McKinney, TX 75070
Call Us Today
972-562-9890
LET US BE YOUR FAMILY'S ADVOCATE
Recent Blog Posts
Classifying Marital and Non-Marital Property in a Texas Divorce
In a Texas divorce, assets and property are divided under community property laws. This means that marital property is divided equally. Generally, marital assets include assets acquired during the marriage. Non-marital assets – also referred to as separate – are usually excluded from the division and stay with the spouse that originally “owned” the asset. If you are going through a divorce, it is important to understand how courts qualify assets and property and what this may mean for your financial future. The following are some of the assets that could be deemed non-marital assets.
Assets or Property Acquired Before the Marriage
Assets acquired by either spouse before the marriage are generally considered non-marital property. For example, if one spouse owned a house or had investments prior to the marriage, those assets would likely be considered non-marital.
Will Alimony Be Awarded in My Texas Divorce?
Spousal support, also known as alimony or spousal maintenance, is a legal arrangement where one spouse provides financial assistance to the other spouse after a divorce or separation. Years ago, it was almost guaranteed that in a divorce, the husband would be ordered to pay the wife alimony. However, that “guarantee” is no longer the case, and judges only award alimony under specific circumstances. And it is no longer just the husband who pays alimony – there are many divorces today where the wife is ordered to pay the husband.
The following are some of the common factors that judges consider when there has been a request for alimony payments.
Standard of Living
The court considers the standard of living established during the marriage. If one spouse is unable to maintain a similar standard of living after the divorce, spousal support may be awarded to help them transition and adjust financially.
What Is a Collaborative Divorce?
Not all divorces need to be angry and contentious. A collaborative divorce is a unique approach to ending a marriage that aims to promote cooperation and open communication between the divorcing spouses. In a collaborative divorce, the parties, along with their respective attorneys, commit to resolving their issues outside of the courtroom through negotiation and problem-solving. If you are considering ending your marriage via a collaborative divorce, the following are some key points that you should be aware of.
Voluntary Participation
Collaborative divorce is a voluntary process that requires both spouses to agree to participate in good faith. They must be willing to work together to reach mutually satisfactory solutions without resorting to litigation. The cornerstone of a collaborative divorce is open and transparent communication. Both spouses and their attorneys commit to sharing all relevant information and working together honestly and respectfully.
Understanding Father’s Rights in a Child Custody Case
Up until the past 20 years or so, it was generally assumed that in a child custody case, the mother would likely get primary physical custody of the child and the father would have visitation. However, as societal norms have changed, so too has the attitude about fathers’ rights to custody, and the legal system is recognizing the importance of involving fathers in their children's lives post-divorce. The following are some of the reasons why these changes have taken place. If you would like to learn more about the father’s rights and child custody regarding your situation, contact The Ramage Law Group for more information.
Gender Equality
One of the key arguments supporting a father's right to custody is the principle of gender equality. It is widely acknowledged that both parents play crucial roles in a child's development and well-being. Granting equal custody rights to fathers ensures that they have the opportunity to build strong relationships with their children and be actively involved in their upbringing. This benefits not only the father but also the child, as it provides them with a sense of stability, emotional support, and access to a diverse range of parental perspectives.
How Are Retirement Accounts Handled in a Texas Divorce?
When a couple makes the decision to end their marriage, there are many issues that they need to address. One of the most complex of those issues is the division of assets. Part of those assets often include retirement accounts, such as 401(k)s, IRAs, and pensions. These accounts can be a significant part of a couple's financial portfolio, and they can be particularly difficult to divide because of their tax implications and complex rules. The following information is a brief overview of how retirement accounts are addressed in divorce. For more detailed information, speak with an experienced divorce attorney.
Marital Estate
Under Texas family law, retirement accounts are considered marital property if they were acquired during the marriage. This means that they are subject to division in a divorce. However, the specific rules and procedures for dividing retirement accounts can vary depending on the type of account it is. Retirement accounts are different than regular savings and checking accounts and funds cannot just be withdrawn at any time.
Can I File for Child Custody Modification in Texas?
When a couple decides to end their marriage, there are many issues that need to be decided. One of the most important issues is what type of child custody arrangement will be worked out. This can also turn into one of the most contentious issues that linger long after the ink has dried on the divorce decree.
