Dallas Family Lawyer Blog | Division of Property

28

Jun 2016

Do the 12 divorce myths apply in Texas? (part 2)

This post is a continuation of the discussion about the 12 Top Divorce Myths. Here’s the link to part one: Do the 12 divorce myths apply in Texas? Myth 7: You can avoid paying child support. Child support is a mandatory order in Texas and must be ordered absent extreme circumstances. If you are ordered to pay child support and fail to comply with the order, you can be held in contempt and jailed ...

Posted By O'Neil Wysocki

21

Jun 2016

Do the 12 divorce myths apply in Texas? (part 1)

Do the 12 divorce myths apply in Texas? The Huffington Post ran an article recently about the 12 Top Divorce Myths . The article was written by Daniel Clement , renowned divorce lawyer in New York, and they all hold true in Texas divorces as well. My favorite myth is #8. Read on to learn why. Myth 1: Visitation can be denied if my ex doesn’t pay child support. Like in the author’s come state, ...

Posted By O'Neil Wysocki

02

Mar 2016

Small business issues in a Texas divorce

On Monday, February 29, 2016, Attorneys Michelle May O’Neil and Jere Hight presented a webinar on Small Business Issues in a Texas Divorce through the West LegalEdcenter, a Continuing Legal Education resource for attorneys looking for accredited educational opportunities within their given practice area. West LegalEdcenter hosts its webinars for 180 days, allowing lawyers to access the content at ...

Posted By O'Neil Wysocki

26

Jan 2016

5 questions if you want to keep the house after divorce

In December, Dallas showed up in the #4 spot on Realtor.com’s list of hottest real estate markets. It moved up one spot from November, when it was ranked at #5. In the latest report, Dallas was outranked by only three other U.S. cities (all of them in California) — San Francisco, San Jose and Vallejo. ( See report from Home Buying Institute here .) Houses tend to sell more quickly in these hot ...

Posted By O'Neil Wysocki

15

Dec 2015

Who gets the house in a Texas divorce?

A lot of times the question comes up of “who gets the house”. Because the home is often the largest single asset in a divorce, it is important to know what courts consider in making this decision. First, courts consider the ability of the parties to continue making the mortgage payments, taxes, insurance, and other upkeep expenses. Although debt is a consideration in making the just and right ...

Posted By O'Neil Wysocki

08

Dec 2015

A spouse owns a business in Dallas Texas but how does an attorney handle that in a divorce?

Did you know that businesses with fewer than 500 employees account for over 99% of all employer firms in the U.S.? And, very small businesses with fewer than 20 employees account for half of the country’s nonfarm GDP and have generated 60-80% of the net new jobs over the past decade? For the entrepreneur of a small company the family business is another asset in the marital estate that is subject ...

Posted By O'Neil Wysocki

03

Dec 2015

Top Five Concerns Regarding Small Business Ownership and Divorce in Texas

When the parties to a divorce own a small business, a Texas divorce can have a deeper and more difficult effect. Not only are the emotions high due to the breakup of the relationship, but also one spouse or both spouses may be concerned about their future livelihood after the divorce because of the division of marital property and a small business. One: Type of business entity The first concern in ...

Posted By O'Neil Wysocki

08

Oct 2015

Practical guide to asset division in a Texas divorce

During a Texas divorce, one major issue to deal with is the division of the spouses’ assets and debts. There are several steps that must occur during such a division. First, the assets must be identified. This is typically done by completing a sworn inventory and appraisal which lists all of the assets and debts owned. Once the property is identified, the next step is to characterize the property. ...

Posted By O'Neil Wysocki

16

Jun 2015

Divorce Agreements, Einstein and the Nobel Prize

When negotiating a final divorce settlement, every divorcing person must decide for himself or herself what to give up in exchange for getting a divorce. Rolled into that decision is the priority of guilt, moral values, and the willingness or unwillingness to continue to participate in the conflict of the divorce process. These decisions and feelings are not solely the province of “regular people” ...

Posted By O'Neil Wysocki

15

Jan 2015

How is My Retirement Divided After a Divorce in Dallas, Texas?

W hen going through a divorce in Dallas, Texas, it is important to gather all the information you can regarding your retirement accounts such as the start date, the most recent statement and the plan administrator’s contact information. Any retirement acquired during the marriage is community property and is thus divisible by the Court. When it comes to dividing a retirement account such as a 401K ...

Posted By O'Neil Wysocki

06

Jan 2015

Real estate in a Texas divorce - What do you need to know?

This is a reprisal of a blog post I wrote two years ago about real estate valuation and division in a Texas divorce. The points here still ring true today. Hat tip to Jeff Landers’ (@bedrock_divorce) Personal Finance Column on Forbes.com for his article about real estate in divorce. He had seven points that he believes divorcing women need to know about real estate and real estate appraisals. I ...

Posted By O'Neil Wysocki

02

Jan 2015

Divorce in the New Year Protecting Your Business

January is the month of renewal – closing the door on the negativity of the prior year and planning for the challenges of the new year. Many commit to weight loss, exercise, or stopping smoking at the start of a new year as an opportunity to make improvements in their lives. On the other hand, some people use the beginning of a new year to make new personal beginnings, such as ending their ...

