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Recent Blog Posts
Is My Divorce a High Asset One?
Every divorce has its own unique issues that must be addressed, however, for the most part, the process for each divorce is similar. However, when it comes to high asset divorces, the discovery, negotiations, and ultimate decree can be much more complex than a divorce that does not involve high net-worth assets. This is why it is important to have an attorney who is experienced and skilled in high-asset divorces. The following are some of the factors that indicate having a law firm that regularly handles complex divorces, like Powers Kerr & Rashidi, PLLC, is in your best interest.
Numerous Real Estate Holdings
While many married couples own the home they live in, couples involved in high-asset divorces often own several properties. In addition to the marital home, they can own vacation homes, rental properties, commercial properties, and land.
Investments
What Is Birdnest Custody and Is It the Right Choice for My Texas Divorce?
One of the most difficult decisions in a divorce for a couple who has children is how the parenting time of the children will be divided. Multiple studies have shown that children benefit from having both parents actively involved in their lives. This has led over the past few years to more and more family court judges leaning towards shared custody of the child instead of one parent having primary custody and the other parent having a visitation schedule.
In most shared custody cases, the child goes back and forth between each of the parent’s homes. They have two bedrooms, two sets of clothes, two sets of toys, etc. And although the child is benefitting from having both parents active in their life, it can still be difficult for the child who is always going from one house to another, with issues popping up, like forgetting their favorite stuffed animal that they sleep with at night at their other parent’s house. A fairly new type of custody may solve these types of issues, but is it workable in all cases?
Is Your Spouse Using Cryptocurrencies to Hide Assets?
While many Americans have heard about Bitcoin and other cryptocurrencies, less than 25 percent say they know a lot about them. If you are involved in a high-asset divorce and suspect your spouse may hiding assets, cryptocurrencies could be the perfect hiding place if you yourself are not familiar with these assets.
With only a small amount of people actually familiar with cryptocurrency, it is important to work with a high-asset divorce attorney and other financial professionals who are familiar with and experienced in finding hidden cryptocurrencies. Although each spouse is required to disclose all assets in their financial affidavits, including the value of any crypto assets, it is not surprising that a spouse on a mission to hide assets would not make this disclosure on their affidavit.
Where to Look for Crypto Assets
There are multiple exchanges where crypto assets can be purchased. If a spouse has purchased these assets, then the first place to look would be in their bank and credit card statements. Some of the exchanges to look for include:
Which Is Better: Monthly Spousal Support or a Lump Sum Payment?
In many Texas high asset divorces, one spouse is ordered to pay the other spouse spousal support, also referred to as alimony or spousal maintenance. The purpose of spousal support is to enable the receiving spouse to be able to maintain a similar standard of living to the one they had while married. This is especially important in marriages where that spouse chose to leave their career to take care of the couple’s children. If they suddenly did not have that financial support, it could create great financial hardships for them. One question that many receiving spouses ask is whether they should accept their spousal support in monthly payments or whether they should request it all in one lump sum.
Qualifying for Spousal Support in Texas
There are some factors that must be met in order for the court to order spousal support payments. If the couple had a prenuptial agreement that stipulated that alimony would be paid in the event of a divorce, then that stipulation should be ordered.
When Should You Hire a Forensic Accountant in a Texas Divorce?
It is rare for a high asset divorce not to involve complex financial issues that need to be addressed. If your marriage was one that involved high net worth assets and property, your divorce attorney may suggest hiring a forensic accountant to analyze all the financial documents submitted by both parties in order to help determine how those assets should be divided, how much child support and spousal maintenance should be paid, and other financial decisions.
When Should a Forensic Accountant Be Consulted?
While many people think forensic accountants are only called in to help in a divorce if there is suspected financial wrongdoing on the party of one of the spouses, their services can actually be beneficial in a divorce where both parties are agreeable, but their financial situation is complex.
