, the parent who has physical custody of the child is not the one who necessarily gets the dependency exemption. If the non-custodial parent receives the exemption, then the IRS requires a release, signed by the custodial parent, to be attached to his or her income tax return. Failure to do so could cause the IRS to disallow the exemption.

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 Posted on February 20,2015 in Child Custody

Ending a marriage is difficult enough without having to sacrifice time with children—but given that nearly 50 percent of marriages end in divorce, custody battles are common in the United States. Moreover, even those who have never experienced divorce can sympathize with parents who face complex child custody battles.

Home State Ruling

One of the most important legal aspects of child custody is home state rulings. Determining a child's home state is one of the first steps in a custody dispute. Custody laws differ from state to state, and a home state ruling will provide the legal framework by which a case will operate. Additionally, home state rulings may become important if one parent wishes to take his or her child out of the state. Generally, both parents must know their child's whereabouts at all times, so if one parent takes his or her child on a vacation, out of the state, the other parent must know.

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 Posted on February 13,2015 in Divorce

Divorces can quickly turn into stressful battles. Ending a marriage is an emotional hurdle, and spouses may have to adjust to new social circles. Additionally, some couples must deal with the complications of property division, child custody, alimony, and other areas of divorce law.

Although no divorce is easy, understanding how the laws relate to your case can make the process more simple. For many divorcing spouses, hiring an attorney to review a case and offer advice is helpful. A family law attorney can address your concerns and answer the tough questions such as those concerning digital property division.

How is Digital Property Different from Physical Property?

Since the late 1990s, digital property has generated controversy among divorcing couples. File-sharing sites stirred commotion over what constitutes "owning" a digital file. This led to new property laws to address concerns involving digital ownership.

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 Posted on February 06,2015 in Complex Property Litigation

Current divorce rates have been a recent hot topic. And although these statistics fluctuate, the general consensus is that approximately 40 to 50 percent of first marriages will end in divorce. The failure rate for subsequent marriages is even higher. Most couples who get married believe that it will be "forever." However, the reality is that couples have a 50-50 shot at making it work. Hence, it is a good idea for couples to not just consider the romantic possibilities of marriage, but to also consider the realities of divorce. Furthermore, if you are planning to get married, and anticipate receiving a future sizable inheritance, it is important to consider ways to avoid a high-asset divorce—pending the worst becomes reality.

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 Posted on January 31,2015 in High Asset Divorce

Society today exhibits an insatiable appetite to learn the details of the lives of those who are in the public eye—be they celebrities, professional athletes, or high-powered business executives. This is evident by the number of tabloids one can find at any supermarket checkout, with headlines screaming rumors and innuendos. This type of invasion of privacy can also occur for couples who are going through a high-asset divorce in Texas.

Too often, details of an acrimonious divorce and/or child custody negotiations are somehow leaked to the media. Details of alleged extra-marital affairs, sexually transmitted diseases, domestic violence, and other situations that can destroy careers suddenly become fodder for the press. Couples need to be fully aware that the documents and details of their divorce will eventually make their way to the public.

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 Posted on January 23,2015 in High Asset Divorce

Hiding assets from another spouse is an all too common scenario in high-asset divorces. Often, the offending spouse feels he or she is entitled to those assets and the other spouse is not. Hiding assets in a divorce is against the law; however, even that fact does not deter an unscrupulous spouse from keeping the other spouse from his or her fair share of a marital estate.

In many cases, this attempt of hiding assets is discovered during the divorce, often through the discovery process or with the aid of forensic accountants, however, there are also cases where the offending spouse succeeds in hiding the assets and they are not included in the final marital estate division.

If you have discovered that your ex-spouse hid assets during your complex divorce case, there is a good chance that you may still be able to recover what should have been legally awarded to you. The state of Texas has a legal statute which allows an ex-spouse to recoup undisclosed assets. The law is called Suit to Divide Undivided Property and is part of the Texas Family Code.

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 Posted on January 16,2015 in High Asset Divorce

Couples going through high-asset divorces are often faced with complex property decisions, and this is especially true for Texans in high-asset divorces. Texas is a community-property state; hence, any property purchased during a marriage is part of the marital estate and is subject to being divided. Therefore, it is important to consider how a divorcing couple's real estate may be divided.

In order to determine that division, the worth of the property must be determined. Typically this is done by a real estate appraiser who bases his or her findings on the current market value. Financial advisors point out that it is important for couples in the process of a high-asset divorce to understand how real estate appraisals work.

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 Posted on January 09,2015 in Divorce

According to a recent study, the more money a couple makes, the less likely they are to divorce. However, when couples who do have a lot of assets decide to divorce, the result often involves complex litigation regarding child custody and support, spousal support, and asset and property division.

The study, conducted by researchers from the Department of Economics at Emory University in Atlanta, took data that was collected for a different study. In the Emory University study, there were 3,000 participants. All of the participants had been married at least once, after 2008. Participants were asked dozens of questions about their marriages, including the length of time they dated their spouse, age of marriage, engagement ring, wedding and honeymoon expenses, and the duration of the marriage.

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