Depending on the age of the children, it is not uncommon for there to be modifications to the original order, especially if there has been any significant change in the circumstances of either parent or the child. If you are considering a custody modification, it is essential to understand the legal requirements and the factors that the court will consider when making a decision.
Reasons for Modification
Texas has very specific rules regarding when a parent can file for custody modification. Otherwise, given the acrimonious relationship many co-parents have, the Texas family court system would likely be overrun with modification petitions for issues that parents should be able to work out without the court’s intervention.
How a Divorce Financial Advisor Can Be Beneficial in a Texas Divorce
A person going through a divorce can end up taking quite a financial hit, even under Texas community property statutes. The state uses the community property standard – dividing assets 50/50 – when it comes to the division of assets in the marital estate. Now that you are divorcing, your financial canvas is half of what it was when you were married. This is why many people going through a divorce will consult with a divorce financial advisor.
What is a Divorce Financial Advisor?
You and your soon-to-be former spouse may have consulted with a financial advisor during your marriage, seeking out professional advice on how to get the best return on your investments.
While a divorce advisor does some of the same things, they go even further in understanding and navigating through the process of “decoupling” your assets, as well. They are well-versed in financial matters surrounding the division of assets, child support, and spousal support, as well as uncovering assets that one spouse may be hiding from the other. They will understand critical factors that need to be addressed during and after a divorce that a regular financial advisor may not be aware of.
Refinancing the Marital Home in a Texas Divorce
One of the issues that a couple must address in their divorce is how the marital estate will be divided. The marital estate is made up of the couple’s assets, property, and debt. For many couples, one of the most expensive assets they have is the marital home, and coming up with an agreement on what should be done with the home can be difficult, especially if both spouses want the house.
Unless the couple agrees to sell the home and divide the profit, and regardless of which spouse ends up with the home, the issue of refinancing the mortgage will also need to be addressed.
Protecting Credit Scores
When one spouse is awarded the house in a divorce, the court order only addresses the property. It does not address the mortgage. In other words, even though the spouses sign a quit claim deed and only one of them will now legally own the home, both spouses' names will still remain on the mortgage. The only way to remove the now non-owner spouse is to refinance the mortgage in just the owner spouse’s name. Until this is done, the other spouse will be just as liable for the monthly mortgage payments.
Creating a Divorce Checklist
Divorce can and often does have a substantial impact on a person’s life. There are so many changes that take place both during the divorce process and also once it is complete. It is also not uncommon for the couple to go into an adversarial mode with each other, even if they both agree that divorce is the best decision for their family.
The decision to divorce by either one or both spouses typically does not happen overnight. There is usually a period of time leading up to that decision where the couple struggles with difficulties in the marriage and may even question whether they should stay together. If you are struggling with that decision or suspect your spouse is, it is important to take the necessary steps to prepare for the day that one of you files that divorce petition in order to protect your marital and parental rights. The following is a suggested “divorce checklist” to make sure you have covered all bases.
When Can a Parent Relocate With a Child After Divorce?
One of the topics divorcing couples most frequently disagree about is that of child custody. The stakes can feel very high and, because people often get divorced due to differences in parenting strategies, coming to an agreement about how to manage the children’s schedules can be very difficult.
This is especially true when a divorce involves a parent who wants to relocate with a child. However, this complex situation can also occur after divorce as well, often leaving both parents wondering what their options are. If this situation sounds familiar to you, read on for an overview of how relocation with a minor child may be permissible for a parent sharing custody, and then contact a Texas child custody lawyer for help with your case.
Shared Custody and Child Relocation
If parents are getting divorced and one parent wants to move away with a child, that needs to be part of the divorce agreement, which will be approved by a judge. Sometimes, a judge will not approve the separation of a child from his or her other parent, and the parent who wishes to move away will either have to do so without the child or adjust plans.
Finding The Right Attorney Matters. Contact Us Today.
A family lawyer does much more than simply provide legal answers. Our lawyers explore a variety of different solutions to help you achieve your goals and secure your family's financial and emotional future and stability.
To discuss your case or set up a consultation, call us at 972-562-9890 or use the online contact form.
8951 Collin McKinney Parkway, #1401, McKinney, TX 75070
972-562-9890
Contact Our Firm
The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.
I have read and understand the Disclaimer and Privacy Policy.
