Dividing a Business in a Texas Divorce

Posted on | January 30, 2012 | No Comments

In order for the court to have a fair and equitable division of marital property in a Texas divorce, the value of each asset must be known. So, until your assets have been valued, it is impossible for a property division to be effectively accomplished.

There are three steps taken in the divorce property division process:

• Characterization. This is the process used to determine if property is marital or the separate property of the spouses.
• Valuation. Each asset is assessed for value/worth to determine a fair distribution between the spouses.
• Division. The process of determining which spouse gets which property.

In a divorce involving a business the first step your Texas divorce attorney takes is to determine if it separate or marital property. And it may not be as simple as establishing that the business was started before the marriage. Questions your attorney may ask you include:

• What the source of funds used to start the business was
• If your business changed formations during your marriage
• If any community (co-mingled) funds were invested in the business during the marriage
• If the source of customers/business comes wholly or in part from or because of your spouse.

If the business is determined to be community property then it must be valued in a specific manner. Typically, a forensic CPA who is certified by the American Institute of CPAs performs the valuation and he or she may estimate the value of your business by:

• Comparing it to comparable businesses that have recently sold
• Converting profits or cash flows into value
• Valuing the assets and liabilities of your business

Protect your property rights with an experienced Texas property division attorney

To protect your property rights in a divorce, it is imperative to work with an experienced Texas property division attorney who understands the complexities of business valuations. Contact the Law Offices of Milissa C. Barrick online or call 940-723-9300 to schedule a consultation today to discuss your property division matter.

Estate Attorney in Wichita Falls TX

Posted on | January 16, 2012 | Comments Off

The vast majority of Americans die intestate —meaning, without a will. When an individual dies without a will in place that stipulates where his or her assets go, it can create big problems for the family and loved ones of the deceased. Not only can the lack of a will generate family quarrels but can also end up costing your heirs avoidable taxes and probate costs.

An experienced Texas estate attorney can help you and your loved ones avoid much of the hassle of estate division by providing sound advice on estate planning. Your attorney can help you plan for all matters relative to your estate using various legal tools, including:

• IRA inheritance trusts can provide creditor protection, and minimize taxes for your heirs
• Living trusts can help reduce estate taxes, avoid delays, provide creditor protection for your heirs, and help to reduce or avoid probate costs.
• Family limited partnerships can provide asset protection
• A last will and testament allows you to direct the disposition of your assets rather than the state, which uses its own formula for distributing your estate. A will can also name a guardian for your minor and/or special needs children in the event of your death.
• Powers of attorney assign control to an individual or individuals to manage your financial and personal affairs if you become incapacitated, whether through illness or an accident.
• A living will stipulates your wishes regarding life support and end-of-life care.

Talk to an experienced Texas estate planning attorney today

It is never too early or too late to ensure your loved ones are taken care of after you are gone. Good estate planning can ensure your wishes are carried out and your loved ones are protected. Contact the Law Offices of Milissa C. Barrick online or call 940-723-9300 to schedule a consultation today to discuss estate planning today.

Filing for Temporary Child Visitation in Texas

Posted on | December 30, 2011 | Comments Off

Resolving child custody and visitation issues when you are divorcing your spouse can be a challenge. However, you must put your differences aside and act in the best interest of your child, despite the stress you may be experiencing. An experienced Texas child custody attorney can be a valuable resource in working out a fair custody arrangement.

After your initial divorce papers are filed the family court holds a temporary hearing and issues temporary orders relative to the divorce issues that extend to the time that your divorce is pending. If child custody is contested by either spouse, the court creates a temporary custody arrangement. Typically temporary custody is granted to the parent who remains in the marital home, unless there is compelling evidence that doing so would not be in your child’s best interest. However, the temporary custody order does not necessarily have a bearing on which parent will be awarded permanent custody.

