Money and Property Issues in a Texas Divorce

Nick Augustine Divorce

Money and Property Issues are Common in a Texas Divorce

Money problems are leading factors leading to divorce. Always being worried about money, spending habits, and investment decisions can break a marriage. People with significant money and property can also be the unfortunate targets of people with a hidden agenda. It can be really easy to spend money that another person earned or inherited.

At some point, people may conclude that their spouse is motivated more by money than love, respect, trust or mutual adoration. When it is time to terminate the marriage it is important to protect money and property for your future, and the benefit of your children and any other dependents.

Some common questions people ask about divorce:

  • Are assets split 50/50 in divorce?
  • Does the wife get half in divorce?
  • How are assets divided in a divorce?
  • Can you settle property before divorce?

Listen to our podcast discussion: Community and Separate Property in Texas.

Money and divorce issues in divorce
Money and divorce issues in divorce

Attorney Richard T. Sutherland is an experienced Texas divorce attorney in Wichita Falls, serving clients with complex money and property issues all over North and Northwest Texas. Contact the Law Office of Richard T. Sutherland at (940) 691-2100.

Identifying Property in a Texas Divorce

Texas is a community property state. In a community property state, the property owned during the marriage is presumed to be the community property owned equally by the spouses and subject to division in a divorce. Separate property is any property that is not community property. For example, separate property can be property owned by one spouse before the marriage or property acquired during the marriage in one spouse’s name, not used for the benefit of the other spouse or the marriage, such as an inheritance.

The discovery phase of a divorce case includes the process of exchanging information and document requests and demands to identify property owned by the spouses in the marriage. Both the husband and wife identify and disclose their knowledge of property they own or in which they have an ownership interest.

Dividing Property in a Texas Divorce

In a community property state like Texas, people assume that all property is split 50/50 in divorce. The court uses several factors in determining how community property is divided. The standard is a “just and right” division of assets and debts. Judges weigh all the facts and allegations in the divorce to determine what is “just and right.” How the Court may evaluate factors in property division can also be influenced by case law, involving similar facts and allegations in previously decided and published divorce cases.

It is important to note that property subject division in divorce includes not only currently owned and identified property but also retirement accounts and employee benefit plans.

Property identification and division can be challenging, especially where the details of ownership are complex, such as when one or both spouses have an ownership interest in family businesses and trusts.

People contact attorney Richard T. Sutherland for complex money and property issues in a Texas divorce, as attorney Sutherland is also experienced in complex corporate and business law and litigation, which is relevant to complex property issues in high-net-worth divorce.

Allocating Debts in a Texas Divorce

Addressing debt in divorce can lead to conflict. Even though there may be significant assets in a marriage, there may be significant community debt, and for good reason. For example, if invested money earns more interest than the interest on debts, it makes better financial sense to assume reasonable debts. In addition, there can be tax incentives associated with certain debts that can be deducted at tax time.

Community debts of a marriage can be divided by negotiation and agreement by the parties or the Court can order which spouse shall assume which debts. There are options when addressing debt. Community assets can be used to pay down or pay off community debts. For example, using money from investments to pay off a mortgage is one solution. Another is to continue paying the mortgage and the party living in the house assumes the payments. Maybe the other spouse is assuming the payments.

An experienced attorney like Richard T. Sutherland creates a specific financial strategy in every divorce to work towards the financial goals of the client. And when one party suspects the other will fail to make payments on debts, as ordered by the court, another option may be a better idea.

Planning for the Future After a Texas Divorce

When considering divorce financial strategies, the future of parties after the divorce is a primary focus. A high-income earning spouse has different future money and property concerns compared to a non-working spouse.  

A divorce financial expert can help analyze a money and property settlement and forecast how assets can generate future income. When there are opportunities for your money to work for you and your future, it makes sense to implement the appropriate strategy in your divorce.

This article offers information about the role of a CDFA (Certified Divorce Financial Analyst).

Security, Stability, and Control of Money and Property After a Texas Divorce

People generally dislike uncertainty in life. Security is a psychological need and being in control of yourself and your future can provide the feeling of certainty and security.

Divorce at any stage in life can give people a sense of security in an uncertain world. Being secure with money and property after divorce is important.

Read, Life After Divorce, an article about the process of moving on after divorce.

