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February 2017 Archives

Division of retirement funds deserves special attention

Keeping proper records related to retirement funds and beneficiaries is important because if you are in your late 40s, you may already have several different retirement plans of which you must keep track. If you are going through a divorce, there might be significant amounts at stake, and your financial future could be in jeopardy if the division of retirement accounts is improperly handled.

Ways to prevent a potential international abduction

When Texas parents are in the middle of a custody dispute, a parent may potentially fear that the other parent could abduct the child, especially if the dispute is not going the way that they want it. The court can potentially get involved and the custodial parent can work with the U.S. State Department to prevent a potential international child abduction case.

Failure to pay child support triggers penalties

The Texas Attorney General's Office has taken a hard stance against noncustodial parents who are behind on child support. People who have missed payments could have the renewal of their vehicle registrations denied. Civil and criminal penalties for parents who fail to make their payments have emerged because of the important role that steady financial support plays in the lives of children.

Methods to preserve business assets in a divorce

Texas business owners may not have accounted for a marital split as a possible risk to their companies. However, roughly half of all first marriages end in divorce, and an even higher percentage of second and third marriages don't last either. Even if a company was run by one spouse, it may be considered a joint asset. In some cases, a couple's entire net worth may be tied up in the business.

Does community property equal half of everything in a divorce?

You might believe that because Texas prescribes to the community property method of dividing property and debts in a divorce that this automatically means that you receive half of everything in a divorce. In reality, the Texas courts focus more on dividing property in an equitable manner than in an equal one. In addition, before dividing any property, what constitutes the marital estate needs to be determined.

Stevie J avoids jail time for child support debt

Texas residents who are fans of the reality television show "Love & Hip-Hop" may have followed star Stevie J's child support case. In 2016, Stevie J was warned that he could face six months behind bars for an unpaid child support debt totaling $1.3 million. The back child support was for children that Stevie J fathered with his ex-wife.