In the state of Texas, divorce cases that involve contested custody or visitation are typically referred to mandatory mediation. Mediation is an alternative dispute resolution (ADR) process the enables divorcing couples to help resolve their disagreements by working with a trained mediator who acts as a neutral third party. Parents who are able to reach agreements on custody arrangements through mediation often experience less stress through the divorce process and save their children the trauma of a custody battle.

Discuss your options with an experienced Texas custody attorney

Each family is unique and working out the best solution for custody arrangements is about determining what your family needs in your circumstances. To talk to a caring and compassionate child custody attorney contact the Law Offices of Milissa C. Barrick online or call 940-723-9300 to schedule a consultation today.

Temporary Spousal Support in Texas

Posted on | December 14, 2011 | Comments Off

If you are considering divorce you may be worried about how you will be able to support yourself and your children both during the divorce and afterwards. In the state of Texas, temporary spousal support or alimony is typically awarded if the spouse requesting support is unable to support him or herself and is accustomed to a particular living standard during the marriage. A spouse must demonstrate financial need to the court based on monthly costs for:

• Rent or mortgage
• Automobile payments
• Child expenses
• Utilities
• Groceries
• Other necessary living expenses

The court often awards temporary spousal support while the divorce is pending. However, once the divorce is final the court determines support awards based upon several factors including:

• The length of the marriage
• Income
• Education
• Earning capacity
• Mental and physical health of both spouses

Spousal support, post divorce may be awarded as lump sum payment, gifting of a property such as a house or other real estate, or ongoing monthly payments.

Maintenance is defined in the Texas Family Code as an award in a suit for dissolution of a marriage of periodic payments from the future income of one spouse for the support of the other spouse.

While issues of spousal support can be complex, the purpose of the support is to act as temporary solution for the spouse who hasn’t the ability to be self-supporting and whose assets cannot reasonably provide for the minimums needs of the spouse.

Get your spousal support questions answered

If spousal support is a factor in your divorce, it is important to have an experienced Texas divorce lawyer who can ensure you obtain the support you deserve. Contact the Law Offices of Milissa C. Barrick online or call 940-723-9300 to schedule a consultation to discuss your spousal support matter today.

Texas Prenuptial Agreements

Posted on | November 23, 2011 | Comments Off

A Texas prenuptial is an agreement between two persons contemplating marriage. The purpose of the prenuptial is to settle financial matters in advance, in the event of death or divorce—although non – financial matters may also be included. All 50 states and the District of Columbia recognize prenuptial agreements regardless of whether the state is a community property state or an equitable distribution state.

In drawing up a prenuptial you should apply three rules:

• Full and fair disclosure
• Separate and independent counsel
• Sufficient lead – time before the wedding

What to include in your prenuptial

The key issues that should be included in a prenuptial are:

• All assets, liabilities, income, gifts and inheritances.
• How premarital debts shall be paid.
• The disposition of your premarital property in the event of death or divorce.
• Which party shall own the marital home and other homes in the event of death or divorce.
• The status of gifts, inheritances, and trusts of either spouse.
• The disposition of individually and jointly owned property.
• The determination of spousal and child support (where applicable).
• Benefits for the surviving spouse in the event of death.
• Medical, disability, and life insurance coverage.

Contact a Texas prenuptial attorney today

Although some people are concerned about entering into prenuptial agreements for numerous reasons, it is important to understand that a prenuptial can help start a marriage off on the right foot. By knowing what each partner expects and establishing strong agreements from the beginning you give your marriage a better chance of success. An experienced Texas family law attorney can help you develop a prenuptial agreement that is tailored to your unique needs. Contact us online or call 940-723-9300 to schedule a consultation.

Texas Child Support Rights

Posted on | November 10, 2011 | Comments Off

In a divorce, parents are often concerned with their rights, however when it comes to child support that right belongs to your child. Texas law states that parents are legally responsible to financially support their children regardless of other circumstances. And a parent may not reduce or ignore his or her obligation to support their children. Since a child is not capable of enforcing payment of financial support, the parent with primary physical custody is responsible to enforce it.