Some of the more common reasons why an attorney will suggest a forensic accountant be hired include:
How to Prove an Informal Marriage in a Texas Divorce
Although not every state recognizes common-law marriages, the state of Texas does when the relationship has met certain criteria. Meeting the criteria of a common-law marriage, referred to as an informal marriage, is critical in the event the couple split up and seeks the same legal rights as a couple who signed a declaration of marriage.
Couples can enter into an informal marriage by signing a declaration of informal marriage with their county clerk’s office. This is all the proof that is needed for divorce, inheritance, or any other legal proceeding.
However, if the couple does not sign an agreement, proving they were in an informal marriage may be somewhat more difficult. The following are factors required by the state in order to recognize a legal informal marriage.
Informal Marriage Requirements
In order for the state to recognize an informal marriage, both spouses must be 18 years of age or older when the marriage was formed. Neither spouse can be married – either a formal marriage or an informal one – to anyone else. And both parties must agree that they are entering into an informal marriage.
Do Spouses Qualify for Military Benefits in Divorce?
When a person goes through a divorce, it is often a jarring experience. What they thought was once their future has now been dissolved and an uncertain future may lay ahead. Not only are there emotional uncertainties to deal with, but the financial changes can also feel overwhelming. There are immediate concerns, like the change in monthly income, that child and spousal support may cover, but there are also future financial changes that can be a concern.
These concerns can be particularly significant for military spouses, especially when it comes to military benefits. Military couples do have a high rate of divorce, with approximately 20,000 of them divorcing each year. In a survey of what industries have higher divorce rates that used data compiled by the U.S. Census Bureau, the profession with the number one highest rate was first-line enlisted military supervisors.
Dealing with a Narcissist in a Texas High-Conflict Divorce
Even under the best of circumstances, with both spouses agreeing that the marriage is over, as well as agreeing on custody and financial issues, divorce can still be difficult. When a person is divorcing a narcissist, those difficulties are more complex and often end up turning into a high-conflict divorce.
High-conflict divorces are notoriously more expensive, long, and drawn-out as the narcissist turns the process into an emotional and financial roller coaster, refusing to cooperate and putting up roadblocks to a peaceful resolution every step of the way. The divorce process is often the last breath of control the narcissist spouse has on the other spouse and he or she may hold onto that control until the very end.
Mental Health Impact
Tragically, there is an enormous emotional impact that a high-conflict divorce has on not only the spouse but also the children. Everyone can suffer from greater levels of anxiety and depression as the narcissist bombards their family with anger, disrespectful communication, and refusal to cooperate in any type of meaningful negotiation.
Newly Divorced? Do Not Forget to Change Your Estate Plan
One of the most overlooked financial areas for people who are in the process of getting divorced is estate planning. Most people become so focused on child custody, child support, spousal support, and division of assets, that drawing up a new estate plan gets lost way down on the bottom of their to-do list. But failing to update or create a new estate plan can be disastrous for your family should something happen to you.
Beneficiary Designations
There are likely multiple places where you have chosen your now ex-spouse as the beneficiary, including annuity funds, pensions, IRAs, life insurance policies, and other financial accounts. Although some of these accounts may have been involved in the divorce asset distribution and no longer have your ex’s name as beneficiary, other documents, like life insurance policies, will need to be changed. There have been many cases where a person has failed to change the beneficiary, remarried, and passed away, and had funds go to their ex-spouse, not their current spouse.
Signs Your Marriage May Be in Trouble
Traditionally, the month of January is when many people set their “New Year resolutions,” often focusing on making changes in their lifestyles as a way to achieve healthier and happier lives. It is also the month that has the highest number of divorce filings as some people choose another way to start the year off with a fresh start.
If you feel as if you are at a crossroads in your marriage and unsure if divorce is the right choice for you, the following signs are good indicators of what the state of your marriage may be.
No Future
In a solid marriage, when spouses daydream about the future, their partner is right there beside them. If a spouse imagines themselves living somewhere else – without their spouse – when they think about their future, this is a strong sign the marriage is broken. Fantasizing about being single or in a relationship with someone else is a definite indicator that there are problems in the marriage that may be unfixable.
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