Recent Blog Posts
Your Spouse May Be Hiding Income or Assets in Your Texas Divorce
When a couple gets married, we typically think of it as an emotional or romantic union, not a financial union. However, getting married does entangle the spouses’ finances considerably. During a divorce, the spouses’ property and debts will be divided. However, each spouse must be fully transparent about his or her assets, income, and debts in order for property division to be accurate. Some spouses try to manipulate their divorce outcome by hiding assets.
Financial Fraud is Fraud on the Community
Texas divorce cases are subject to community property laws. This means that property acquired during the marriage is the property of both spouses. Both spouses are entitled to a portion of the marital estate during property division in a divorce – save for a few exceptions. Separate property is not divided. However, the amount of separate property a spouse owns can still influence the divorce case. Each spouse’s income and overall financial circumstances heavily influence issues like child support and alimony. Some divorcing spouses try to sway divorce issues in their favor by lying about income and assets. They may do so to gain a financial advantage or to “get revenge” on their spouse. Hiding assets in this way is considered “fraud on the community” by Texas law.
How Can Fathers Establish Paternity in Texas?
In Texas, when a child is born to unmarried parents, a father’s right to be involved in the child’s life is not guaranteed. If you are a father who wants custody of your children, you will need to ensure that you take the proper steps to establish legal paternity. However, there is more than one way to be recognized as a child’s legal parent, and it is important that you understand the method that is most appropriate for your situation.
Presumptions of Paternity in Texas
According to Texas law, a man is presumed to be the legal father of a child when he was previously married to the mother, and the marriage ended within 300 days of the child’s birth. If your child was born soon after your divorce from the mother, you may not need to take further action to establish paternity. However, a presumption of paternity is rebuttable if, for example, another man purports to be the biological father. It may be a good idea to consult with an attorney to see if you need to take further steps to protect your rights as a father.
What Can I Do If I am Not Receiving Child Support in Texas?
Between housing, groceries, extracurricular fees, and childcare expenses, raising a child can be expensive. If you are a parent, you know this first-hand. Child support payments can help an unmarried or divorced parent cover child-related costs, however, getting the child support you need and deserve is not always easy. If you are not currently receiving any financial support from your child’s other parent, you should know that there are steps you can take to establish child support or enforce your current child support order. An experienced family law attorney can help.
Make Sure You Have an Official Child Support Order
In an ideal world, every parent would do his or her share to ensure that his or her child’s financial needs were met. In reality, many parents try to avoid child support. This is why it is important for every parent to obtain a formal child support order from the court. If you and your child’s other parent had a verbal agreement about how much money he or she would pay you each month, the state does not have any authority to recover the past-due payments from the other parent.
How to Determine the Value of a Business for a Texas Divorce
When you are going through a divorce, all of the financial assets you acquired throughout your marriage can be affected by the division of marital property. This can be especially concerning to business owners, who may be at risk of losing their business, or at least a substantial share of it. If you have business assets to divide in your divorce, it is important to work with an experienced attorney who can help you protect them as much as possible.
One important step in determining how a business will be handled in a Texas divorce is obtaining a business valuation. However, different types of businesses may need to be valued in different ways, and you should be sure to understand the option that best applies to your circumstances.
Understanding Different Business Valuation Methods
Not all businesses are created equal. For the purposes of business valuation in a divorce, a publicly-traded business may need to be valued very differently from a closely-held family business, for example. Your attorney can help you work with a knowledgeable financial professional to determine the most appropriate valuation method for your business. Options include: