Teller Law Firm, P.C.Grapevine Family Law Attorney | Divorce Lawyer | Child Custody Law Firm2024-02-12T22:23:30Zhttps://www.dtellerlaw.com/feed/atom/WordPress/wp-content/uploads/sites/1503175/2022/09/cropped-tellerfavicon-32x32.jpgOn Behalf of Teller Law Firm, P.C.https://www.dtellerlaw.com/?p=494072024-02-07T22:24:46Z2024-02-12T22:23:30ZWhat are the eligibility requirements?
In order to receive spousal maintenance in Texas, there are several avenues to consider. In some cases, spouses qualify for maintenance payments as a result of a domestic violence history.
When the couple’s marriage lasts for more than 10 years and one spouse cannot support themselves, they can qualify for spousal maintenance as well. Spouses in the United States on a sponsorship may receive spousal maintenance as a means of enforcing an Affidavit of Support for immigration sponsorship.
Finally, the couple can come to an agreement between them about spousal maintenance without any other qualifying factor.
How is the amount and duration determined?
Texas caps spousal maintenance at the lesser of $5,000 per month or 20% of the paying spouse's average monthly gross income. The duration of the support order depends on the length of the marriage. For marriages lasting less than 10 years, the maximum duration is 5 years. For couples married between 10 and 20 years, the maximum duration is 7 years. Any marriage lasting longer than 20 years has no restrictions.
While Texas spousal maintenance laws limit both amount and duration compared to some other states, it remains an important option for divorced spouses meeting the eligibility criteria.]]>On Behalf of Teller Law Firm, P.C.https://www.dtellerlaw.com/?p=494042023-12-15T22:34:48Z2023-12-15T22:34:48Z1. Asset division
In Texas, community property laws dictate a fair split of marital assets. Determining what constitutes community property versus separate property can be tricky, especially when significant investments, businesses or real estate holdings are at stake.
2. Businesses and investment valuations
Assigning accurate values to businesses and investments poses another challenge. Valuation methods for these assets can vary, leading to disputes over the true worth of a business or investment portfolio. Expert financial analysis is often necessary to ensure a fair assessment, but even experts may differ in their evaluations.
3. Spousal support calculations
The calculation of spousal support, or alimony, is a delicate matter. Factors such as the length of the marriage, standard of living and each spouse's financial situation come into play. In divorces involving high net worths, determining an appropriate amount of spousal support can be contentious, as both parties seek financial stability post-divorce.
4. Tax implications and strategies
Texas is home to 650,216 millionaire households and has a 6.32% concentration of millionaires. For many of these people, tax implications loom large. Transferring assets between spouses may trigger capital gains taxes or affect future tax liabilities. Developing effective tax strategies becomes necessary to mitigate financial losses.
5. Hidden assets and financial disclosure
The issue of hidden assets adds an extra layer of complexity. High-net-worth individuals may attempt to conceal assets to minimize their share of the divorce settlement. Full financial disclosure is a challenge, and spouses must be vigilant to uncover any hidden wealth. Financial investigations can help guarantee an equitable division of assets.
Navigating these challenges requires a meticulous approach. It often involves the expertise of financial professionals to secure a fair and just resolution for both parties.]]>On Behalf of Teller Law Firm, P.C.https://www.dtellerlaw.com/?p=494022023-10-16T18:34:07Z2023-10-16T18:34:07ZGrey divorce explained
Grey divorce describes the dissolution of marriages among couples in their later years, usually over the age of 50. While divorce is a difficult decision at any age, it can be particularly challenging for older individuals who have spent a significant portion of their lives together.
Why it is increasing
As societal norms evolve, older individuals may feel more empowered to seek happiness and fulfillment in their later years. They may be less willing to remain in an unfulfilling or unsatisfactory marriage. With longer life expectancies, some couples may decide to part ways to explore new possibilities, both personally and romantically.
Once children have grown and moved out of the family home, some couples may find that they have grown apart and no longer share common interests or goals.
Divorce can have significant financial implications, especially for older individuals with shared assets and retirement savings. Some may find that they are financially better off individually.
In some cases, health issues may become a primary reason for divorce, particularly if one spouse needs more extensive care and the other is unable or unwilling to provide it.
Tips for navigating grey divorce
Regardless of the reasons behind the decision, open and honest communication is essential. Both partners need to express their feelings and concerns.
Grey divorce often involves complex financial and legal matters, such as asset division, retirement savings and spousal support. Couples should prepare to deal with these complicated issues.
Going through a divorce, especially later in life, can be emotionally taxing. It is important to seek support from friends, family or a therapist to help cope with the emotional challenges.
Divorce may necessitate a reevaluation of retirement plans and goals. Couples may wish to consult with a financial planner or advisor to make necessary adjustments.
Grey divorce can be a challenging and life-altering experience. It requires a balance of practical and emotional considerations. While divorce later in life presents unique challenges, it also offers an opportunity for personal growth, renewed happiness and the pursuit of individual dreams and aspirations.]]>On Behalf of Teller Law Firm, P.C.https://www.dtellerlaw.com/?p=494012023-08-24T15:04:09Z2023-08-24T15:04:09ZDetermining the business's worth
A critical step in the divorce process involves determining your business's value. To get an accurate estimate, you might seek the expertise of accountants or valuation professionals. They will look at various aspects, including the company's assets, debts, projected earnings and prevailing market conditions.
Handling the business division
Once you have assessed the business's worth, you will face the challenge of dividing it fairly. Several strategies can help you navigate this:
Sell the business. You might consider selling the business if neither party wants to keep it. After selling, you can then split the proceeds between you and your spouse.
Buy your spouse's share of the business. If you have a strong desire to keep the business, consider buying out your spouse. This action could mean giving them a lump sum or setting up a structured payment plan over time.
Though not ideal for everyone, both parties could continue to run the business together. This choice demands a harmonious working relationship and clearly set boundaries.
Shielding your business
In the future, you might want to consider protective measures to keep your business out of potential marital disputes. Drafting a prenuptial or postnuptial agreement can help in outlining clear business ownership terms. Maintaining a distinct line between business and personal finances and refraining from using marital funds for the business can further ensure its classification as separate property.
Managing a business amid a Texas divorce requires careful planning and informed decisions. Keeping the lines of communication open and staying well-informed will help you end up with a favorable outcome.]]>On Behalf of Teller Law Firm, P.C.https://www.dtellerlaw.com/?p=494002023-06-29T23:40:17Z2023-06-29T23:39:31Zdivorce rates, people change and grow apart. While the home often garners the most attention, the next biggest asset that comes under scrutiny remains retirement accounts.
What retirement accounts may get split?
During a divorce, the Texas courts focus on the rights of each spouse when it comes to retirement accounts. While the length of a marriage may play into the division of some accounts, the courts may split the accounts. The types of accounts that the courts may consider community property include 401(k)s, IRAs, pensions and deferred compensation accounts.
Do the courts consider retirement accounts community property?
With more people having 401(k)s, one may wonder if the courts will consider it community property. In general, it comes down to when contributions started. If a person had an established retirement fund prior to the marriage, the courts may see those as personal property. Any contributions made during a marriage will likely fall into the community property category. Once a person files for divorce, Texas law prohibits either partner from closing any retirement funds.
Will a spouse have to continue paying health insurance?
When it comes to benefits, health insurance ranks high. In many cases, one spouse carries coverage for the family. After filing for divorce, a judge will likely issue an order that ensures no health care changes get made during the proceedings. Unless a person includes continued coverage in the divorce agreement, the spouse without coverage may obtain COBRA coverage for three years.
Depending on the circumstances, working with a future ex to hash out the division of property may result in a better outcome.]]>On Behalf of Teller Law Firm, P.C.https://www.dtellerlaw.com/?p=493992023-04-20T18:18:58Z2023-04-21T18:17:41ZFactors contributing to grey divorce
Various factors can contribute to the decision to pursue a grey divorce. With people living longer, couples may realize that they have grown apart over time and no longer share the same goals or interests. This extended life expectancy can result in couples reevaluating their relationships and deciding to separate in pursuit of their own happiness and fulfillment.
Once children have grown up and moved out of the family home, some couples may find that their relationship lacks the same level of connection and purpose it once had. This newfound freedom can lead to the realization that they no longer wish to remain in the marriage.
The impact of grey divorce
Going through a grey divorce can have significant effects on the lives of those involved. Ending a marriage later in life can lead to financial challenges for both parties. Couples may need to divide retirement savings, investments and other assets accumulated over the years. Additionally, one spouse may have limited income-earning potential due to their age, making it difficult to achieve financial stability post-divorce.
Grey divorce can be emotionally challenging, as couples may struggle with feelings of guilt, sadness and regret after ending a long-term relationship. It is essential to seek support from friends, family or professional therapists to navigate these emotions and work toward healing.]]>On Behalf of Teller Law Firm, P.C.https://www.dtellerlaw.com/?p=493102023-02-15T13:48:02Z2023-02-20T13:47:08ZHow do you know if you could get spousal maintenance?
In Texas, you must generally meet one of the following circumstances for spousal maintenance:
The obligee (the spouse who will receive support) lacks the resources to provide for themselves due to having a disability, being a caretaker of a child with a disability, or otherwise not having earning ability. In these cases, the marriage must have lasted for 10 years or more.
The obligor (the spouse who pays) received a conviction for violent offenses against the divorcing partner or their children.
Both individuals agree to payments of spousal maintenance from one to the other as part of the divorce.
While other cases for spousal maintenance can exist, if you are both US citizens and none of the above circumstances apply, you likely do not qualify for spousal maintenance. You should research your specific situation to be sure.
Receiving spousal maintenance
The court will solidify the final decision and details regarding spousal maintenance. The spouse asking for maintenance may need to prove details about their qualifying circumstances as part of the process. Spousal maintenance generally only stays in effect for a set number of years following the divorce.]]>On Behalf of Teller Law Firm, P.C.https://www.dtellerlaw.com/?p=493092022-12-23T20:46:29Z2022-12-23T20:46:29ZCommunity property and ownership of assets
As a community property state, Texas law considers all assets gained during a marriage the equal property of both partners. Assets from before the marriage may belong to just one partner, but this becomes complicated if the asset grew during the marriage. Figuring out how assets such as investments or retirement accounts should divide becomes a complex issue.
High-net-worth couples often hold unique or significant assets that further complicate things. For example, if both partners own shares in a business, this may create difficulty. Similarly, splitting evenly might be challenging if the couple owns multiple properties.
Uncontested vs. contested divorce
In Texas, couples who agree on how assets should divide may opt for an uncontested divorce. In this type of divorce, both parties agree on the terms, often with the help and guidance of a mediator. While not possible for every couple, in many cases this reduces the stress and overall cost of the process.
In a contested divorce, the two parties disagree on how to divide assets. The ultimate decision often gets decided during a court case.
Divorce creates many complex issues, especially for high-net-worth couples. While each situation is unique, considering your options as soon as possible helps you decide on the right moves.]]>On Behalf of Teller Law Firm, P.C.https://www.dtellerlaw.com/?p=493072022-10-23T15:19:53Z2022-10-23T15:19:53ZSeparate vs. community property
If you or your spouse purchased your home before marriage, the home is separate property. Legally, the owner of the separate property does not have to share it in a divorce. However, if you purchased the home during your marriage, it is community property and is eligible for division with your spouse, including both the equity and debt associated with it.
Factors that determine your share of community property
Not all divorces end in contentious court battles. You and your spouse can agree on the terms of your divorce, including asset division, without the court's input. If you cannot reach a peaceful agreement, a court will determine who receives what percentage of the home and other shared property. Factors that affect a court's percentage decision include custody arrangements if you have children and the age, health and income of both you and your spouse.
Many factors affect who will keep your home. Understanding how property division works in Texas can help you avoid unpleasant surprises in your divorce proceedings.]]>On Behalf of Teller Law Firm, P.C.https://www.dtellerlaw.com/?p=490322022-08-19T02:37:12Z2022-08-19T02:37:12ZKeep your children in mind
You might want to protect your children when going through a divorce, but it’s important to be honest with them. Hiding the truth can only hurt them. Children are also very perceptive, so they’ll know something is up. However, they’re also equally resilient and need positivity.
Be a team
Work together with your spouse in spite of the divorce. Continue being a team for your kids. It’s better to tell your children together that you’re ending your marriage. Give them plenty of reassurance that you will both still be 100% there for them and always love them. Stress that you are still a family and a team.
Be a good communicator
One of the key aspects of having a divorce that goes smoothly is to be a good communicator. You and your spouse should have open lines of clear communication. Be honest but respectful at the same time. You may not see eye-to-eye on everything, but if you’re rational and respectful of one another, you can have an easier time agreeing on the important matters in your divorce.
Consider alternative methods
If you maintain good communication and respect, you and your spouse should consider an alternative means for your divorce. Skip going to court and give divorce mediation or collaborative divorce a try instead. Either option can help you finalize things faster and give you the opportunity to work together while negotiating on the most important matters on your mind such as child custody, child support, property division and alimony.
Give yourself time to heal
Even if you and your spouse mutually decided to divorce, it’s still a tough time. Give yourself time to heal and seek emotional support if you need it.
Not all marriages end up being a happily ever after situation, but it's possible to have an amicable, healthy divorce.]]>