Typically child support is awarded to the custodial parent in Texas. Because of the contentious nature of divorce the non-custodial parent may feel that support awards are meant as a punishment or judgment—but in fact it is not. Child support is meant to ensure your children have necessary financial support and that both parents share in the financial responsibilities of raising your children.

The amount that a non – custodial parent pays in child support is generally established according to the Texas child support guidelines and is calculated based upon numerous factors.

If your circumstances or those of your ex spouse have changed substantially, you may be able to obtain a modification of the support order. Such circumstances may include:

• Substantial change of financial circumstances of either parent
• A serious illness of either parent
• Large medical expenses
• Special education needs

An experienced Texas child custody lawyer can advise you about the best approach to obtain a child support modification.

Protecting your child’s right to financial support

Texas child custody law has at its core the best interests of your child. Divorce is difficult and often stressful but your children should not have to suffer because of it. For answers to your questions about Texas child support, contact us online or call 940-723-9300 to schedule a consultation today.

Legal Separation in Texas

Posted on | October 24, 2011 | Comments Off

In the state of Texas there is no such status as legal separation. However, it is possible to work out an informal separation where the parties can have some time apart, go to counseling, and/or just cool off. Sometimes after an informal separation the parties can work out their differences and put their marriage back together.

Whether your separation is a preamble to a divorce or an attempt to cool off, it may be prudent to enter into a marital separation agreement. A marital separation agreement is a written contract between you and your spouse that spells out your rights and addresses the issues such as:

• Property division
• Spousal and child support
• Child custody

Your separation agreement should also stipulate whether it is temporary or is to be incorporated into your divorce judgment. By having a marital separation agreement you can simplify your divorce proceedings and demonstrate to the court that your divorce is uncontested. You may draw up a marital separation agreement before or after your divorce filing and you are not required to file it with the court for it to take effect. But, once you have filed your separation agreement with the court it becomes a binding legal agreement.

Once you have filed the separation agreement with the court you must live separate and apart according to the terms of your agreement for at least one year. After the one-year period you may file for an uncontested divorce and may use the terms outlined in the separation agreement for your divorce.

Talk to an experienced Texas separation attorney

Although Texas does not have formal legal separation, couples seeking a divorce do have separation options. An experienced Texas separation attorney can draw up a marital separation agreement that can benefit both spouses. Contact us online or call 940-723-9300 to schedule a consultation.

Obtaining Child Custody Rights in Texas

Posted on | October 10, 2011 | Comments Off

Because Texas law presumes that a child will benefit most from a secure and meaningful relationship with both parents, it is usually possible to get a court to recognize and protect a parent’s right of child custody, whether the parents are separated, divorced or never married. Non-parents with an established relationship with the child can also sometimes obtain custody, usually when the parent with primary physical custody cannot provide a safe or stable home for the child.

When a parent or other interested person needs to adjust the custodial arrangements currently in effect for a child, it is necessary to file a family court petition to commence an action known as a Suit Affecting the Parent-Child Relationship, or SAPCR. Most commonly, the SAPCR will determine disputes as to which of two biological parents will better serve as the primary custodial parent for the child, but it can also address details of each parent’s performance under a joint managing conservatorship, the Texas term for what’s known in other states as shared custody.

Understanding the Distinction Between Physical and Legal Custody

Physical and legal custody are two different issues in a child custody dispute. Physical custody concerns questions as to the child’s primary residence, how much time the child will spend with the parent without primary physical custody, and similar issues. Legal custody has to do with the parents’ respective authority for making important decisions concerning the child’s welfare and upbringing, including:

• Education
• Religious training
• Important social and recreational activities
• Medical treatment, including counseling or psychiatric care
• Discipline

While parents are expected to cooperate in the most important decisions affecting their children, this is not always possible or realistic. An experienced family law attorney can advise you about what’s involved in seeking a court’s approval for adjustments in physical or legal custody through the SAPCR procedure.

