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March 2016 Archives

Property division in divorce: Who will get the family business?

According to a study by a university located in another state, over 80 percent of businesses nationwide -- including many in Texas -- are family owned. What happens to a business that is owned by a husband and wife in the event of a divorce? Texas is a community property state, and relevant laws govern property division. A Texas marriage creates a community, and although assets owned before the marriage remain the property of the owner, assets acquired during the marriage generally form part of the community.

Complex divorce: Ex-Mrs. Jason Flom reported to live in poverty

High net worth couples in Texas who are considering divorce may want to explore all their options before deciding to go the route of litigation. It is not uncommon for a complex divorce case to continue for years before a final settlement is reached. The former wife of Jason Flom -- the founder of Lava Records -- is reported to be suffering the consequences of such an ongoing divorce case.

Unaffordable child support can be modified

Following a divorce that did not involve mediation, a Texas parent may be overwhelmed by the documents served on him or her by the court. Understanding the details of child support and visitation orders may be difficult, and some may choose to ignore these orders. However, this is unwise and can lead to criminal charges. Help is available to answer questions and explain the way forward.

Broaching the subject of a prenuptial agreement can be difficult

Given the high number of divorces nationwide, including in Texas, those who are considering marriage will likely recognize the importance of protecting their interests and also those of their soon-to-be spouses. It is not uncommon for couples to neglect to sign a prenuptial agreement because both parties are concerned about jeopardizing the relationship. However, there are ways in which to broach the subject in a positive manner that will ultimately benefit both parties.

Even in mediation, property division requires careful planning

Sometimes, when Texas individuals decide that divorce is the only way forward, they may want to get it over and done with as soon as possible. However, divorce is not something to be rushed into, and careful consideration and planning are required for property division and other issues to avoid post-divorce financial instability. When a marriage is dissolved, expenses increase because there will be two households to maintain, two mortgages or rents to pay and utility bills will be double while the combined income of the two parties will remain the same.

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Warmbrodt, Winslow & Associates.
One Allen Center, 700 Central Expressway South, Suite 150
Allen, TX 75013
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