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Fort Worth, Texas Divorce Law Blog

High Asset Divorce and the Hidden Cryptocurrency Problem

A high asset divorce involves complex asset division. Add a few concealed Bitcoins to cause even more complications. Family law lawyers have been exposed to a cryptocurrency world filled with legal evasions. Although investors have known about Bitcoin since 2009, the issue involving hidden cryptocurrencies is a recent development in high asset divorce cases. In addition to retirement plans, asset valuation, marital property and business assets, cryptocurrency ownership is another complicated dilemma. A few high-net-worth individuals have managed to amass fortunes from small investments in cryptocurrencies.

A major problem is that it is difficult to divide cryptocurrencies because their values constantly fluctuate. Most family law lawyers do not have experience related to investing in cryptocurrencies. Another issue involving Bitcoins and similar cryptocurrencies is that it is easy to hide these assets. Since a Bitcoin is not the same thing as a physical dollar bill, a dishonest spouse can find a place to hide this type of asset. When the couple files for a high asset divorce, an attorney works at the mercy of a detective.

R. Kelly ordered to pay $21,000 per month in child support

Noncustodial parents in Texas are generally required to care for their children regardless of their social status. After going to jail for failure to pay child support, singer R. Kelly was ordered to continue to pay $21,000 a month to care for his three children. In his home state of Illinois, failure to pay child support is a felony, and the singer spent three days in custody before paying the $161,000 he owed.

It was reported that a fan paid the money, and it was also reported that a fan paid $100,000 to bail him out of jail in February. However, Kelly claimed that he got part of the money to pay his ex-wife from family members and friends. The singer claims that he only has $350,000 in the bank, and his attorney was seeking to have his support obligation reduced.

NBA star's wife wants $192,000 in monthly support

Texas residents who follow celebrity news may be aware that former NBA Most Valuable Player Kevin Garnett and his wife of 14 years are getting divorced. When Garnett's wife filed divorce papers in July 2018, she cited irreconcilable differences and sought spousal support for herself and child support for the couple's 6-year-old and 10-year-old daughters. Court documents filed recently in California reveal what she is asking for, and it is unlikely the former basketball star is going to be pleased.

Garnett's wife is seeking monthly spousal support of $146,000 and $46,000 per month in child support to take care of the two girls. She claims the child support award is reasonable because she takes care of the children the overwhelming majority of the time. She is also seeking $300,000 from Garnett to cover her legal expenses. Garnett responded to the original divorce filing in February by submitting papers of his own asking for shared legal/physical custody of the two children.

Preparing for a child custody hearing

Texas parents who are going through a divorce might have to go to court if they cannot come to an agreement about custody and visitation, also known as "possession" and "access." Before going to court, a parent must send a written submission to the judge that explains their position and what they're asking for. The parent should also include copies of any documentation that will be presented in court so the judge will have the opportunity to review it beforehand.

One type of document a parent may want to submit is a record of visitation with the child. A parent who is seeking custody can submit this to demonstrate a close ongoing relationship with the child. A parent who is seeking to prevent the other parent from getting custody might submit this to demonstrate that the child and the other parent rarely see one another and there is not an ongoing relationship.

The process of obtaining back child support

Noncustodial parents in Texas are expected to pay child support as ordered. However, this doesn't always happen. In some cases, parents even move to a different state to avoid providing for their child financially. Custodial parents may be able to go to either a state or federal court to seek the money that they are owed. The type of venue that they go to depends on the facts of the case.

For example, a parent may need to go to federal court if a balance is at or over $5,000 and is a year or more past due. It may also be necessary to go to federal court if a noncustodial parent has attempted to move to a different state or if parents don't live in the same state. If a case is brought before a federal judge, he or she will check to see if other options are available at the state level.

Why grey divorce happens and who it impacts

The divorce rate in Texas and throughout the United States has decreased over the past 20 years. However, the rate has increased for those who are 50 and older. There are many reasons why this is the case. For instance, some couples may have stayed together simply to raise their children. Once the kids leave the house, there is no need to remain married. In some cases, a couple that used to be happy together simply grows apart.

An empty home isn't the only cause of divorce for those over the age of 50. Infidelity and addiction on the part of one or both partners could spell the end of a marriage regardless of how long it lasted. No matter why a couple chooses to end their relationship, it can have an impact on adult children or other family members.

"Grey's Anatomy" star may pay big for owed family support

Celebrity separations are open to a lot more public scrutiny than the average divorce, which only adds to the challenges faced by any married couple in that situation. In the case of "Grey's Anatomy" star Jesse Williams, court documents reveal that the initial divorce proceedings may not be the end of his struggle over the details of family support and child access. His legal battle over finances and custody with his ex-wife serve as a reminder to all Texas couples about the potential developments of life after divorce.

According to the lawsuit brought by Williams' ex-wife, the actor is being asked to pay roughly $900,000 in back child and spousal support. The couple was married for about five years, during which they had two children together, before separating in 2017. While the two share joint possession of their kids, the arrangement is extremely flexible due to the demanding nature of the actor's work schedule.

How a business owner can protect a company from divorce

When a business owner in Texas gets a divorce, a spouse could be entitled to up to half of the business. However, there are steps the business owner can take to protect the company.

One step is to create a pre- or postnuptial agreement. There are three different ways this agreement could be structured. One could simply establish the business as separate property that will not be divided if the couple divorces. One advantage of this approach is that it saves the business owner from an expensive process of valuation. Another type of structure might establish that the spouse will receive a percentage of the value the business has gained since the marriage. Finally, if they are co-owners, they may want to continue running the business together. Another option is for one spouse to buy out the other.

Child support problems and potential solutions

Some Texas parents may wonder if it is possible to terminate the obligation to pay child support, especially if they are struggling with a financial crisis or locked in a battle over access with their former partners. In most cases, it is nearly impossible to end the child support obligation before a child turns 18, but there are some actions that people can take to protect their financial health and their rights to have time with their children.

In some cases, parents may want to cut off child support if the parent with possession of the child refuses to allow them access, even at their scheduled times. This can seriously undermine the parent-child relationship. However, child support and access are not linked under the law; parents pay to support their child, not for time with the child. This does not mean that parents being prevented from seeing their children have no recourse. By going back to family court, parents may be able to enforce the existing custody order or even seek a change in the agreement.

Consistent rules help co-parents succeed after divorce

Texas couples who struggled to get along while they were together might lack confidence that they can cooperate as co-parents after their marriage comes to an end. If their children are young, the parents will have to work out a child custody schedule. During this process, they should create a clear set of expectations for their children that applies at both parental homes. This approach prevents children from viewing one parent as lenient and fun and resenting the other parent as demanding and obsessed with rules.

Shared values could form the starting point for parents to develop standard behavioral rules for both homes. Listing these values during a discussion will help parents focus on planning instead of arguing over differences of opinion. They should also understand that building a consistent home life for their children could ease the family's transition to separate households and reduce opportunities for children to get away with defiant behavior.