Hiển thị các bài đăng có nhãn assets. Hiển thị tất cả bài đăng
Hiển thị các bài đăng có nhãn assets. Hiển thị tất cả bài đăng

Thứ Bảy, 30 tháng 6, 2012

Do you have assets and your spouse wants a divorce? Are you a doctor, lawyer, accountant or a professinal?

When San Antonio professionals such as doctors, accountants, lawyers, architects, engineers, entrepreneurs, millionaires and others with multiple assets are going through a divorce, they contact The Baez Law Firm. We have represented many professionals during their divorce successfully.

Mr. Baez has not only gone through divorce himself, he is also an entrepreneur, professional and understands the law. The Neil v. Neil case and its implications on marital assets is paramount for a successful representation of the professional. Spouses need to be aware of the law on this issue.

This Super Lawyer is ready to fight for the rights of other professionals. We fight for the professinal since we believe that the doctor, lawyer, accountant etc, needs to keep his or her assets, in order to provide for the community as a whole.

Have a divorce case in Texas that needs to be litigated and your spouse is going to fight you for everything that you have worked hard for? Give us a call. If your spouse has an attorney, you should have a Super Law Firm represent you!

Thứ Năm, 4 tháng 10, 2007

Travis County's Standing Order regarding Children, Property and Conduct of the Parties

The Travis County District Courts have issued a "Standing Order" that applies automatically in all cases involving Divorce, Child Custody or Child Support, without the need for hearing, as soon as the case is filed. (See our "Links" section.) Among other items, the Standing Order prevents the parties from doing any of the following without seeking leave of Court:


  • removing any children involved in the case from the State of Texas (directly or in concert with other persons);

  • hiding the child from the other parent;

  • changing the child's residence;

  • withdrawing the child from school or day-care;

  • threatening or harassing the other party;

  • harassing the other party;

  • incurring indebtedness;

  • destroying, removing, concealing, selling, transferring, mortgaging, encumbering, or otherwise taking any action which would harm or reduce the value of either party's separate property or the parties' community property;

  • making withdrawals from any checking or savings accounts for ANY purpose other than payment of reasonable living expenses for food, clothing, shelter, transportation, medical care and reasonable attorneys' fees;

  • concealing or destroying personal and business records; and

  • canceling or altering insurance policies.

Similar standing orders have been entered by several district courts throughout the State of Texas. As a result, it is always a good idea to check with your lawyer, or to consult the court's local rules, to see what orders may be in place before taking any action related to your children, assets, ar debts while your divorce, custody or support case is pending.

Thứ Sáu, 28 tháng 9, 2007

FAQ regarding Divorce # 17: How do we divide any retirement accounts?

Retirement accounts, not unlike mutual funds and some stock accounts, are assets acquired over the course of many years. In dividing these assets during a Divorce, you must first determine the character of the retirement account – in other words, whether it is Community Property or Separate Property (or, perhaps, both – as explained below).

First, purchases or contributions that occurred prior to the marriage would be Separate Property. Next, purchases or contributions that occurred after marriage would be considered Community Property. (Actually, it is a little more complicated than this, when you add in the earnings, losses, dividends and stock splits that occur in most retirement accounts, but the essential point is that such assets have a dual character.) Often, lawyers will hire financial experts to provide an opinion as to how much is owned by one spouse as separate property versus how much is jointly owned as community property, and therefore subject to division with the other spouse.

Also, retirement accounts (like 401k’s) are not usually divided under the Divorce Decree like other assets. This is true because there is often an administrator that is responsible for managing the retirement account. Under federal law, which Texas judges must follow, the Court will not be able to simply order the administrator to liquidate the account and pay it in cash to the respective spouses. Instead, federal law allows the state Court to issue a Qualified Domestic Relations Order (also simply known as a “QDRO” – pronounced for short “Quad Row”). The QDRO will set out how the account is to be divided. Ordinarily, the retirement account administrator will create another account in the amount (usually designated in either a total dollar amount or a percentage of the account as of a date certain) to be paid to the other spouse as specified in the QDRO. When the QDRO divides the account into two accounts, both spouses will be subject to the rules governing the retirement account (sometimes called the retirement “Plan”). Depending upon the Plan, disbursements for particular reasons may be allowed or loans may be allowed. You will need to check with the retirement account administrator to find out the rules relating to the Plan.

FAQ regarding Divorce # 16: Is there a way for me to continue living in the house with the children?

This question commonly arises for the simple fact that parents often believe that it is best for their children to have continuity by living in the same house. The equity in your home is like any other asset that is subject to division by the Divorce Court. The home can be sold and reduced to cash, but oftentimes this is not necessary. Sometimes, another asset can go to the other spouse, including retirement accounts of either spouse, to offset the large amount of equity received by the spouse who keeps the house.

Also, like any other commercial transaction, one spouse can essentially “loan” money to the other by taking back a Note and Deed of Trust (usually “junior,” or of a lesser stature, to the financing or mortgage used to purchase the house). This relationship is sometime referred to as an Owelty Deed or Owelty Lien, or sometimes as a Second Deed of Trust. This is nothing more than one spouse promising to pay the equity in the home over time (with a Promissory Note or simply a Note) and the other spouse receiving a Deed of Trust or other form of security so that if the Note is not paid, that party has recourse to ensure payment (which may include the ability to foreclose upon the house).

FAQ regarding Divorce # 15: What is the difference between "Community Property" and "Separate Property" in Texas?

Texas is a Community Property state. This generally means that income that is earned during the marriage and property that is obtained during the marriage is presumed to belong to both spouses (regardless of whose name may appear on the paycheck or title documents) and is subject to division by the Divorce Court in a manner that the Court deems to be “just and right.”

The best way to define Community Property is to determine what is not community property – then everything else is “presumed” to be that of the community. Generally speaking, either spouse will have a “separate property estate” in the event they acquire property (a) prior to marriage or (b) during marriage by some type of inheritance or by way of a gift. Again, the rest of the property is presumed to be community property.

Spouses can also agree to alter the “community property” presumption through certain types of written agreements. The most common type of such agreement is generally referred to as a “prenuptial agreement,” because it usually occurs prior to the marriage, but spouses can also enter into similar agreements after the marriage.

FAQ regarding Divorce # 10: What exactly is a Divorce Decree?

We usually ask you to consider the Divorce Decree in terms of being a “Rule Book” for all of the various things that could or might happen after the Divorce is granted. The actual granting of the Divorce is nothing more than the Judge declaring that the marriage is dissolved for either “grounds” or on the “no fault” ground of insupportablility. Insupportability just means that there are so-called “irreconcilable differences” -- referred to in Texas as a “discord or conflict of personalities that destroys the legitimate ends of the marriage relationship,” provided further that “there is no reasonable expectation of reconciliation.”

The rest of the Decree (as well as other pleadings referred to as Temporary Orders or Final Orders) provides guidelines and rules for dealing with any children (such as custody or “conservatorship,” the powers of conservatorship, visitation, child support, medical support, and health insurance coverage), property (such as assets and debts), and various other issues such as any change of name, taxes, and similar matters.

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