Richard T. Sutherland is a Texas Divorce Lawyer Experienced in Complex Money and Property Issues

Attorneys all over North and Northwest Texas refer complex and challenging divorce cases involving money and property issues to Richard T. Sutherland in Wichita Falls, Texas when they need to recommend an attorney they know will execute the best strategy for the client’s financial goals.

Contact him from the website or call the office at (940) 691-2100. Richard T. Sutherland represents people and families in Wichita County, Archer County, Baylor County, Clay County, Foard County, Hardeman County, Jack County, Montague County, Wise County, Young County and Wilbarger Counties in North Texas and has accepted cases in other areas West, North-Central and in South Texas.

High-Stakes Divorce in Wichita Falls, Texas

Nick Augustine Child Custody, Child Support, Divorce, Enforcement, Modifications, Post Marital, Pre Marital

What Do We Mean When Talking About High-Stakes Divorce in Wichita Falls, Texas?

A high-stakes divorce, child custody or family law matter is one requiring experienced, aggressive and detailed legal counsel and representation. In Wichita Falls, families with high-conflict and high-net-worth concerns are best represented by a divorce and child custody lawyer who thinks outside the box and uses years of experience to their advantage. Maintaining privacy and dignity in divorce and custody cases is also important when sensitive issues become the focus of negotiation and litigation.

The issues involved in a high-stakes divorce can be issues of money as well as custody and parenting. Every custody case is unique as is every family. While determining child support can be straight forward, making decisions in the best interest of the child is not always so easy.

Especially when there are unique family circumstances and dynamics involved, high-conflict custody cases require a seasoned family law attorney with the experience to successfully strategize and navigate a challenging case. A well-experienced divorce and family law attorney, Richard T. Sutherland, is an asset in a serious custody case and high-stakes divorce in Wichita Falls, Texas.

Use this link for podcast summaries for a variety of divorce and family law topics explained by Richard T. Sutherland in Wichita Falls, Texas.

High-Stakes Divorce in Wichita Falls
For High-Stakes Divorce in Wichita Falls, Texas, Call Richard T. Sutherland (940) 691-2100

Complex Income and Assets in High-Stakes Divorce and Custody Cases

When you divorce in Texas the assets acquired during the marriage are community property to be divided based on what is just and equitable. There are many factors affecting property distribution and how property is characterized as community property or separate property which was owned or claimed by one spouse before the marriage or was acquired by gift, devise or descent.

Meanwhile, separate property, not subject to division in a Texas divorce also includes a spouse’s recovery from a personal injury award, except for recovery for loss of earning. Determining what is separate property and what is community property can be complex and involve serious conflict and is certainly considered a high-Stakes divorce. Listen to our podcast, Community and Separate Property in Texas for additional details.

Issues involving complicated income and assets also affect how income and net resources are determined for purposes of child support and for spousal maintenance if it applies. Many people have variable income, own business and have other unique income. It is important to use an experienced high-stakes divorce attorney who knows how to address unique income and assets.

Business Ownership, Shareholder Agreements and Liability Challenges

There are many family businesses in North and Northwest Texas where large families share ownership of shares in a business and have business assets and liabilities to consider when getting divorced. There can be premarital agreements, postnuptial agreements with duties and obligations affecting the party in a divorce or related family law action involving money.

Consider the setting where your soon to be former spouse is a seated member of a board of trustees for the family business in which you and your spouse both own shares. Buying out your spouse and negotiating their exit from the board can challenging.

The more complicated things are the more there is to win or lose. The experienced high-stakes family lawyer has seen a few challenges in their years of practice and has an important grasp on what it takes to make sure they have all the facts, use the best business professionals and anticipate tax strategies people may have, all to avoid negative consequences of important decisions.  

You may also enjoy this Forbes article, 5 Crucial Steps to Make Your Divorce Less Painful.

A High-Stakes Custody Lawyer in Wichita Falls Who Does Not Back Down Easily

Children only get one chance to grow up right and be ready for a successful transition to early adulthood and their best interests must always come first. Issues regarding children involve parents having rights and duties to make decisions for them, and determine where they reside, go to school and church and more. Medical and mental health issues can also be issues of conflict between parents who do not agree. When parents cannot or will not come to a unique settlement agreement on custody issues, these decisions will be made in Court. Judges prefer parties to come to their own agreements, and while one might not like the other parent’s offer, the judge or jury decisions could be less appealing.

Richard T. Sutherland explains Texas child custody and conservatorship

In Texas we call custody, conservatorship and visitation refers to periods of possession or access to the child. While many co-parents are appointed as joint managing conservators, cases involving family violence and child abuse affect conservatorship and can result in one parent being named sole managing conservator and the other a possessory conservator. These are high-stakes child custody issues.

The determination of which person or parent has the right to exclusively determine the primary residence of a child is a contested issue that is the center of many custody trials before a judge and/or a jury. A trial on this issue alone can involve several witnesses, experts and evidence.

For Every Divorce, Modification, Enforcement or Custody Matter, Be Ready for Conflict and Surprises

When a couple decides to divorce, or the divorce become inevitable, they may start the process with the intention of being agreeable on several divorce and custody issues. As cases are ongoing during the process of exchanging discovery and participating in a temporary orders hearing, things can break down.

When agreements break down and conflict grows, it is important to have the advice, counsel and representation of a divorce lawyer with strategy experience. When it gets to the point two people cannot agree on the color of the sky, they rely on their lawyer to help them through the process and help them know their bottom line.

When there is so much to lose, getting it done right is important. When children are involved, their best interests must be the top priority in Wichita Falls family law.

Call Richard T. Sutherland at (940) 691-2100 for your consultation for high-stakes divorce in Wichita Falls, Texas.

Richard T. Sutherland represents people and families in Wichita County, Archer County, Baylor County, Clay County, Foard County, Hardeman County, Jack County, Montague County, Wise County, Young County and Wilbarger Counties in North Texas and has accepted cases in other areas West, North-Central and in South Texas.

Wichita Falls Divorce Lawyer Richard Sutherland Podcast Interviews

Nick Augustine Uncategorized

Wichita Falls Divorce Lawyer Richard Sutherland Podcast Interviews

Richard Sutherland’s Wichita Falls Family Law website contains several pages, articles and podcast interviews explaining answers to common questions about Texas divorce and family law. While the answer to many questions depend on specific situations, you can listen and learn the common issues involved in a Texas divorce or a case involving parent and child relationships. Call Richard Sutherland in Wichita Falls with specific questions or to schedule a consultation by dialing (940) 691-2100.

Wichita Falls Divorce Lawyer Richard Sutherland Podcast Interviews

Click on the titles/links of the Wichita Falls Family Law podcast interviews to listen

Welcome to The Wichita Falls Family Law Podcast

Meet Wichita Falls divorce attorney Richard Sutherland who explains Texas divorce and family law. Learn about the common issues a client might experience during a divorce or family law case involving children. Listen and learn the basics of child support and custody in addition to common concerns in divorce cases.

Child Support Calculations in Texas

Are you concerned about child support payments? Whether you are married and considering divorce or have a child with another to whom you are not married, you may listen to Richard Sutherland explain how child support is calculated in Texas and who may be obligated to make child support payments. Learn what to expect if you have a situation involving child support payments that are not being made or when it may be necessary to modify a child support obligation.

Texas Child Custody and Conservatorship

In Texas, the Family Code uses the term conservatorship, where most people think of custody. And when most people talk about visitation, the Texas term is possession and access. Listen and learn the differences among  and rights and duties of a joint managing conservator, a sole managing conservator, a possessory conservator and a non-parent conservator.

Geographic Restrictions and Relocation

Life happens, and people need to move from time to time. Your divorce judgment and custody arrangement may determine whether you may move freely, or you are limited by the court’s geographic restrictions. Listen to the podcast and learn why courts impose restrictions, why parents act the courts to life them and the factors involved when issues arise regarding geographic locations and children.

Premarital Agreements in Texas

You can make a contractual agreement with your future spouse to state what will happen if the marriage ends. While you can accomplish many goals with a properly written premarital agreement, there are some things you cannot change with a premarital agreement, such as an obligation to pay child support. In this podcast, you will learn the basics of what is required to form a valid premarital agreement, why people want them, and some common situations and issues involved.

Community and Separate Property

The differences between community property and separate property are the focus of this podcast in which Richard Sutherland explains why it matters whether property is considered community or separate. People often ask about the difference between property acquired by devise or descent, and as well how property is titled and whether it matters. Listen and learn how the Texas courts divide the community estate in a divorce and what other issues arise when determining who gets what in divorce.

Marital Debt and Liability in Texas

Are you considering divorce and worried about community debt? Are you worried about being liable for your spouse defaulting on the loan? Wichita Falls divorce lawyer Richard Sutherland explains the basics of sole management and control of community property as well as what happens a spouse or party to a divorce suit defaults on a financial obligation. Before you assume you are going to be ordered to pay the debts of the other, learn about marital debt and liability in Texas.

Richard T. Sutherland represents people and families in Wichita County, Archer County, Baylor County, Clay County, Foard County, Hardeman County, Jack County, Montague County, Wise County, Young County and Wilbarger Counties in North Texas and has accepted cases in other areas West, North-Central and in South Texas.

Divorce and the family business

Nick Augustine Divorce

Divorce and the family business

Divorce and the family business interests can become complicated, especially when spouses are both shareholders. In a Texas divorce, the court applies statutory rules regarding the process of determining what property and assets are classified as community or separate property for purposes of distribution in the divorce. See our article and podcast about Community Property for more information.

In the Wichita Falls area there are many small businesses owned by families and it is common for siblings and other family members to own shares. How shares are owned and what rights and duties are attributed to the shareholders may depend on the family business bylaws and other legal documents and operations. A well-written shareholders agreement should address spouses and what may happen in the event of death or divorce.

Does your spouse own equal shares?

If you and your spouse own equal shares in the business and you divorce, there may be unanticipated outcomes. Many of us assume our spouse will not be interested in the shares of a small family business, especially where those shares are not worth as much as cash in hand in lieu of the shares.

The failure in logic may be the assumption the spouse wants out of all aspects of you and your life. A scorned spouse with a legal right to retain their shares in the business can make your life difficult for years to come.

The jilted spouse may feel less awkward about sticking around when it comes time to vote on something like the payment of dividends. Where it had never been a problem before the divorce, your ex may be one of the deciding votes not to pay dividends, for example.

Why buying your spouse’s shares over their value makes sense.

To prevent your former spouse from sitting next to you at the board of directors table, you might want make an attractive offer they cannot refuse. If at first you offer a fair price for their shares and they refuse, increase your offer.

Even if you feel as if you are coming out on the short end of the stick and are overpaying for what you already consider overvalued shares, the peace of mind and future security in the family business can be worth your cost in the divorce.

In divorce cases involving family businesses there are a variety of ways shares are held. How you received your shares has much to do with whether your spouse will have a claim to part of the business.

Divorce and the family business
Richard Sutherland Attorney at Law Family Law Practice Areas Including High Net Worth Divorce and Divorce and the Family Business.

For information about Texas divorce and family law please call Attorney Richard T. Sutherland in Wichita Falls, Texas by dialing (940) 691-2100.

You can follow Attorney Richard T. Sutherland on social media and find useful articles and resources for you and your family. Richard Sutherland is on Facebook, Twitter and LinkedIn. For a virtual library of blog articles and podcast interviews about Texas divorce and family law please visit WichitaFallsFamilyLaw.com.

Richard T. Sutherland represents people and families in Wichita County, Archer County, Baylor County, Clay County, Foard County, Hardeman County, Jack County, Montague County, Wise County, Young County and Wilbarger Counties in North Texas and has accepted cases in other areas West, North-Central and in South Texas.

Community and Separate Property in Texas

Nick Augustine Divorce

Richard Sutherland Podcast: Community and Separate Property in Texas

This is The Wichita Falls Family Law Podcast, with Attorney Richard Sutherland. We talk about Texas divorce and family law. This month’s topic is community property and the division of the community estate in a Texas divorce.

Community and Separate Property in Texas: A Wichita Falls Family Law podcast

  • What is community property?
  • What is separate property?
  • Devise or descent: What is the difference?
  • Community vs. separate property: Why it matters
  • Does property need to be jointly titled to be community property?
  • Is income from separate property still separate property?
  • Legal presumptions about the character of property
  • How does the Texas court divide the community estate in divorce?
  • Do fault and non-fault-based grounds affect entitlement to community property?

Texas courts divide the community estate in divorce based on the statute which instructs the court on dividing the community estate. It provides that the court shall divide the community estate in a manner which is just and right, with due regard for the rights of each party and the children of the marriage, if any. The court has great discretion in how it can divide the community estate, but its discretion is still limited by some factors as discussed in this podcast.

About Community Property generally: Texas law defines community property as being the property, other than separate property, acquired by either spouse during the marriage. Separate property is defined as being property owned or claimed by a spouse before marriage. Property acquired by a spouse during marriage by gift, devise or descent and the monetary proceeds for an injury sustained by a spouse during the marriage, except for lost earnings and medical expenses.

Community and Separate Property in Texas
Community and Separate Property in Texas

For additional general information, please read about Wichita Falls, Texas Family Law on our website.

Attorney Richard T. Sutherland practices family law and commercial litigation in Wichita Falls and all over Texas. Since being licensed by the State of Texas in 1976, Richard Sutherland has been an active member and leader in many legal organizations including the State Bar of Texas. He is a frequent speaker and continuing legal education contributor. Sutherland is an alumnus of The University of Texas at Austin and the Oklahoma City University School of Law.

For information about Texas divorce and family law please call Attorney Richard T. Sutherland in Wichita Falls, Texas by dialing (940) 691-2100.

You can follow Attorney Richard T. Sutherland on social media and find useful articles and resources for you and your family. Richard Sutherland is on Facebook, Twitter and LinkedIn. For a virtual library of blog articles and podcast interviews about Texas divorce and family law please visit WichitaFallsFamilyLaw.com.

Richard T. Sutherland represents people and families in Wichita County, Archer County, Baylor County, Clay County, Foard County, Hardeman County, Jack County, Montague County, Wise County, Young County and Wilbarger Counties in North Texas and has accepted cases in other areas West, North-Central and in South Texas.

Marital Debt and Liability in Texas

Nick Augustine Divorce, Podcasts

Richard Sutherland Podcast: Marital Debt and Liability

This is The Wichita Falls Family Law Podcast, with Attorney Richard Sutherland. We talk about Texas divorce and family law. This month’s topic is marital debt and liability in Texas.

Marital debt and liability in Texas:

  • What is community debt in divorce?
  • What is sole management and control of community property?
  • What happens when one party defaults on a financial obligation?
  • Can the court order one spouse to pay the debt of the other?
  • What are the common issues involved regarding marital property?

Today we are focusing on who is liable for a debt and what property is subject to execution to satisfy the debt liability. We are going to use the examples of the purchase of a truck and the transfer of title to a house.

What happens to the parties if the husband defaults on the note he used to buy the truck? Is the wife liable? If the bank sues the husband, it can seek to collect its judgement from three sources. (Listen to the podcast to learn more).

What happens when the court awards one spouse the house? Is the other spouse released from the debt? No. The court can only issue orders which bind the parties to the lawsuit.

Family Law, Divorce, Child Custody, Habeas Corpus, Modifications, Enforcements, Interstate Family Law, Pre & Post Marital Agreements, Child Support, Interstate Family Support, Marital debt and liability in Texas
Richard Sutherland Attorney at Law Family Law Practice Areas

For additional general information, please read about Wichita Falls, Texas Family Law on our website.

Attorney Richard T. Sutherland practices family law and commercial litigation in Wichita Falls and all over Texas. Since being licensed by the State of Texas in 1976, Richard Sutherland has been an active member and leader in many legal organizations including the State Bar of Texas. He is a frequent speaker and continuing legal education contributor. Sutherland is an alumnus of The University of Texas at Austin and the Oklahoma City University School of Law.

For information about Texas divorce and family law please call Attorney Richard T. Sutherland in Wichita Falls, Texas by dialing (940) 691-2100.

You can follow Attorney Richard T. Sutherland on social media and find useful articles and resources for you and your family. Richard Sutherland is on Facebook, Twitter and LinkedIn. For a virtual library of blog articles and podcast interviews about Texas divorce and family law please visit WichitaFallsFamilyLaw.com.

Richard T. Sutherland represents people and families in Wichita County, Archer County, Baylor County, Clay County, Foard County, Hardeman County, Jack County, Montague County, Wise County, Young County and Wilbarger Counties in North Texas and has accepted cases in other areas West, North-Central and in South Texas.