Posted By O'Neil Wysocki

11

Nov 2014

WAIVER DANGER: Challenge when receiver is appointed in a Texas divorce

The Texas Family Code provides that a receiver may be appointed to take control of certain assets in the middle of a Texas divorce proceeding. The standard for appointing a receiver is a relatively low bar – a receiver may be appointed “for the preservation and protection of the property of the parties”. [Texas Family Code section 6.502(a)(5)]. In fact, a receiver may be appointed to take charge ...

Posted By O'Neil Wysocki

18

Jun 2014

Trust distributions - community or separate property?

Another complex issue that can arise in family law cases involves the characterization of trust distributions received by a spouse during the marriage. The San Antonio court of appeals recently considered a case regarding the characterization of trust distributions. Husband receives monthly distributions from a family trust that was established before the beginning of the marriage. Wife demanded ...

Posted By O'Neil Wysocki

06

May 2014

Division of retirement benefits can't be changed in QDRO - QDRO must comply with the decree

The Dallas Court of Appeals recently decided a case regarding the provisions of a retirement award and entry of a QDRO. In that case, husband worked for his employer for 20 years, all of which occurred during the marriage. The divorce decree provided that wife received % award of the retirement benefits. QDRO was entered concurrently with the divorce decree, specifying that the wife was to be ...

Posted By O'Neil Wysocki

19

Dec 2012

Supreme Court Clarifies Requirements for Property Owner's Testimony as to Value

In a divorce, which party gets the marital residence and what value will be placed upon it is often a point of great contention. At trial, each party must offer evidence supporting the value that they believe should be assigned. This testimony can come from qualified real estate appraisers or, under some circumstances from the home owner themselves. Last week the Supreme Court of Texas issued an ...

Posted By O'Neil Wysocki

14

Nov 2012

Property Division in Dallas, TX - Dividing Assets for Unmarried Clients: Suits of Partition

In our practice we help clients who face the end of their relationship and need a way to divide property that they have purchased with their partner, spouse, or significant other. While the Texas Family Code provides the frame work for dividing property in a divorce, it is silent when it comes to dividing joint assets of unmarried people. For these clients, we turn suits for partition in civil ...

Posted By O'Neil Wysocki

21

Sep 2012

Texas Retirement and Divorce: Part 2

In Part II of our series on Texas Retirements and Divorce, we will discuss Defined-Benefit Plans. Defined-Benefit Plans: The best known defined-benefit plan is a pension, where the employer pays a certain amount to the employee for life upon retirement. The monthly benefit is often calculated by a formula based on the employee’s length of employment and salary. These plans also allow the employee ...

Posted By O'Neil Wysocki

14

Sep 2012

Texas Retirement and Divorce: Part 1

Because there are many retirement plans available to Dallas employees, we will discuss the various plans, and how they are divided in divorce, over a series of posts. We will begin with plans that qualify under a federal law called ERISA. Part 1: Defined-Contribution Plans – Under this type of retirement plan, the employee, or both the employee and employer contribute money or stock to a ...

Posted By O'Neil Wysocki

16

Aug 2012

Divorce & Stock Options: Valuations, Exercised Options and Taxes Oh My!

Property distribution in divorce is difficult even in simple estates, but complications abound for those with more complex mixes of assets. These high-asset divorce cases often require review of financial portfolios, including stock options. Stock options are often used to lure key employees into high-level positions. A stock option is a contract that allows the holder to purchase a specified ...

Posted By O'Neil Wysocki

03

Feb 2010

How to get the property you want and help keep costs down.

As a Dallas divorce lawyer, one of the most frequently asked questions I receive is how can a client control the costs of his or her divorce. Understandably, clients expect top notch service in a cost effective manner. One of the more costly aspects of any divorce involves dividing up the community estate. I recently came across a great blog post that offered some practical ways to help keep costs ...

Posted By O'Neil Wysocki

01

Feb 2010

Can the Divorce Judge Make Me Turn Over My Business' Cash to My Spouse?

A Dallas Divorce client raised an important question this week. She owns a small professional practice that is an S-corporation. Her business has some cash flow that allows her to pay the business expenses and payroll, but not much extra. Her husband requested the Dallas Divorce Judge to make the wife turn over the cash she presently had in her business to help pay the husband’s marital debts. In ...

Posted By O'Neil Wysocki

24

Jan 2010

Alter Ego and Piercing the Corporate Veil in the Context of Divorce

Businesses can pose special challenges upon divorce. As Dallas divorce attorneys, we deal with these issues in many of our cases, with businesses acquired during the marriage and also businesses owned by one spouse before marriage. Texas law typically treats corporations, partnerships, and other types of businesses as a separate legal entity – existing apart from shareholders and partners. Because ...

Posted By O'Neil Wysocki

18

Jan 2010

Sweating the Small Stuff

In some cases, dividing the small stuff in a divorce can be at least as costly and time consuming as dealing with the big stuff. People often have an emotional attachment to the small stuff even though the items may not have monetary value. The small stuff, called "personal property", includes items such as dishes, linens, clothing, knick-knacks, furniture, art, computers, and even the family ...

Posted By O'Neil Wysocki

11

Jan 2010

How to Divide Marital Property in a Dallas, Texas Divorce

Part of any divorce in Dallas Texas is dividing the marital estate. A marital estate includes both the assets and debts that are considered community property and does not include any separate property assets of either spouse. 1. Identify the property. The first step in dividing the marital estate in a divorce is to identify all of the property that either spouse owns, without regard to when or ...

Posted By O'Neil Wysocki