Posted on May 26,2020 in Divorce

When you are getting divorced in Texas, you will exchange financial information with your spouse. The hope is that he or she gives you a full and accurate accounting of his or her assets that are part of the marital estate without hiding or undervaluing property. One Texas billionaire reduced the size of the marital estate by moving assets to trusts domiciled outside of the state. Unfortunately for his wife, this is apparently completely legal.

Billions became only $12 million

The Texas man made billions in the markets by founding his own quantitative trading company. After he engaged in an affair, he divorced his wife by registered mail. When she tried to claim her share of the couple's property, she found out that there was only $12 million even though the couple owned homes, artwork and even a $5 million Egyptian mummy. What happened was the man created several asset trusts in South Dakota. While his wife was originally the beneficiary, he changed that without having to even inform her.

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 Posted on April 28,2020 in Child Custody

Texas is a community property state, meaning that just about all assets acquired during marriage are divided 50-50 in a divorce. However, when it comes to determining child custody schedules, the division of time is not so simple. Though many parents nowadays want to split custody 50-50, it can be a challenge to find a schedule that works for everyone, particularly if the parents do not live especially close to one another.

Alternating every other week

Though it may be easier for parents to trade off custody every other week, this is not the best idea for children. If your children are on the younger side, it can be especially traumatic for them to suddenly go one full week without seeing one of their parents, and it may cause them separation anxiety or even an anxiety disorder. A better solution would be to make a schedule where the children do not go more than four days without seeing each of their parents.

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 Posted on March 25,2020 in Uncategorized

If you are a military spouse facing divorce, you are probably experiencing a wide range of emotions.

A military divorce is often more complicated than a divorce in the private sector, and each is unique. Prepare yourself by relying on professional support and understanding all you can about the process.

Explore other avenues

Solving problems in a marriage is not easy if one of the parties is a military member who is often absent due to deployment. Still, the two of you may try to understand what has gone wrong in your marriage by seeking couples therapy. However, if professional counselling does not help to solve the problems and produce the desired outcome, you and your spouse may have no choice but to end your marriage.

Learn from the USFSPA

Before you proceed to divorce, you need to know your rights. Several laws address this specific subject, but you may find some difficult to understand. The Uniformed Services Former Spouse Protection Act, or USFSPA, is a good place to begin your research. This act, established in 1981, seeks to protect the rights of former military spouses and covers subjects such as retirement pay, survivor benefits, insurance and much more.

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 Posted on March 04,2020 in Uncategorized

Developing a parenting plan that works for you, your soon-to-be-ex and your children is a major undertaking. You want your voice heard when divorce mediation gets underway.

Be methodical. Organize your thoughts in advance, and set them down on paper so that you are well-prepared when the parenting plan discussion begins.

Understanding the process

Mediation, as opposed to litigation, is a process conducted in private outside the courtroom. A trained mediator will provide guidance as you and your current spouse work together to develop a divorce agreement satisfactory to you both. Mediation is a shorter, less expensive and less stressful divorce option compared to the traditional courtroom process. It is also proven to be less traumatic and burdensome for children, which is one reason why the process has gained in popularity.

Remembering important points

Creating a workable parenting plan will be among the most important tasks for you and your spouse to take up during your divorce mediation sessions. The plan will incorporate many points:

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 Posted on February 19,2020 in Uncategorized

When it comes to ending your marriage, litigation can be emotionally and financially draining.

If you are facing a high-asset divorce, you may want a process that is effective but more respectful of your time, money and fragile state of mind. Collaborative divorce is an option to consider.

The way it works

In a collaborative divorce, you and your spouse will use professional help to develop a divorce agreement that is satisfactory to you both. You will each hire an attorney specially trained in collaborative law to provide guidance and assist in negotiating a settlement. You will meet separately with your attorneys, but the four of you will also meet on a regular schedule.

What to expect

There are many advantages to collaborative divorce as compared to litigation:

• You and your spouse will exchange information voluntarily.

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 Posted on January 28,2020 in Uncategorized

If divorce is something that has been on your mind lately, take some time to consider the different ways to accomplish it. You may not realize it, but your separation does not have to play out the way you see divorces do on the screen. With the right amount of planning and some careful consideration of your circumstances and divorce goals, it is possible to achieve a favorable outcome without as much effort or inconvenience.

The separation process is not easy, nor is it a one-size-fits-all deal. Take some time to look over the differences between divorce litigation and mediation.

Litigation

Litigation (traditional) is the most common method of divorce. It involves you and your soon-to-be-ex-spouse filing a divorce petition in court to dissolve your marriage. To finalize your separation, the judge presiding over your case will need to assess your circumstances and apply the law as he or she deems fit. This can result in you not getting what you want out of your separation because a judge makes the decisions. It is also one of the most expensive methods of divorce because of the length of time and resources required, all at your expense.

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 Posted on December 31,2019 in Uncategorized

One of the most common assets to divide during the divorce process is a 401(k), and you and your soon-to-be-ex may both own one.

However, focusing on just this account may be short-sighted. Do either of you own other retirement or pension plans?

Calling all assets and liabilities

Texas is a community property state, which means that any property acquired during your marriage belongs to you and your spouse jointly. This includes the marital home, your bank accounts, investments, pensions and retirement accounts. Debts are also part of your marital estate, and these include your mortgage, credit cards and any tax liabilities.

Dividing a 401(k) and other plans

To divide a 401(k) or similar company retirement plan, you need to complete a Qualified Domestic Relations Order, or QDRO. This is a legal document that provides your plan administrator with division instructions per your divorce settlement. However, you need not focus your energies on this particular account. You and your spouse may have other plans that will come into play in terms of division. For example, perhaps you have an IRA, the division of which could offset splitting half the 401(k) balance. Furthermore, an IRA does not require a QDRO. Usually, a letter of authorization and an IRA distribution form are the only transfer items needed. Think simplicity, economy, the end result of property division and how it will affect your future financial picture.

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 Posted on November 26,2019 in Uncategorized

If you are age 50 or older, ending a long marriage is a particularly distressing experience. But these days, it is far from unique.

More couples experience later-in-life divorce now than even a decade ago, but the road ahead brings some unique financial concerns, especially for women.

Results of divorce

What you want most out of the divorce is financial security. This means that you need to understand your current financial picture and think about how that changes during the property division phase of the proceedings. You are about to split your retirement funds, for example, and depending on whether you receive spousal support, your once-healthy income stream may become more of a trickle.

Time plays a role

As an older woman, you do not have the luxury of time in which to begin a new career. However, to supplement your post-divorce income, you may consider taking a job that provides a steady paycheck. If you are still a member of the workforce, you may have to put off retirement for longer than you anticipated. You may have to learn to budget and downsize your style of living.

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 Posted on November 22,2019 in Uncategorized

While it is usually both rewarding and fulfilling, parenting can also be unbelievably challenging. This is particularly true in non-conventional families, such as those with post-divorce co-parents. Regardless of how your marriage came to an end, your ex-spouse should not sabotage your relationship with your kids.

Parental alienation occurs when one parent disparages, discredits or fosters hostility toward the other parent. Typically, these actions involve mental and emotional manipulation. Unfortunately, the effect is usually the same. That is, children prefer the alienating parent while rejecting the alienated one. Because parental alienation can cause life-long consequences, you must watch for its warning signs. Here are some of them:

Spying

Co-parents should not use the children to spy on each other. Unfortunately, this occasionally happens. If your former partner asks your son or daughter to engage in espionage, you may be the target of parental alienation.

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 Posted on October 26,2019 in Uncategorized

All parents need to make adjustments the first year after finalizing a divorce. One of the hardest aspects to go through involves determining how to handle family holidays. There are few holidays as stressful as Thanksgiving.

If you thought things were stressful before, now you have to go through the Thanksgiving celebration with your family divided. This is an important moment in life after the divorce because you and your ex really get to show your kids your co-parenting skills. Here are some tips to make sure your first Thanksgiving in the wake of the separation lets everyone know things will be all right.

Acknowledge your children's emotions

A lot of parents try to spin things positively following a divorce. It is easy to say things like, "Look on the bright side: Now you get two Thanksgivings." However, these statements will not help your kids heal. You want to acknowledge their feelings by saying something like, "I realize you are upset you will not get to spend Thanksgiving with me this year." You want to make sure your kids feel understood.

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