The parent seeking a significant change in custody needs to be prepared to show how the proposed change will be in the child’s best interests, and will often need to demonstrate as well that the current custody arrangements have a damaging impact on the child.

Call Milissa Barrick in Wichita Falls for a Lawyer’s Advice About SAPCR

The Law Offices of Milissa C. Barrick, P.C., advises parents and others on either side of a child custody or conservatorship dispute, and we can guide you through the legal and evidentiary considerations involved in a SAPCR action. Contact our office in Wichita Falls for to learn more about our North Texas family law practice.

Understanding Child Custody in Texas Divorce

Posted on | September 26, 2011 | Comments Off

The Texas term for child custody is conservatorship, which comes in several different forms: joint managing conservatorship, where the parents have approximately equal time with the children and an equal say in the important decisions that affect their interests; sole managing conservatorship, where one parent is responsible for the decisions associated with legal custody; and possessory conservatorship, which defines the rights of the noncustodial parent when the other parent is a sole managing conservator.

In a divorce, parents are encouraged to agree between themselves as to the details of their access to the children from residential arrangements to parental decisionmaking. As long as parents can express these details in an agreement, they do not need to be concerned about unsatisfactory terms in a court order. If a comprehensive parenting plan is difficult to work out, however, or if it is impossible to compromise on essential points, the matter will need to be taken to mediation or court for resolution.

Mediation and Litigation of Child Custody Disputes

Many Texas family courts require divorcing spouses to seek mediation of child custody disputes before they will be scheduled for a court hearing. An experienced family lawyer can help you get the most out of the opportunity to achieve a satisfactory result through mediation. While a mediator will not force the parties into a settlement, he or she can often help clarify the issues and identify areas of common ground between the disputing parents.

Courts asked to resolve child custody disputes will do so with the best interests of the children involved foremost in mind. When parental fitness issues figure into the dispute, as when one parent or both has a chemical dependency problem or history of violence, the court might well decide for sole managing conservatorship with closely supervised visitation on the part of the other parent.

Call Wichita Falls Child Custody Lawyer Milissa Barrick at 940-723-9300

Every family’s situation is different, and it makes sense to work with a divorce lawyer who will take the time to get to know you and your situation in detail. Child custody disputes in Texas divorce are very sensitive to the specific facts of each case. Contact Wichita Falls family law attorney Milissa Barrick.

Using Prenuptial Agreements to Define Community Property Rights

Posted on | September 9, 2011 | Comments Off

A prenuptial agreement ore premarital agreement is a contract prior to marriage between people who want to vary the operation of the Texas Family Code on the property issues that would need to be resolved in the event of a divorce.

Prenuptial agreements are used most commonly when the parties have a definite inequality in assets, income, inheritance prospects or other financial characteristics. They are also used when there is a significant age gap between the prospective spouses, or when one or both has previously married or has children from a prior marriage or relationship.

Prenuptial Agreements Can Achieve Specific Asset Protection Goals

The main point of a prenuptial or premarital agreement is to define each spouse’s right to particular property, regardless of its character as community property otherwise subject to division. It can address matters such as payments made by one party toward another’s mortgage payment or student loans before marriage, and the agreement can even specify alimony terms intended to operate in place of Texas law on spousal support or maintenance issues.

Premarital agreements will not be effective to reduce or waive either parent’s child support rights or obligations. These rights are regarded as belonging to the child and cannot be bargained away in an agreement between the parents.

To be enforceable, a prenuptial agreement needs to be substantially fair both at the time it was signed and at the time of divorce. It must be based on full disclosure of each party’s financial circumstances, and the person asked to sign it needs to have a fair chance for independent advice from his or her own lawyer.

Call 940-723-9300 for an Attorney’s Advice About Prenuptial Agreements

For additional information about the ways people contemplating marriage can benefit from the careful negotiation, preparation and review of a prenuptial agreement, contact the Law Offices of Milissa C. Barrick, P.C., in Wichita Falls at (940) 723-9300.

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