Dealing with a business can be the most difficult part of property division in divorce. It’s not a good idea for former spouses to be in business together; most businesses cannot be split and divided; and putting a value on a business may be expensive and often speculative. Read More “What Happens To A Business In Divorce?”
Category: Divorce
Facing An Unwanted Divorce
When Divorce is Unexpected
Some painful life events are expected. Deep down, we expect to bury our parents. Everyone knows their spouse might be the first to pass on. Some, as their marriage remains in trouble, think about divorce. Others are shocked when their spouse decides to divorce. Part of what makes divorce so painful is that it’s unexpected, even at the deepest level. People expect to remain married for life. Read More “Facing An Unwanted Divorce”
How Are Assets Divided in a Divorce?
How are assets divided in a divorce? Two people who went into a marriage thinking in terms of forever only to confront a divorce must face this question while dealing with the emotional trauma. In Texas the quick answer is: In a ‘just and right division.’ When the courts of appeal are asked to clarify that, they tell us it means ‘fair and equitable.’ Read More “How Are Assets Divided in a Divorce?”
What’s The Real Benefit Of A Prenup Or Postnup? Does It Make A Divorce Quicker Or Cheaper?
A marital agreement (prenup or postnup) changes the focus in negotiation and trial from dividing the community estate to whether a deviation will be made from the agreement. Read More “What’s The Real Benefit Of A Prenup Or Postnup? Does It Make A Divorce Quicker Or Cheaper?”
TROs And Temporary Orders In A Divorce
Once the decision has been made to file for divorce, people are often unsure and anxious about the next steps. At McNamara Law Office, PLLC, we endeavor to tailor the process to the individual client’s needs and situation. Read More “TROs And Temporary Orders In A Divorce”
NO TAX DEDUCTION FOR ALIMONY AFTER 2018
One effect of the 2017 Federal tax overhaul is that alimony is no longer tax deductible after December 31, 2018. Under the Tax Cuts and Jobs Act, Pub. L. No. 115-97, § 11051(c), sections 62(a)(10), 71 and 215 of the Internal Revenue Code were not included in the new law. Read More “NO TAX DEDUCTION FOR ALIMONY AFTER 2018”
Handling Shared Credit Cards And Liability In A Divorce
The interplay between shared credit cards and financial liability is complex, and much more so when working through a divorce. Prenuptial and postnuptial agreements attempt to straighten out the asset and debt details upfront, but when such an agreement is not in place, it will take an expert to sort everything out. In some cases, the idea of facing financial hardship or ruinous credit can compel someone to stay in a marriage they would otherwise seek to dissolve. Read More “Handling Shared Credit Cards And Liability In A Divorce”
Can I Annul My Marriage?
Legal Marriage Annulment
A legal annulment means a marriage was not valid from the beginning. It is different from a religious annulment. A legally divorced person might get a religious annulment. The religious annulment has no effect on the divorce or on the ability to get a legal annulment. Read More “Can I Annul My Marriage?”
Treatment Of Credit Cards In Divorce
The treatment of credit cards in divorce can have a long-term impact on both parties’ finances. The disposition of credit card debt deserves special attention in marriage dissolution, especially during the planning phase. Read More “Treatment Of Credit Cards In Divorce”
How To Defend A Prenup In Divorce
If you’re getting ready to tie the knot and want to create a prenup, or if you already have one and need to know how to defend a prenup in your divorce proceedings, you should know the four most common mistakes that can invalidate the contract.
- Involuntarily Signing the Agreement
A good way to defend against accusations of involuntariness is to create the contract well ahead of the wedding date. Each party should have adequate time to read and review the document and consult legal counsel. Deciding to draft and/or sign a prenuptial agreement can be a difficult decision to make, and is not something that anybody should be forced to consider the day before the wedding. - Not providing fair and reasonable disclosure
You should fully disclose all assets and liabilities in the agreement. If any missing information is revealed or if any disclosures that you provide are found to be false, the contract may be invalidated by the court. Minimally, the divorce will become more expensive because there will be issues to litigate. - Not being fair and reasonable
The details of your prenuptial agreement are largely up to you and your partner. However, if the agreement is unconscionable, it will be vulnerable to dismissal by the court. - Creating illegal clauses
This should go without saying, but you cannot include clauses that are contradictory to the law. A good example of such a clause is one which limits child support as this is to be determined by the court.
Knowing how to defend a prenup in divorce cases is important, and you should consider consult legal counsel who can give you definitive advice specific to your circumstances.
